Taiwan to host cross-strait insurance oversight meet
CNATAIPEI -- A meeting between Taiwan and China on cooperation in insurance supervision will be held in Taipei Thursday to discuss market access and a facilitation mechanism, Taiwan's top financial regulator said Tuesday.
October 16, 2013, 12:11 am TWN
Taiwan's Financial Supervisory Commission (FSC) and the China Insurance Regulatory Commission (CIRC) are expected to discuss a wide range of issues related to setting up insurance institutions on each side of the Taiwan Strait, insurance business operations and bilateral exchanges in the insurance industry, an FSC official said.
Taiwan and China began exchanges in the insurance sector in 1992. Between 2004 and 2009, five Taiwan insurance companies were given permission to set up business in China and a Taiwan-based life insurance company obtained approval to buy a 19.9 percent stake in a Chinese insurance firm.
So far, six Taiwan insurance firms have invested in Chinese insurance companies, which indicates that Taiwan's insurance industry already has a solid foundation in the Chinese market.
The Chinese delegation, led by CIRC Chairman Xiang Junbo, was expected to arrive in Taiwan Tuesday and return home Saturday.