The FSC recently ordered Taiwan Business Bank to complete 2 corrective actions within 1 month, handed the bank an administrative fine of NT$3 million, and issued an official reprimand after learning of the following infractions: (a) a life insurance brokerage merged by the bank had sold products to its customers without first properly confirming product suitability; (b) failure to handle complaints and establish a review and analysis mechanism in accordance with its internal rules; (c) failure to provide customers with explanations of the terms and exclusions of its products, or of important contents of product prospectuses. The sanctions were imposed in accordance with applicable provisions of the Insurance Act (Paragraph 1 of Article 164-1, Article 167-2, and Article 167-3).