According to the Central News Agency, the FSC is expanding the scope for CISO appointments due to the accelerating digitalization of the insurance sector. Previously, the requirement applied to firms with assets over NT$1 trillion. The new threshold includes firms with assets over NT$300 billion or online insurance premium income exceeding NT$500 million. A buffer period until December 31, 2025, has been granted to allow for organizational adjustments. Tsai Huo-yen, Deputy Director-General of the Insurance Bureau, stated that the amendment mandates the establishment of an independent information security unit. The seven affected companies include Farglory Life, Allianz Taiwan Life, Prudential Life, Macoto Life, Fubon Insurance, Cathay Century Insurance, and Tokio Marine Newa Insurance.
FACT BOX
- Source: CNA (Central News Agency)
- Category: regulatory