TAIPEI, Dec 15 (Reuters) - American International Group Inc executives met Taiwan financial regulators to exchange views on their criteria for reviewing the sale of its Nan Shan Life unit, the regulator said on Wednesday.
Unidentified executives of the U.S. insurer visited the Financial Supervisory Commission (FSC) for better communications, the FSC said in a statement, without elaborating.
The visit comes days after four parties, including Taiwan's Cathay Financial Holding Co Ltd, Fubon Financial Holdings Co Ltd and Chinatrust Financial Holding Co Ltd submitted bids for Nan Shan.
AIG said recently that it aimed to sell Nan Shan in two months for about the same amount as that bid it received for the first sale attempt.
The original $2.15 billion bid by Hong Kong-based China Strategic Holdings Ltd and Primus Financial was rejected by Taiwan regulators on grounds that they lacked both the experience in running an insurance business and the ability to raise money for future operations.
In the statement, the FSC reiterated its five principles in reviewing the Nan Shan sale. The criteria included that buyers needed to show fundraising ability and a long-term commitment to operate Nan Shan, the statement said.
Nan Shan is Taiwan's No.3 insurer by market share after the insurance arms of Cathay Financial and Fubon, and has assets of T$1.7 trillion ($56.5 billion). Cathay has about T$2 trillion in assets.
Nan Shan recorded a loss of T$12.7 billion for the second quarter and a loss of T$12.5 billion for the third. ($1=T$30.5) (Reporting by Faith Hung; Editing by Chris Lewis)