Shin Kong Life Insurance fined 2.4 million TWD for reporting errors

Shin Kong Life Insurance has been fined 2.4 million TWD by the Financial Supervisory Commission (FSC) following repeated errors in reporting its foreign exchange price fluctuation reserves.

The FSC's Insurance Bureau found that the company failed to follow internal control procedures when it unilaterally reduced its opening balance of these reserves by 47.5 billion TWD in January 2026, reporting 56 billion TWD compared to the 103.5 billion TWD recorded at the end of December 2025. Under insurance regulations, these reserves are statutory liabilities that can only be adjusted through specific deposit and offset mechanisms, not direct withdrawal.

Furthermore, despite correcting its first-quarter financial statements, the company continued to use incorrect data in its April 2026 monthly report to the Stability Fund. The FSC imposed a 1.8 million TWD fine for internal control deficiencies and a 600,000 TWD fine for reporting business and financial status in an incorrect format. Shin Kong Life Insurance stated that the adjustments have been completed and the company is reviewing its processes for improvement.