Taiwan financial regulator says takes control of loss-making local insurers

Taiwan's financial regulator on Tuesday said it had taken control of two small loss-making local insurers, and policyholders will be protected by the government. Financial Supervisory Commission Chairman Tseng Ming-chung named the companies as Global Life Insurance Co Ltd and Singfor Life Insurance Co Ltd. Global Life Insurance Co Ltd and Singfor Life Insurance Co Ltd, both founded in 1993, have been struggling to meet their financial obligations, the regulator said. Taiwan's insurance sector is overcrowded and the government has in the past taken over loss-making insurance companies, according to Reuters.