Core Viewpoint - The recent notice from the Financial Regulatory Bureau highlights issues in data reporting among certain life insurance companies, indicating a need for improved data management and reporting practices [1][4][5]. Group 1: Data Reporting Issues - Some life insurance companies have been able to report data as required, but issues such as incorrect content and inconsistencies between report content and data packages persist [1][4]. - Problems include failure to process data according to standards, inaccurate reflection of business activities, and missing historical data reporting, such as unreported premiums and claims [4][5]. - The lack of a robust data verification mechanism has led to repeated fundamental errors in data reporting, indicating a disconnect between business operations and data management [5][6]. Group 2: Regulatory Requirements - The notice outlines six requirements for life insurance companies, emphasizing the importance of data reporting and establishing a responsibility system for data management [5][6]. - Companies are required to adhere to the principle of "who manages the business, who manages the data," ensuring that business departments are directly responsible for data quality [6][7]. - The 2024 version of the regulatory data standardization requires companies to report comprehensive standardized regulatory data by April 20, 2025, and subsequently on a monthly basis [7][8]. Group 3: Importance of Standardized Data - Standardized data reporting is essential for effective regulatory oversight, enabling the identification of risks such as sales misconduct and insurance fraud through data correlation analysis [8][9]. - The initiative aims to enhance the value of data sharing within the industry, addressing previous fragmentation and facilitating collaboration in areas like anti-fraud efforts and risk management [8][9]. - Improved data quality and standardized reporting are expected to enhance transparency in the industry and drive internal management improvements within insurance companies [8][9].