Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises Article 20

The internal audit unit shall follow up on the status of improvements made by respective units regarding the examination opinions of or deficiencies found by competent authority, accountants, internal audit units (including the internal audit unit of the parent financial holding company) and self-check personnel, and recommendations enumerated in the statement on internal control, and produce a written follow-up report to be provided to the board of directors and the supervisors or the audit committee for review and to be used as important reference in reward/discipline decisions and performance review.The internal audit report shall be provided to the supervisors or the audit committee for review, and unless it is otherwise stipulated by the competent authority, submitted to the competent authority within two (2) months from the date the audit is completed.Where an insurance enterprise has independent director(s), the reports shall be simultaneously provided to the independent director(s) when an action is taken under the two preceding paragraphs.The major points of audit task for an insurance enterprise should be prescribed by the competent authority.