In order to protect rights of policyholders and to prevent financial markets instabilities, the Financial Supervisory Commission (FSC) mandated Taiwan Insurance Institute to liquidate two insolvent non-life insurance companies (Kuo Hua Insurance Co. Ltd., and Walsun Insurance Co. Ltd.), and Taiwan Insurance Guaranty Fund to take over four insolvent life insurance companies (Kuo Hua Life Insurance Co. Ltd., Global Life Insurance Co. Ltd., Singfor Life Insurance Co. Ltd., and Chaoyang Life Insurance Co. Ltd.) according to Article 149 of Insurance Act. The six insolvent insurers are now all in liquidation. For more information, please refer to related item below.
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