Taiwan Insurance Guaranty Fund commissioned by the FSC to take over Chaoyang Life Insurance Co. Ltd. to protect the rights and interests of policy holders
2017-01-15
To protect the rights and interests of policy holders and maintain financial stability, the FSC took over Chaoyang Life Insurance Co. at 5:30 pm on January 26, 2016. The company is continuing to operate, and the rights and interests of policy holders according to the contents of policies will not be affected. The company is also continuing to collect premiums from policy holders, settle claims, provide policy loans, terminate or modify policies, and undertake new business.
The decision to take over Chaoyang Life Insurance in accordance with sub-paragraph 1 of paragraph 3 and paragraph 5 of Article 149 of the Insurance Act and to appoint the Taiwan Insurance Guaranty Fund as the receiver for a two-year period was made due to the fact that the company’s capital adequacy ratio did not meet the level required by Article 143-4 of the Insurance Act and was actually categorized as seriously inadequate as defined by sub-paragraph 1 of paragraph 3 of Article 149, and that the company failed to complete the plan for capital increase or the corrective action plan for finance or business within the specific period required by the competent authority.
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1772
Update：
2018-01-23