Agricultural Insurance Act Article 26

With respect to a farmers’ or fishermen’s association, under any of the following circumstances, it shall be assessed an administrative fine of not less than NT$60,000 and not more than NT$300,000:(1)Fail to enter into an insurance contract based on the agricultural insurance contract sample prescribed by the competent authority in contravention of the forepart of Paragraph 1 of Article 7.(2)Fail to comply with requirements of the latter part of Paragraph 1 of Article 7 for the proposer, the insured, the subject matter insured, the insured incident, premium rate, reserve funds or reinsurance.(3)Fail to establish a dedicated account or to use the funds for their specified purposes; failure to establish mechanism for the management and application of the dedicated account, claims adjustment and internal audit and control or fails to implement in substance each of the mechanisms as required under Article 17 in the handling of agricultural insurance business.