News eDaily04 Sep 2017

Taiwan:Premier calls on insurers to invest in strategic areas

04 Sep 2017

Premier Lin Chuan has called on Taiwan's insurance industry to invest in wind energy and in areas covered by the government's 5+2 Major Innovative Industries policy.

The 5+2 Major Innovative Industries policy aims to shift Taiwan’s industrial base away from its traditional concentration on contract manufacturing towards high-value-added, service- and solutions-oriented business models. The policy started out focussing on the industrial sectors of the Internet of Things, biomedical, green energy, smart machinery, and defence – and was extended to “new agriculture” and the “circular economy”. This was broadened further to include the digital economy and cultural innovation.

Speaking at an insurance industry awards event last week, Mr Lin also said that he has two other expectations of insurers. These are the internationalisation of the Taiwanese insurance industry and regulatory compliance.

He said that an internationally competitive insurance sector would allow the industry to be solidly grounded in Taiwan over the long run.

Pragmatic supervision

As for compliance, he said that given that the insurance industry taps funds from the public, their operations need to be problem-free, and the government has to ensure a high degree of supervision over insurers.

At the same time, though, he said that he hoped that the Financial Supervisory Commission would not impose onerous regulations on the insurance industry. He called for workable regulations and effective supervision as well as pragmatic solutions to problems.

He said: “Good supervision means that what needs to be supervised is supervised; what does not need to be supervised should be left alone.”

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