The new head of Taiwan's Financial Supervisory Commission (FSC) has said that the regulator hoped to guide the insurance industry to invest more domestically.
Mr Peng Jin-lung, the FSC chairman, said this at a media presentation on 21 June, according to a Bloomberg report.
He assumed the post in May, at a time of increased financial and geopolitical risk.
Taiwan’s life insurance industry, which accounts for more than 30% of the financial sector’s assets, is busy raising funds for the 2026 implementation of the new system of stricter accounting and capital standards. There are 21 local and foreign life insurance companies in Taiwan, including Cathay Life, Fubon Life, and Nanshan Life.
Mr Peng said that the FSC plans to ease rules to allow the finance industry to become a bigger part of the island’s economic output amid a tech-led boom in investments.
“Taiwan's financial industry output only makes up 6% of our GDP,” said Mr Peng. “There’s more room to expand the market by easing rules and providing more products.”
The regulator is also set to brief on the relaxation of financial technology innovation business in July, according to Mr Peng.