The Financial Supervisory Commission (FSC) on Thursday rejected Nan Shan Life Insurance Co’s (南山人壽) pick for acting chairman, Yin Chung-yao (尹崇堯), citing a lack of experience.
The commission interviewed Yin twice, with the first interview conducted by Insurance Bureau Director-General Shih Chiung-hwa (施瓊華) and the second by FSC Chairman Wellington Koo (顧立雄).
“During the interviews, we tested Yin a lot to see if he is knowledgeable and experienced enough to make good operational decisions and to lead a large company such as Nan Shan,” Shih told a news conference, adding that the questions included academic and practical issues.
“Our conclusion is that Yin needs to deepen his professional competence and accumulate experience,” Shih said. “We urge the insurance company to rethink who its acting chairman should be.”
Given that Nan Shan has a lot of assets, the commission uses higher standards to examine a prospective chairperson’s qualifications, as the choice would affect policyholders’ interests, she said.
Nan Shan had 6.23 million policyholders with 14.3 million policies as of the end of September, commissions data showed.
“A chairperson leads the board of directors, makes decisions and demonstrates the ability to make sure managers employ the correct strategies,” Shih said.
Yin, son of Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑), was appointed by Nan Shan’s board of directors to serve as acting chairman for two years from Sept. 20, after the commission suspended previous chairman Du Ying-tzyong (杜英宗) for two years over the insurer’s failure to maintain its information processing system.
Yin Chung-yao was Du’s special assistant and has been a company director for the past three years, but the FSC said being a director was only a basic condition, Shih said.
Yin Chung-yao on Thursday withdrew as the pick for acting chairman and the board appointed Donald Chen (陳棠), another director, in his place, Nan Shan said in a statement.
Chen, a former chairman of Land Bank of Taiwan (土地銀行) and Jih Sun Financial Holding Co (日盛金控), has been Nan Shan’s director since 2011.
The rise of the cryptocurrency dogecoin has reached a new level after the token was used to pay for a lunar satellite launch. SpaceX, Elon Musk’s commercial rocket firm, is to embark on a moon voyage next year carrying a so-called cubesat — a mini-satellite used for space research — from Geometric Energy Corp that has been paid for entirely in dogecoin. The development is the latest twist in the saga over the digital token, which started as a joke in 2013, but is now a dominating Internet meme and sitting on a 21,000 percent rally in the past year. Musk has
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. Citibank Taiwan failed to set up a sound mechanism for evaluating clients’ risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference in New Taipei City. The bank based its AML policies on those of its US-based parent company, Citigroup Inc, but the policies
CAPACITY EXPANSION: Construction of the site, which is to be the firm’s first mRNA production facility outside of Europe, is to begin this year and likely finish in 2023 COVID-19 vaccine maker BioNTech SE yesterday said it would build a Southeast Asia headquarters and manufacturing site in Singapore to produce hundreds of millions of messenger RNA (mRNA)-based vaccines per year. Construction of the site would start this year, and it could become operational by 2023, the German company said in a statement. “With this planned mRNA production facility, we will increase our overall network capacity, and expand our ability to manufacture and deliver our mRNA vaccines and therapies to people around the world,” BioNTech chief executive Ugur Sahin said. The vaccine produced by BioNTech jointly with Pfizer Inc of
OUTBREAK: About 200 of the airline’s 1,200 pilots are not able to work. Most of them have been quarantined to prevent further infection, but 12 have COVID-19 China Airlines Ltd (CAL,中華航空) yesterday confirmed that it would temporarily reduce its cargo flight services to cope with a pilot shortage, as one-sixth of its pilots have been sidelined by a COVID-19 outbreak. “We are working out a new schedule,” the airline said in a statement after local news media reports on Saturday said that it would be reducing its cargo services from Wednesday, primarily affecting US destinations. CAL declined to give details about its new operating plan, but the reports said that it would be suspending its cargo flights to Dallas Fort Worth International Airport, Hartsfield-Jackson Atlanta International Airport and