According to fresh reports, the US-based insurance major American International Group (AIG) has committed to sell Nan Shan Life Insurance Co to China Strategic Holdings Ltd.

Chins Strategic Holdings Ltd is a Hong Kong-based investment enterprise.

Further, AIG said that it has full confidence that Taiwan's regulators will given green signal to the agreement.

Moreover, this is the first time when AIG stated clearly his stand, saying that it has no plan to sell Nan Shan Life to other potential buyers.

Mediapersons have been widely reported that Chinatrust Financial Holdings Co, the biggest credit card issuers in the Taiwanese market, is interested in Nan Shan Life.

In October 2009, China Strategic and Primus Financial Holdings had decided to acquire Nan Shan Life for US$12.5 billion.

On the other hand, the deal has been postponed as Taiwan's regulator are concerned that China Strategic might be backed by mainland China and it has no experience of running life insurance biz.