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Comprehensive Audit Mechanism

Starting 2020, the Comprehensive Audit Mechanism (CAM) is adjusted as follows: insurance companies are made responsible for their own internal audits. For external audits, there is no longer a distinction between general and special audits. Instead, they are combined and will be conducted by the Motor Vehicle Accident Compensation Fund (MVACF) with annual audit plans formulated. With research and analytical information provided by the Actuarial Taskforce, information provided by NLIA on common deficiencies found in self-regulatory monitoring and market situations requiring rectification, and actual audit experiences shared by MVACF, supplemented with relevant case data or statistics provided by Taiwan Insurance Institute database, external audits will be made more effective.