Upon revision and enactment of the Commercial Association Law on November 10, 1997, the original “Taipei Life Insurance Association” established on May 16, 1964 had undergone internal reorganization under the new law and officially changed its name to “The Life Insurance Association of the Republic of China (LIA-ROC) ” on September 10, 1998. The 9th Chairman of LIA-ROC is Hui Yiu Chen.
About LIA-ROC
According to the 6th article of the LIA-ROC’s charter, its purpose and mandate are as follows:
(1) Investigate, research, propagate, develop and analyze the statistical data of the industry.
(2) Act in the best common interest.
(3) Act as mediator where conflicts arises among members.
(4) Act as mediator where conflicts arises among employees and employers of the industry.
(5)Help introduce and enforce regulations and insurance premium rates of the industry.
(6) Maintain the legal rights of the members.
(7)Deal with and report to the authorities regarding non-compliance activities among members.
(8) Undertake the projects requested by related organizations.
(9) Provide suggestions to the authorities including reconsiderations and appeals.
(10) Issue periodical publications of the life insurance business.
(11) Help in the research and implementation of financial policies, commercial laws and regulations as well as participating in public activities.
(12) Help in the setting up and registration of all necessary information of member companies and their representatives.
(13) Conduct business properly as required by the applicable rules and regulations.
The General Committee consists of representatives from member companies. The Board of Directors and the Supervisory Board is comprised of 21 directors and 7 supervisors respectively, all elected by the representatives of member companies. In order to effectively carry out the Association’s mandate of further developing the life insurance industry, five committees and 24 research subcommittee were established under the direction of the Board of Directors:
(1) The Agent Examination and Registration Committee.
(2) The Agent Grievance Committee.
(3) The Recognition of New-Type Life Insurance Products Committee.
(4) The Communication & Research platforms Committee.
(5) Offshore-structured Products Exam Unit.
(1) The Agent Examination and Registration Committee
This Committee is responsible for overseeing the life insurance sales agents’ qualifying examinations, education, training and registration. This Committee is composed of representatives from academia, the life insurance industry, the Taiwan Insurance Broker Association, the Insurance Agency Association of the Republic of China and The Life Insurance Association of the Republic of China.
(2) The Agent Grievance Committee
This Committee is responsible for life insurance evaluation of agents’ conduct for de-registration and/or re-registration applications. Representation at this Committee is as follows: 2 representatives from Consumers, 2 representatives from the life insurance industry, 2 representatives from Agents, 3 representatives from academia.
(3) The Recognition of New-Type Life Insurance Products Committee
This Committee is responsible for accepting insurance company’s inquiring whether new products follows「New-Type Life Insurance Products Recognition Standard」and being classified as new-type products and providing the Authority advices whether life insurance products belong to New-Type products. Representation at this Committee is as follows: one representative from the Taiwan Insurance Institute, 3 insurance experts, 3 financial experts, one representative from the Life Insurance Association of the Republic of China.
(4) The Communication & Research Platforms Committee
This Committee is responsible for supervising and executing the operation of its communication and research platform, expanding participation in sturdy research and facilitate cooperation, in the hope of sufficiently wielding its strength, building a sound operating environment and continuing to enhance the industry’s competitiveness. This Committee is composed of 1 President, 1 Vice-Chairman, several members and 1 to 2 Executive Secretaries.
(5) Offshore-structured Products Exam Unit
To preserve fairness over offshore-structured products review procedure and to promote the review quality, the unit is made in accordance with Article 9 of “Regulations Governing the Review & Administration of Offshore Structured Products” to exam the offshore products targeted specially to non-professional investors for trust investment or sales. The exam unit consists of 10 personnel of supervisor-level staff from the Life Insurance Association of the Republic of China and experts and scholars equipped with expertise in financial engineering, law, and risk management.
