Receivership of Global Life and Singfor Life ends at 00:00 on August 12, 2016, with termination of business and liquidation ordered from the same time
2016-08-12
After the FSC’s takeover of Global Life Insurance Co. Ltd. (Global Life)” and Singfor Life Insurance Co. Ltd. (Singfor Life) by law, the main businesses, assets, and liabilities of the two companies were transferred to Cathay Life Insurance on July 1, 2015. Apart from some unsettled matters, there are now no insurance business, contracts, or matters related to employees that need to deal with. Therefore, in accordance with Paragraph 1, Article 149-3 of the Insurance Act and Paragraph 2 of Article 6 of Regulations Governing the Conservatorship and Receivership of Insurance Enterprises, the FSC has approved the receivership termination assessment report presented by the receiver the Taiwan Insurance Guaranty Fund. The receivership will be terminated at 00:00 on August 12, 2016 and, in accordance with Sub-paragraph 2, Paragraph 3 of Article 149 of the Insurance Act, from the same time as termination of receivership, the liquidation of the two companies is ordered. In accordance with Paragraph 5 of Article 149 and Paragraph 1 of Article 149-8 of the Insurance Act, the Fund shall be the liquidator and will implement follow-up liquidation matters according to the law. During the period of liquidation, the authority of original shareholders, directors, supervisors, and audit committee or other similar bodies will be ceased and will be exercised by the liquidator.
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Update：
2017-01-15