TAIPEI - Taiwan will allow mainland Chinese visitors to Taiwan to buy insurance products in the island as soon as June, said two people familiar with the matter.
The move would open some of Taiwan's insurance products to the wallets of the thousands of Chinese who visit the island annually and tap new capital for wealth management activities.
In January, Taiwan's parliament approved new regulations that opened some insurance-related activity to foreign visitors, including those from mainland China. Market participants had been waiting for related rules to be drafted and take effect.
The timing should be announced when the Financial Supervisory Commission discloses additional regulations governing overseas insurance units, or OIUs, next week, the sources said.
Life insurance companies will be able to apply for an OIU license and then be able to engage in insurance business with mainland Chinese visitors to Taiwan, they said.