Shin Kong Life to adapt portfolio after FSC demandBy Kao Shih-ching / Staff reporterShin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. Shin Kong Life had a pool of NT$3.02 trillion investment funds as of the end of June, with a recurring yield of 3.32 percent. The commission’s press release announcing the Shin Kong Life fine reached more than 11,000 page views as of press time last night, a relatively high number for a government press release.

Source: Taipei Times September 16, 2020 15:56 UTC