Hontai Life Insurance Co’s (宏泰人壽) capital adequacy has rebounded to meet the Financial Supervisory Commission’s (FSC) minimum requirements after it received a capital injection of NT$1.95 billion (US$68.34 million), the commission said on Thursday.
The insurer’s equity-to-asset ratio rose to 3.11 percent at the end of February, slightly above the commission’s 3 percent requirement and up from 2.86 percent at the end of December last year, the FSC told a news conference in New Taipei City.
Hontai Life’s risk-based capital (RBC) ratio, which the regulator uses to measure a life insurer’s financial strength, recovered to 207.87 percent at the end of February, above the 200 percent requirement, the commission added.
Photo courtesy of Hontai Life Insurance Co
The FSC would continue monitoring the company and use the insurer’s semi-annual financial reports to determine if it is improving its capital adequacy, Insurance Bureau Deputy Director-General Wang Li-hui (王麗惠) said.
If Hontai Life’s equity-to-asset or RBC ratios fall below the requirements at the end of June, it would have to submit an improvement plan to the commission, Wang said.
If the company’s capital adequacy is severely poor, such as having a negative net worth or registering an RBC ratio of less than 50 percent, the commission would impose corrective measures on it, such as limiting its operations, she added.
BankTaiwan Life Insurance Co Ltd’s (臺銀人壽) risk-based capital ratio climbed to 300 percent from 176 percent at the end of last year after a capital injection of NT$11 billion, she said.
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