Cathay Life Insurance Co (國泰人壽) expects interest payments from Russia to be late, as Moscow is planning a new payment method and negotiating with custodian banks and international entities such as Brussels-based Euroclear, the company said yesterday.
Many agencies have been involved in the negotiations, and some need to reconfirm the identities of the recipients, Cathay Life executive vice president Lin Chao-ting (林昭廷) said by telephone.
“We expect to receive the payment in rubles,” Lin said.
“We would not risk foreign-exchange losses, because the ruble has recently appreciated against the US dollar,” he added.
Russia is willing to make the payments, but cannot
HARD PRESSED: Holders of Russian debt might be in for a longer wait as Moscow on Monday defaulted on its foreign debt for the first time in a centuryBy Kao Shih-ching / Staff reporter
Five local insurers are considering raising new funds to bolster their financial strength as increasing compensation claims from COVID-19 insurance policyholders are reducing their profits, the Financial Supervisory Commission said on Thursday.
Five of the six insurers with the greatest COVID-19 insurance sales Fubon Insurance Co (富邦產險), Cathay Century Insurance Co (國泰世紀產險), Tokio Marine Newa Insurance Corp (新安東京海上產險), CTBC Insurance Co (中國信託產險), Chung Kuo Insurance Co (兆豐產險) and Hotai Insurance Co (和泰產險) are considering new plans to raise capital, the commission said.
Two insurers plan to increase capital once their risk-based capital a ratio of an insurer’s total capital