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.
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