France-based insurance firm AXA’s plans to re-enter Taiwan insurance market were rejected by Taiwan's Financial Supervisory Commission (FSC).
AXA’s Bermuda-based insurer had submitted its application to FSC in January 2012 to establish a branch in Taiwan and to maintain a presence for 10 years.
According to the commission, the documents filed by the insurance firm failed to demonstrate its long-term commitment to the local market.
The commission said that the rejection was based on the past commitment demonstrated by the firm, which had exited twice from the country and added that such moves might prove unfavourable to the industry’s stable development.
AXA Taiwan, if re-established would have focused on offering protection-type insurance policies along with products targeted at underserved segments and saving policies, FSC said.
The insurance firm has 214,000 employees serving 95 million clients worldwide.