Regulations Governing Insurance Brokers Article 43

Independent brokers, broker companies and banks shall set up a special ledger to record operating revenues and expenditures and shall compile the various business and financial statements and other items prescribed by the competent authority, and submit them to the competent authority or an institution designated thereby between April 1 and May 31 every year; the formats of the statements and other items shall be separately prescribed by the competent authority. However if the fiscal year of the broker, broker company or bank differs from a calendar year, the reporting time limit will be separately set by the competent authority.The competent authority may from time to time send personnel to inspect the operations and assets and liabilities of independent brokers, broker companies and banks or order them to report the status of their operations within a time limit.With respect to the inspection opinions of the competent authority or deficiencies identified by the competent authority in an inspection, independent brokers, broker companies and banks shall take specific improvement actions and continue to follow up on the actions taken, and report the implementation of improvement actions to the competent authority within the time period prescribed by the competent authority. The broker company and bank shall submit a written report on the follow-up of improvement actions taken to its board of directors and supervisors or audit committee for review.