The nation's insurance companies are asked not to exploit the premium pool to acquire or control other companies for their own interests, the Financial Supervisory Commission said yesterday after unveiling a package of
self-discipline regulations at a press conference.
The new regulations were mapped out by the Cabinet-level commission following a month-long consideration in order to prevent insurers from getting involved in the management of invested firms through financial investment.
Currently, some insurers like China Life Insurance Co (中國人壽), Shin Kong Life Insurance Co (新光人壽) and Fubon Life Assurance Co (富邦產險), have designated representatives as board directors of invested firms.
Susan Chang (張秀蓮), the commission's vice chairperson, said a few insurers do violate one clause of the new regulations. But she didn't specify who these companies are.
The clause she referred to stipulates that the insurance companies and their subsidiaries can take no more than a total of a quarter, or two seats at the
most, on the invested companies' board of directors.
The investments must be categorized as the insurance companies' long-term investment items, the clause reads.
Under the new regulations, Shin Kong Life, which controls 10 percent of
shares as well as six seats of Shih Kong Insurance C新光產險) board of directors, may need to give up four seats in a bid to comply with the stipulation as soon as it becomes effective.
Violators would be fined between NT$200,000 and NT$600,000, according to the regulations.
Hsu Pon (許澎), spokesman of Shin Kong Financial Holdings Co (新光金控),
which is the parent company of both insurers, was not available for comment as of press time.
The self-discipline regulations were approved by the commission in principle
yesterday and will be put into practise in the near future, Chang said.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS