MOVING ON:The FSC is hopeful that the auction of Global Life and Singfor Life marks the end to using public money to pay a company to take over problematic insurers
Date: Mar 24, 2015
By: Amy Su / Staff reporter
Cathay Life Insurance Co Ltd (國泰人壽) yesterday won the auction for insolvent Global Life Insurance Co (國寶人壽) and Singfor Life Insurance Co (幸福人壽), with a lower-than-expected bid for compensation of NT$30.3 billion (US$961.8 million), the Financial Supervisory Commission (FSC) said.
The life insurance arm of Cathay Financial Holding Co (國泰金控) beat three other bidders. The commission did not specify their identity, but Fubon Life Insurance Co (富邦人壽) is rumored to be one of them. [FULL STORY]