Markets

FSC clarifies rule changes on US agency MBS

By Liz Mak | 27 October 2008
Keywords: fsc | taiwan

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The FSC is patching up a loophole on insurers’ exposure to Fannie, Freddie and Ginnie bonds and mortgage-backed securities. The move is aimed at enhancing risk controls on the island.

The Insurance Bureau at the Financial Supervisory Commission in Taipei announced revised rules on how insurance companies can treat investments in mortgage-backed securities (MBS). The FSC says in improving the monitoring and control of risk management in the industry, it will revise previous gaps left under Article Nine of its offshore investment regulations.

Where previously there was no limit to investments in MBS issued by US federal housing loan agencies, namely Fannie Mae, Freddie Mac and Ginnie Mae, insurers will now be given a maximum ceiling of 50% of their offshore ...

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