Current status of public auction of Chaoyang Life Insurance’s assets, liabilities and general assignment
2016-10-31
The FSC took over Chaoyang Life Insurance Co., Ltd. (“Chaoyang Life Insurance”) on January 26, 2016 and assigned the Taiwan Insurance Guaranty Fund (“TIGF”) as the Receiver (“Receiver”). In order to protect the rights and interests of the insured and stabilize financial order, the Receiver actively arranged sales by public tender of Chaoyang Life Insurance’s assets, liabilities and general assignment on October 31, 2016. However, no bid was successful. As a result, the TIGF will continue to be the Receiver of Chaoyang Life Insurance, which will operate as normal. The rights of the insured remain intact according to their insurance contracts. The FSC has ordered the Receiver not only to design the deal strategy and business plan for the next public auction, but also to continually stabilize the operation of the company and protect the interest of the policyholders and employees.
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530
Update：
2017-01-15