On 19 May 2020, TAI FSC amended rules on insurance shareholding.
- Amended article 139-1 of the insurance act, on supervision for eligibility of the controlling shareholders of an insurance company, to implement equity transparency.
- When the third party mentioned in article 139-1 part 3 is a legal person, the actual beneficiary or ultimate controller shall be included in the scope of the declaration.
- If the legal person is one with a certain degree of transparency, such as government agencies, public enterprises, foreign government agencies, they are exempt from having to include the actual beneficiary or ultimate controller in the declaration.
- A shareholding/control structure diagram should be provided for supervision purposes.
- If a legal person or related parties still hold more than 5% of the shares, jointly or separately, after the effective date of this notice, they should file a new declaration.
- This amendment will be effective from 1 July 2020.
- Filing of new declaration should be done within 10 days of effective date, i.e. 10 July.