Taiwan: corporate life-insurance onboarding

Obtain the corporate policyholder's registration information, constitutional documents and representative's authority. The Taiwan registry guide identifies the available registered particulars; request shareholder records from the company where the register does not disclose the relevant owners.

Policyholder ownership

For corporate life-policy customers, apply Article 3's controlling-ownership test of more than 25% of shares or capital, followed by control through other means and the senior-managing-official fallback. Record any applicable exemption. The exemption for certain non-life or non-reserve products is not a general exemption for life insurance.

Verify the authorised representative and obtain the company mandate for the purchase. Record the insured person and premium payer, with supporting information for a third-party payer or assigned benefits.

Record the beneficiary now; verify at payout

For a named beneficiary, Article 3 requires the name and identification-document number or registration/incorporation date. For a beneficiary designated by class or description, obtain enough detail to identify the recipient when benefits become payable. Verify beneficiary identity at payout.

Apply the separate PEP checks for life-policy beneficiaries and their beneficial owners before benefits or relevant surrender payments are made. Escalate higher-risk cases under the insurer's enhanced due-diligence procedures.

Review irregular increases in cover, new beneficiary instructions, assignments and changes to the company's ownership. Keep the amendments, verification results and reasons for payment approval with the policy file.