Taiwan regulator amends financial reporting rules by insurers

The new amendment aims strengthen transparency regarding cyber security risk management.

The Financial Services Commission (FSC) of Taiwan has amended two articles under the "Regulations Governing the Preparation of Financial Reports by Insurance Enterprises" in order to to align with international practices, enhance the independence of CPA firms and auditors, and strengthen the transparency of information disclosure regarding cyber security risk management. 

First amended is Article 20, in which to strengthen information disclosure regarding cyber security management, the amended article now requires insurers to describe their risk management framework, policies, concrete management programs, and resources invested. At the same time, the amended Article 20 also requires insurers to report losses suffered, possible impacts and countermeasures of significant cyber security incidents.

The second amendment was in .Article 24 in which in order to align with international practices and enhance the independence of CPA firms and auditors, the amended requires insurers to disclose the fees paid to CPAs in specific amounts, and the amounts of non-audit fees paid to CPAs as well as the details of the non-audit services.

The FSC made these amendments in February.

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