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The island's top financial regulator said it has asked Taiwan Insurance Institute to send a task-force to assist in the audit of Nan Shan's assets.
Nan Shan has given a written promise that it will not transfer any assets to AIG or related entities without approval of regulators, the FSC said.
The insurer agreed to keep only necessary working capital while remaining assets will be placed under custody of trust institutions appointed by the FSC, it said.
Nan Shan's operations in Taiwan remain normal, it said, adding that regulatory moves are just aimed at ensuring that interests of the company's customers are protected.
The FSC said it will closely monitor the business and finances of Nan Shan Life and will take more measures when necessary.
adela.lin@afxasia.com
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