Nan Shan Life fined over poor internal controls By Kao Shih-ching / Staff reporter Nan Shan Life Insurance Co (南山人壽) has been fined NT$7.6 million (US$271,914) for breaches of the Insurance Act (農業保險法) due to lax internal controls, risk controls and anti-money-laundering practices, the Financial Supervisory Commission said on Thursday. The life insurer’s salespeople illegally paid premiums with their own credit cards on behalf of clients to earn rewards points offered by banks after reaching agreements with clients, the commission said. The clients would give money to the salespeople and share the rewards, it said. From September 2018 to June last year, 122 salespeople paid NT$779 million in premiums in 588 transactions, Insurance Bureau Director Tsai Huo-yen (蔡火炎) told a news conference in New Taipei City.