Announcement on behalf of Taiwan Life of penalty imposed by the FSC

1.Date of occurrence of the event: 2023/08/10
2.Circumstances of the violation: Taiwan Life was found to have deficiencies
during the financial examination conducted by FSC against its parent company
, CTBC FHC. The corporate governance and internal controls were found
insufficient, which violated the Insurance Act, and disturbed the sound
operation of Taiwan Life.
3.Monetary amount of fines: NTD 10 million.
4.Status of the injunction by the respective competent authority:
(1)Penalties on Taiwan Life: A monetary fine of NTD 10 million was
imposed according to Paragraph 4, Article 171-1 of the Insurance Act,
and a correction was ordered according to Paragraph 1, Article 149
of the Insurance Act. Accordding to the Subparagraph 1 of aforesaid
Paragraph, a restriction of investing new real estate investment (except
for the construction in progress) from the next day after receiving the
sanction until the corrective actions are approved by FSC.
(2) Penalties on the individuals:
The general manager is suspended from performing his duties for one year
in accordance with Subparagraph 7, Paragraph 1, Article 149 of the
Insurance Act.
5.Intended improvement measures: Taiwan Life will take corrective actions by
following FSC's guidances and requirements.
6.Effect on the Company’s business operations: A restriction of investing
new real estate investment (except for the construction in progress)
from the next day after receiving the sanction until the corrective actions
are approved by the FSC.
7.Any other matters that need to be specified:None.