More than 1,200 people yesterday flocked to Nan Shan Life Insurance Co (南山人壽) offices around the country to terminate their policies or get cash loans from the firm.
By early evening, about half of them had completed applications with the insurer, a local subsidiary of troubled global insurance giant American International Group (AIG), but it was not clear how many had terminated their plans or had sought loans off their policies as a way to get cash from the firm in case it went bankrupt.
Hundreds more were seen waiting inside the office, and reporters were barred from entering the building.
“I hope I can get a loan of up to NT$1.5 million [US$47,000] using one of the five policies my family and I have,” a woman in her 50s told reporters, declining to identify herself.
Displaying a slip showing she was the 1,205th person in the Nan Shan office to apply for the emergency move, she said she was aware of the US government’s plan to rescue AIG, but “still I’m afraid we may lose everything.”
Nan Shan has dozens of offices across Taiwan.
Another woman, housewife Liao Ying-ying from Taipei County, said she wanted to use one of her three policies to get a loan of NT$500,000 at an interest rate of 6.9 percent per annum.
“I decided to come here after I read the newspaper this morning about AIG’s woes,” Liao said.
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