Nan Shan wins Chaoyang bailout bid

AMNESTY:All Chaoyang workers are to be retained by Nan Shan for at least one year, with pay and benefits to remain intact, after the takeover is completed by May

Taipei Times
Date: Jan 17, 2017
By: Crystal Hsu / Staff reporter

Nan Shan Life Insurance Co (南山人壽) yesterday won the Taiwan Insurance Guaranty Fund (TIGF, 保險安定基金) bailout auction of troubled Chaoyang Life Insurance Co (朝陽人壽) for NT$200 million (US$6.3 million), allowing Nan Shan to take over Chaoyang’s assets and debts, and retain the rights of existing policyholders unaffected.

It was the second attempt by the semi-official TIGF to sell Chaoyang, which was put under government receivership on Jan. 26 last year and failed to find a buyer at an auction in October last year.

TIFG is to pay Nan Shan the compensation with its own money contributed by insurance companies to support the industry’s smooth operations, TIGF chairman Lin Kuo-bin (林國彬) told reporters.    [FULL  STORY]

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