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FSC blasts frequent in-and-out of foreign insurance firms

2012/05/08 22:33:53

Taipei, May 8 (CNA) The Financial Supervisory Commission blasted some foreign insurance investors Tuesday for frequently entering and exiting the local market, and urged them to honor their commitments when investing in Taiwan.

On speculation that Aviva, a major United Kingdom-based insurance services provider, might withdraw its investments from Taiwan, the commission expressed hope that the company will maintain its cooperation with local businesses in accordance with its original plan.

Aviva currently operates the First-Aviva Life Insurance Co. in Taiwan in conjunction with Taiwan-based First Financial Holding Co.

A commission official who spoke on condition of anonymity said the commission prefers to see cooperation rather than separation among local and foreign businesses and does not like seeing foreign insurance companies withdrawing from the market as soon as they encounter problems.

The official added that foreign insurance companies should be cautious when making investment commitments to the local regulatory agencies and should stick to their commitments once they have launched their investments.

Turning to an application by France-based AXA Group to enter the Taiwan market for the third time, the official said the group filed an application in mid-January and submitted additional documents in April.

The application is currently being reviewed by the commission, the official said.

(By Wu Ching-chun and Jamie Wang)