Taiwan’s Financial
Supervisory Commission (FSC) reportedly plans to require foreign
life insurance companies to set up subsidiaries, rather than just
branches, for the sale of individual insurance policies on the
island.
Taiwan Economic News
said it would cost an estimated NT$2bn for a foreign life insurer
to establish a subsidiary whereas now they only need an operating
fund of NT$50m for a Taiwanese branch office.
Go deeper with GlobalData
The regulations would
make it more difficult for foreign firms to enter or exit the
Taiwanese market.
The plans follow news,
reported by Life Insurance International in May 2012 that AXA had
been refused entry to the Taiwanese market, with the FSC citing
concern over its ‘long term commitment’
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