The Financial Supervisory Commission (FSC) would review the qualifications of Nan Shan Life Insurance Co’s (南山人壽) former chairman Du Ying-tzyong (杜英宗) if he is to serve as a board director at other insurance companies, FSC Chairman Wellington Koo (顧立雄) said yesterday.
Du, who became Nan Shan’s chairman in 2015, was suspended in September last year for two years for failing to properly supervise the installation of an information technology system that later caused problems for policies sold by the company.
Ruen Chen Investment Holding Co (潤成投資), Nan Shan’s major shareholder, on Thursday replaced him with Donald Chen (陳棠) as its legal representative on the company’s board.
Chen was later appointed by the board as chairman, the company said in a regulatory filing.
However, with Du reportedly planning to transfer to Taishin Financial Holding Co (台新金控) to help it with its plan to acquire another insurer, lawmakers at a meeting in the Legislative Yuan asked Koo if this would be a breach of regulations.
Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) asked if it would be legal for Du to serve at another financial company, while DPP Legislator Chiang Yung-chang (江永昌) asked whether the commission could directly demand that Du not be involved in the operation of any life insurance company.
As Du was suspended from his job, but not dismissed, he can continue working in the financial industry, Koo said.
“I do not know where Du is headed, but if he is to serve as a board director at another insurance company, we will take into consideration the fact that he was suspended when he was working for Nan Shan when reviewing his qualifications,” Koo said.
The commission is not likely to lift the ban on Nan Shan’s sales of investment-linked policies any time soon, as the company has failed to improve its information system, Koo said.
The commission has continued to receive complaints from consumers and sales agents over the information system’s problems, even though it had fined the company NT$30 million (US$1 million) and ordered it to make improvements, he said.
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