• Amended article 139-1 of the insurance act, on supervision for eligibility of the controlling shareholders of an insurance company, to implement equity transparency.

Amendment

• 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.

Effectiveness

• 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.