Taiwan Financial Regulator: Aim To Complete Review Of AIG's Nan Shan Sale In 1st Half

Taiwan's financial regulator aims to complete its review of American International Group Inc.'s (AIG) sale of its Taiwanese insurance unit in the first half of this year, Financial Supervisory Commission spokesman Kuo Chun-ming said Monday, citing earlier comments by the commission's chairman, Y. C. Chen, during a parliament session.

The commission, which said in January it would "cautiously review" the sale, received AIG's case on Feb. 10 and will start its review by the end of March, Kuo said.

AIG agreed in January to sell its Taiwanese unit, Nan Shan Life Insurance Co., to a consortium dominated by Taiwan's Ruentex Group for US$2.16 billion in its second attempt to exit from the market and recoup money it owes the U.S. government.

The FSC said previously its approval of a potential deal would depend on whether a buyer has sound financing and insurance experience, will look after policyholders and staff, will make a long-term commitment to the company and can meet future funding needs.

Ruentex Group has interests in supermarkets, cement and finance.

-By Fanny Liu, Dow Jones Newswires, [phone], [e-mail]