The Financial Supervisory Commission announced on Friday night that it would extend the government’s receivership of Kuo Hua Life Insurance Co (國華人壽) by another nine months, beginning on May 4.
The financial regulator took over the insolvent life insurer on Aug. 4 last year and appointed the semi-official Insurance Stabilization Fund (ISF, 保險安定基金) its official receiver.
Kuo Hua was the first local life insurer to be brought under government receivership in 40 years, a process that was expected to last for nine months and expire on May 3.
IMPROVED STRUCTURE
During the period of receivership, ISF has improved the life insurer’s financial structure by first cutting capital by NT$3 billion (US$95.2 million) and then raising NT$6 billion in fresh funds, the FSC said in a statement.
However, the insurer’s recapitalization “had yet to completely improve its financial shortfall, which may threaten the interests of policyholders,” the FSC said.
Given its current work on proposals to either attract new funds or seek merger opportunities for Kuo Hua, it would be better to extend receivership by another nine months before turning the insurer over to a new owner, the FSC said.
EXPANDED SCOPE
On April 16, Fubon Financial chairman Daniel Tsai (蔡明忠) told reporters the company might consider acquiring Kuo Hua to further expand the scope of its insurance business. However, as of Wednesday — the deadline set for interested parties to apply to conduct due diligence on Kuo Hua — Fubon had yet to apply.
The Chinese-language Liberty Times (the Taipei Times’ sister newspaper) reported on Thursday, citing ISF vice president Lin Yi-chan (林意展), that fewer than five potential investors had registered for due diligence by Wednesday, none of them from the local financial sector.
THREE INVESTORS
On Friday, the Chinese-language Commercial Times said, without citing sources, that a technology company run by Wong Da-ming (翁大銘), former Kuo Hua owner, a direct-marketing company operated by Huang Cheng-i (黃正一), former chairman of Singfor Life Insurance Co (幸福人壽), and a foreign private equity firm were the only three investors to register for due diligence on Kuo Hua.
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