The Financial Supervisory Com-mission yesterday fined Mass Mutual Mercuries Life Ltd (三商美邦人壽) NT$2.4 million (US$72,600) for inappropriate product marketing and improper management.
The commission found that Mass Mutual Mercuries had "significant shortcomings in its marketing practices of insurance products, as well as in its internal management" during its latest financial inspection, it said in a statement posted on its Web site.
The commission said that while the total sum insured in two insurance policies sold by the company had exceeded the maximum insurance it could take, the company's underwriting directors still gave them the greenlight.
The commission demanded Mass Mutual Mercuries remove the underwriting directors in charge of selling the products and close one distribution outlet that had sold the insurance policies.
The insurer will also be banned from setting up new outlets over the next six months, it said.
Separately, the commission yesterday approved a merger between International Investment Trust Ltd (
Both investment trust firms are subsidiaries of Mega Financial Holding Co (兆豐金控). International Investment Trust will be the surviving entity after the merger on Sept. 17, with a paid-in capital of NT$591 million, the commission said in a separate statement.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said second-quarter revenue is expected to surpass the first quarter, which rose 30 percent year-on-year to NT$118.92 billion (US$3.71 billion). Revenue this quarter is likely to grow, as US clients have front-loaded orders ahead of US President Donald Trump’s planned tariffs on Taiwanese goods, Delta chairman Ping Cheng (鄭平) said at an earnings conference in Taipei, referring to the 90-day pause in tariff implementation Trump announced on April 9. While situations in the third and fourth quarters remain unclear, “We will not halt our long-term deployments and do not plan to
RSS