Taiwan’s Financial Supervisory Commission
(FSC) has rejected an application by AXA group to enter the
Taiwanese life insurance market.
According to the Taipei Times, the rejection
is a result of concerns over AXA’s ‘long term commitment’ to the
Taiwanese market.
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It is reported that AXA applied to make its
third entry attempt in January, and had up a preparatory office in
Taipei with a staff of 30.
Responding to the media report, a spokeswoman
for AXA Group said as part of its overall strategy in Asia, AXA has
identified Taiwan as a market to further develop its franchise in
Asia.
She said: “AXA wishes to reiterate its desire
to establish a life insurance branch in Taiwan in 2012 and to
address the specific concerns raised by FSC.”
AXA Asia CEO Mike Bishop said: “At a time of
global market uncertainty and with some other foreign players
having left the Taiwan market, AXA is planning to bring the first
foreign investment to the Taiwan insurance industry since the
beginning of the financial crisis.”
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