Taiwan's Financial Supervisory Commission has fined Nan Shan Life Insurance Co. Ltd. a total of NT$6.6 million related to its failure to supervise a manager who disclosed trading information to more than 200 people via a messaging app, the Taipei Times reported, citing Insurance Bureau Deputy Director-General Wang Li-hui.
The manager's wife, who works at a securities investment company, also reportedly received the information as the couple intended to trade the same shares and manipulate prices. The manager has been working at Nan Shan Life Insurance since March 2016 and left in 2018.
The company has known about the issue since May 2018 but only reported it to the commission in July 2018 when Chinese media were set to publish a story about it, according to the report.
The commission fined Nan Shan Life Insurance NT$4.8 million for its supervision failure and NT$1.8 million for not promptly reporting the issue.
As of May 31, US$1 was equivalent to NT$31.57.