Taiwan regulator fines Cathay Financial unit

TAIPEI, July 17 (Reuters) - Taiwan's top financial regulator said on Thursday it had fined an insurer owned by Cathay Financial (2882.TW: Quote, Profile, Research, Stock Buzz) T$3.6 million ($118,420) for violating insurance-related regulations.

The fine comes as the insurance arm, Cathay Life, failed to report some details related to its derivatives and property tradings, the Financial Supervisory Commission said in a statement, without elaborating.

Cathay Life is the island's biggest insurer with T$2 trillion in its investment portfolio.

Before the announcement, which came after the market closed, shares of Cathay Financial went 7-percent limit up, beating the broader market's 3.93 percent jump.

Taiwan's regulators have been trying to clean up the island's financial sector by clamping down on poor company disclosure and taking over some troubled banks. (US$1=T$30.4) (Reporting by Faith Hung; Editing by Erica Billingham)