Executive says Kuo Hua Life Insurance operating normally

By Joyce Huang  /  STAFF REPORTER

Thu, Aug 06, 2009 - Page 12

Kuo Hua Life Insurance Co (國華人壽) did not receive any termination of contract requests from its 2 million policyholders yesterday, its first day under government receivership, a company executive said.

“Our operations are normal except that we’ve received more calls from policyholders asking about their rights,” said the executive who requested anonymity.

The Financial Supervisory Commission has promised to clean up the company’s debts in nine months, which has helped ease panic among policyholders, he said by telephone.

Taipei-based Kuo Hua had a negative net value of NT$57.9 billion at the end of June. The insurer’s takeover by the government was the first of its kind in 40 years.