Taiwan regulator blocks tycoon’s son from insurer’s helm

Taiwan regulator blocks tycoon’s son from insurer’s helm | Insurance Business

Taiwan regulator blocks tycoon’s son from insurer’s helm

Taiwan’s Financial Supervisory Commission (FSC) has ruled that the son of tycoon Samuel Yin was “too inexperienced” to take the position of chairman of Nan Shan Life Insurance Company.

Yin, the largest shareholder in the major Taiwanese insurer, had endorsed his 36-year-old son Yin Chung-yao to become chairman of Nan Shan, according to a report by Taiwan News. However, the FSC conducted two face-to-face interviews with the younger Yin, and later concluded that he was not qualified to lead an insurance company the size of Nan Shan.

Following its rejection of Yin Chung-yao for the company’s chairmanship, the FSC asked the insurer to submit a new nomination for the position.

Nan Shan’s chairman position is currently vacant after the FSC removed the previous chairman over anomalies in the insurer’s IT systems in September that affected around 150,000 of its policyholders, the report said. The company was also fined NT$30 million (US$989,000).

In 2018, Nan Shan was named by Taiwanese newspaper Apple Daily as one of the top violators of labour laws, with most disputes over overtime hours and inadequate pay. The insurer responded that it was in continuous communication with the employee’s union and that it is resolving the disputes using legal means.