A Message from the Chairman
The Taiwan Insurance Institute (TII) was established for the purpose of facilitating the sound development of the insurance industry and promoting the interests of insurers, the insured, and the general public. Founded in 1985, TII enters its 35th year in 2020. The past 35 years of accomplishments and on-going efforts have laid a solid foundation on which TII will continue to fulfil its mission. Our principle tasks for the coming years are as follows: |
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1. | Set up the Authentication & Validation Platform and the Digital Archive for the Electronic Insurance Policy | |
TII will continue to improve services provided on the platform and via the auxiliary system for the authentication and validation of the electronic Compulsory Automobile Liability Insurance card (e-CALI card). In accordance with supervisory authority policies of digitizing insurance policies, enhancing consumer protection, and protecting the environment through energy conservation and carbon reduction, TII will endeavor to increase the issuance of e-CALI cards as the cards are said to significantly improve the administrative efficiency of CALI operations. In addition, in line with the supervisory authorities’ promotion of online services in the insurance value chain, including purchase, underwriting, and claims, TII will invite all non–life insurance companies to join TII’s authentication & validation platform and the digital archive of electronic insurance policies. TII’s platform was set up to save on technical costs of issuing electronic insurance policies and to foster a safe, convenient, high efficiency, low-cost, paperless environment for the insurance industry. |
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Adopt IFRS 17 and ICS On 2 November 2017, the International Association of Insurance Supervisors (IAIS) announced the Insurance Capital Standards (ICS Version 2.0) for Internationally Active Insurance Groups (IAIGs) in an attempt to achieve comparable outcomes across jurisdictions. At that time Taiwan had no IAIGs; nonetheless, as an export-oriented economy, Taiwan requires its insurance industry to be in conformity with international standards so as to cope with changes in the international financial markets. TII will continue to track the field testing, implementation, and subsequent monitoring of ICS Version 2.0. These ongoing efforts are also intended to lead to convergence of current Risk Based Capital (RBC) and the ICS. TII will submit a recommendation report to the supervisory authorities while new insurance solvency requirements are being drafted. |
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Promote Risk Management and Stress Testing Capital requirements are not the sole basis for assessing an insurer’s financial condition and risks: stress testing should also be used. Under the guidance of the supervisory authorities, TII will promote ongoing stress testing to measure the effect of specific risk scenarios on insurer assets and liabilities. TII will also look at and discuss the revision of the stress testing practices manual after closely examining the risk management development trends among leading supervisory authorities in other countries. |
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Strengthen Cooperation and Interaction with Insurance Organizations in Asia-Pacific Nations TII will continue to collect and share information from overseas, reinforce co-operation with insurance institutes and organizations in the Asia-Pacific region, and host international seminars and workshops. We shall continue to encourage Taiwanese insurers to keep an eye on the development of Asia-Pacific nations. |
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Boost Cultivation of Insurance Professionals and International Talent and Implement Online Training Courses for Insurance Sales Agents
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Implement New Internal Controls and Management and Internal Audit System TII will also implement an annual internal audit plan that will help our board of directors and executives to review and evaluate the internal control framework, determine whether it works effectively, and assess the effectiveness of the performance results. The purpose of the internal audit is to ensure the on-going effectiveness of internal controls. |
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The function of insurance is to enable the losses of those afflicted by misfortune to be spread across the wider society, to compensate losses, and so to maintain a safe, sound, and stable society. By its very nature, therefore, the insurance industry serves the public interest. Under the guidance of the supervisory authorities, TII will continue to promote the sound development of the insurance industry and the interests of the insurers, the insured, and the general public. | ||
Hsien-Nung Kuei Chairman |