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Nan Shan Life names vice chairman

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Nan Shan Life names vice chairman

Taiwan's Nan Shan Life Insurance Co. Ltd. named Yin Chung-yao vice chairman of its board, the Central News Agency reported Jan. 6, citing the company.

The move came shortly after Yin stepped down as the insurer's acting chairman in December 2019, the report said, after Taiwan's Financial Supervisory Commission rejected his chairmanship role for lack of experience.

In 2019, the regulator ordered Nan Shan Life to stop selling investment-linked policies and also fined it NT$30 million for failing to solve problems with its new information system. The system reportedly affected roughly 152,000 policies, some of which were automatically suspended or stopped.

As of Jan. 9, US$1 was equivalent to NT$29.98.