Taiwanese life insurers would have to dispose of Russian bonds within six months should their ratings fall below investment grade, the Financial Supervisory Commission (FSC) said on Thursday.
Local life insurers at the end of January held NT$138.2 billion (US$4.92 billion) of Russian bonds, commission data showed.
“Life insurers are prohibited from investing in bonds below investment grade, so if the ratings of the Russian bonds they hold are downgraded to ‘junk’ grade or below, they must sell them within six months,” Insurance Bureau Director Tsai Huo-yen (蔡火炎) told a news conference.
The comment came as several international agencies have cut the credit
/ Staff writer, with CNAMigrant workers who arrive in Taiwan from today must be covered by a COVID-19 health insurance plan before they would be allowed to enter, with their employers expected to bear the costs, the Ministry of Labor said on Monday.
Migrant workers who arrive in Taiwan from today must be covered by a COVID-19 health insurance plan before they would be allowed to enter, with their employers expected to bear the costs, the Ministry of Labor said on Monday.
The insurance plans, which cost just under NT$1,200 per person, cover hospitalization fees within the 30 days of a migrant worker’s arrival in Taiwan if they are infected with COVID-19, the ministry said in a statement.
Insurance companies are to pay the money directly to the hospitals, up to a maximum of NT$500,000, the statement said.
Employers must submit proof to the ministry that
Taipei, Nov. 29 (CNA) Starting Dec. 1, migrant workers arriving in Taiwan will have to be covered by a COVID-19 health insurance plan, before they can be allowed to enter the country, and their employers will be expected to bear the costs, the Ministry of Labor (MOL) said Monday.
Nan Shan Life fined over poor internal controls
By Kao Shih-ching / Staff reporter
Nan Shan Life Insurance Co (南山人壽) has been fined NT$7.6 million (US$271,914) for breaches of the Insurance Act (農業保險法) due to lax internal controls, risk controls and anti-money-laundering practices, the Financial Supervisory Commission said on Thursday.
The life insurer’s salespeople illegally paid premiums with their own credit cards on behalf of clients to earn rewards points offered by banks after reaching agreements with clients, the commission said.
The clients would give money to the salespeople and share the rewards, it said.
From September 2018 to June last year, 122 salespeople paid NT$779 million in premiums in 588 transactions, Insurance Bureau Director Tsai Huo-yen (蔡火炎) told a news conference in New Taipei City.