Fri, May 23, 2014 - Page 13 News List

Commission urges insurance firms to honor claims of companies in Vietnam

FAST-TRACK:The Financial Supervisory Commission has urged insurance companies to accelerate their review of claims and payments to firms in Vietnam

By Crystal Hsu  /  Staff reporter

Taiwanese-run companies in Vietnam have filed 233 insurance claims linked to the violent anti-China protests last week, the Financial Supervisory Commission said yesterday.

Cathay Century Insurance Co (國泰產險) and Fubon Insurance Co (富邦產險) have set up a task force to help customers submit claims via their branches in Vietnam, the commission added.

The commission urged the insurance companies to speed up their review of claims and payments for their Vietnam-based customers after damages caused by the riots.

Meanwhile, the commission directed Shin Kong Insurance Co (新光產物) to facilitate compensation linked to the stabbing spree on the Taipei Mass Rapid Transit (MRT) system’s Bannan Line on Wednesday.

LEADER OF PACK

Shin Kong is the leading insurer of the 15 companies insuring the MRT that are to pay NT$4 million (US$132,500) in death coverage and NT$500,000 in medical insurance to the victims and their families, the commission said.

The commission yesterday also approved E.Sun Commercial Bank’s (玉山銀行) plan to set up a subsidiary in China’s Shenzhen, allowing it more flexibility as it attempts to deepen its presence in southern China.

The lender would become the fourth Taiwanese bank with a subsidiary in China after Bank SinoPac (永豐銀行), Taipei Fubon Commercial Bank (台北富邦銀行) and Cathay United Bank (國泰世華銀行), the commission said.

GUANGDONG GAINS

The subsidiary, which still needs approval from China’s financial regulator, is to have a paid-in capital of 2 billion yuan (US$320 million) and aims to take advantage of growing cross-border yuan business opportunities in Guangdong Province, the commission said.

E.Sun Bank has a branch in Dongguan and has won approval for another in the same city, as well as one in Shanghai.

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