The Financial Supervisory Commission yesterday said it has approved Nan Shan Life Insurance Co’s (南山人壽) appointment of vice chairman Yin Chung-yao (尹崇堯) as company chairman.
The commission in December 2019 rejected Yin’s appointment, citing his lack of solid experience in the life insurance business as he had only joined the company in 2016.
However, having worked for six years now at Nan Shan by serving in different departments, Yin is eligible for the chairmanship, the commission said yesterday.
Photo courtesy of Nan Shan Life Insurance Co
The 39-year-old Yin is the son of Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑). The group holds about 90 percent of the life insurer’s shareholdings, company data showed.
The youngest chairman of Nan Shan, Yin Chung-yao would succeed 90-year-old Donald Chen (陳棠).
In a letter to Nan Shan employees on Monday, he wrote that he looks forward to working with all staff as the company is marking its 60th anniversary this year.
Despite the challenges ahead, including the COVID-19 pandemic, global geopolitical and economic concerns, and the implementation of the International Financial Reporting Standards 17, he said he is confident that the company would do well.
Corporate governance, financial technology, insurance value and social responsibility would be Nan Shan’s four core strategies, it said.
The new chairman also expressed an interest in heading the Life Insurance Association, which is to hold an election at the end of this month, another letter issued to all members of the institution showed.
“The industry has expected closer communication and integration among life insurers, and a smoother interaction with the FSC,” he said. “I hope to contribute myself and to create more value for the industry and society.”
Transglobe Life Insurance Co (全球人壽) board member Chen Huei-yu (陳慧遊) has also announced a bid for the position.
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