Want China Times
Taiwan issued licenses Wednesday to 14 insurance companies to run offshore insurance units
(OIUs), and Financial Supervisory Commission (FSC) chairman Tseng Ming-chung said that the license issuance will help Taiwan move closer to transforming itself into an asset management hub in the Asia-Pacific region.
Tseng said that the issuance of the OIU licenses are a follow-up to Taiwan’s efforts to set its sights on the growing asset management business in the region after the country allowed securities companies to conduct offshore securities business last year.
The 14 insurers that secured the OIU licenses are 12 life insurers and two general insurers, including Cathay Life Insurance, Fubon Life Insurance, China Life Insurance, Nanshan Life Insurance, Taiwan Life Insurance and Fubon Insurance, according to the FSC.
Tseng cited a recent estimate by foreign banks as saying that the value of assets held by ethnic Chinese in overseas markets surpasses US$200 billion, which provides insurers in the region with plenty of business opportunities. [FULL STORY]