In order to strengthen the communication with insurance-related companies and associations as well as improve the effectiveness of internal audit mechanisms, the FSC held a colloquium for chief internal auditors of 45 life insurance companies, non-life insurance companies and reinsurance companies as well as the life insurance association and non-life insurance association on Nov. 13, 2020.

The session topics included the primary examination findings for financial consumer protection, the key points of improvements for examination findings, recent regulation amendments and supervision focus, as well as the introduction of new online submission data function and the importance of trade secrets.

During the meeting, the FSC, with the participation of the Insurance Bureau, exchanged a wide range of opinions on topics, including recent supervisory issues and critical audit matters with all participants. With two-way communication, it allowed financial institutions to gain a better understanding about the supervisory concerns and the examination focuses.