The board of directors of Taiwanese life insurer, Shin Kong Life, has approved a proposal to increase the company's investment in Beijing-headquartered Dingcheng Life Insurance by CNY187.5m ($26.3m), according to a filing with the Taiwan Stock Exchange.
Dr Thomas Huang has assumed the post of chairman of the Financial Supervisory Commission (FSC) with his appointment taking effect last week.
Most of the leading international companies that were once active in Taiwan's life insurance industry have long since exited the market. The list includes Aegon, Aetna, ING, Manulife, MetLife, New York Life, and Winterthur.
Health Minister and head of Central Epidemic Command Centre Mr Chen Shih-chung said he would to tackle the "impossible task" of reforming the country's national health insurance (NHI) programme.
New insurance policies with lower returns to policyholders will reduce insurers' risk of incurring negative spreads when their investment income is likely to weaken from a prolonged period of low interest rates, says Moody's Investors Service.
Lawmakers have passed the long awaited Agricultural Insurance Law that expands the scope of protection from natural disasters to include also pests, diseases, poisons, and environmental factors.
The Financial Supervisory Commission (FSC) has announced that it would lower life insurance companies' liability reserve interest rates on all policies denominated in New Taiwan dollars and US dollars by 25 basis points and 50 basis points respectively to keep them in line with a decline in market rates.
Moody's Investors Service says in a new report that its outlook for the Taiwan life insurance sector remains negative, because the ongoing economic disruption from the coronavirus outbreak is exacerbating insurers' already weak product mix and high investment risks.
Life insurers in Taiwan posted net foreign exchange losses of NT$52.8bn ($1.8bn) for the first three months of this year, according to data from the Financial Supervisory Commission (FSC).
First-year premiums of Taiwan's life insurance companies posted a 37.7% decline to NT$217bn ($7.2bn) in the first quarter of this year, compared to the corresponding period last year, according to a statement from the Life Insurance Association.