The Financial Supervisory Commission yesterday announced it would extend the government’s receivership of Kuo Hua Life Insurance Co (國華人壽) for another nine months, beginning on Feb. 4.
The move marked the second time the receivership has been extended, as the previous one is due to expire early next month and there remains no immediate solution to the personnel impasse that is hindering Taiwan Financial Holdings Co’s (台灣金控) plan to acquire the insolvent life insurer.
The financial regulator took control of the insolvent life insurer on Aug. 4, 2009, and appointed the semi-official Insurance Stabilization Fund (ISF, 保險安定基金) its official receiver.
The fund will be the receiver until Nov. 3 under the latest extension, the commission said. Kuo Hua was the first local life insurer to be brought under government receivership in 40 years.
Taiwan Financial chairwoman Susan Chang (張秀蓮) said on Monday her firm’s acquisition bid hit a snag regarding whether Kuo Hua employees should enjoy benefits and compensation equal to that of Taiwan Financial staffers, who earn their qualifications after passing civil service exams.
The state-owned financial group needs its largest shareholder, the Ministry of Finance, to approve all personnel hirings, share releases, procurements and other matters.
Meanwhile, the commission held a third meeting yesterday with chairpersons of six financial holding firms in a continued bid to better understand the industry and the companies’ views on cross-strait banking deregulation.
The commission is slated to embark on another round of talks with Chinese financial regulators about further liberalization of cross-strait financial markets, in line with the Economic Cooperation Framework Agreement (ECFA) signed in June last year.
“We respect suggestions of the industry and will host more discussions later to better help them expand business,” the commission said in a statement.
Domestic lenders have called for looser lending restrictions for their branches in China, as well as lower thresholds for conducting Chinese yuan business.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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