Two local firms applied to the Financial Supervisory Commission (FSC) to set up Web-only non-life insurance companies before the deadline on Monday, the regulator said.
One of the applications was submitted by CTBC Insurance Co (中國信託產險), which Chinese-language news media reported would partner with Far EasTone Telecommunications Co (遠傳電信) to launch the new business.
The CTBC-Far EasTone venture would focus on usage-based insurance, a type of vehicle insurance with a premium that is usually based on the customer’s driving behavior rather than their age or gender, local news media reported.
Photo: Kelson Wang, Taipei Times
CTBC would hold an 80 percent stake in the new business, with Far EasTone owning the remaining 20 percent, local news media reported.
The commission did not identify the second applicant, saying only that it is an insurance broker.
It remains unclear whether the companies would obtain a license, as the FSC has no limit on the number of licenses it would issue, Insurance Bureau Deputy Director Lin Chih-hsien (林志憲) told a news conference on Tuesday.
The application review would take about five months, he said.
A Web-only insurer mush have paid-in capital of at least NT$1 billion (US$31.1 million) and is not allowed to sell policies through physical channels such as salespeople, as its sales must be carried out completely online, the commission said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
United Microelectronics Corp (UMC, 聯電) forecast that its wafer shipments this quarter would grow up to 7 percent sequentially and the factory utilization rate would rise to 75 percent, indicating that customers did not alter their ordering behavior due to the US President Donald Trump’s capricious US tariff policies. However, the uncertainty about US tariffs has weighed on the chipmaker’s business visibility for the second half of this year, UMC chief financial officer Liu Chi-tung (劉啟東) said at an online earnings conference yesterday. “Although the escalating trade tensions and global tariff policies have increased uncertainty in the semiconductor industry, we have not
RSS