TAIWAN’S WAISUN CEASES TO OPERATE

Taiwan-based property insurer Waisun has ceased to operate after failing to replenish its capital to the required level, the Taiwan Financial Supervisory Commission (FSC) said on Saturday. In September 2008 Waisun reported TWD2.87bn ($85.6m) in accumulated losses with TWD870m more debt than assets. FSC chairman Sean Chen said that the Taiwan Insurance Institute (TII) had sent staff members to Waisun headquarters in Taipei, as well as its six branches in southern and central Taiwan. China Post reported that the company’s directors and supervisors had been barred from leaving Taiwan. According to the regulator’s figures, Waisun had a 1.6% share of the domestic property insurance market, with about 620,000 active policies. The last previous insurer in Taiwan to be closed by the FSC was Kuo Hua, which stopped trading in November 2005 ( IIN 24 , November 22 2005).