According to the newspaper China Post, the Financial Supervision Commission (FSC) has rejected the proposal for the withdrawal of Manulife from the market. The regulators made it clear that the assets of Taiwanese subsidiaries have to be sold, merged or redirected towards another subsidiary any withdrawal from the market. Moreover, potential buyers are required to have a license in the insurance business as a condition for any takeover. Yuanta Financial Holdings has expressed its interest in the acquisition of Manulife but indicated that the required license will be hard to get.
FSC usually proceeds to the evaluation of the business plan of the next three to five years before authorizing any purchase. Other insurers such as Aviva, New York Life, MetLife and TransGlobe have already expressed their desire to leave the island.
