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The Financial Supervisory Commission of the Executive Yuan Appoints and Entrusts the Non-Profit Taiwan Insurance Institute
Promulgated on October 28, 2005
No. Financial-Supervisory-Insurance-IV-09402104983
Subject: Announcement for "The Financial Supervisory Commission of the Executive Yuan Appoints and Entrusts the Non-Profit Taiwan Insurance Institute to deal with the matters stipulated in Paragraph 2 of Article 19, Paragraph 4 of Article 20 and Paragraphs 1, 2 & 5 of Article 45 in the Compulsory Automobile Liability Insurance Act".
Foundation:
1. Paragraph 2 of Article 19, Paragraph 4 of Article 20 and Paragraphs 1, 2 & 5 of Article 45 in the Compulsory Automobile Liability Insurance Act
2. Paragraphs 1 & 2 of Article 16 in the Administrative Procedure Act
Content:
1. Subject to Paragraph 2 of Article 19 in this Act -- "Within five days after establishing a contract for this insurance, the approved particulars shall be transmitted by the insurer to the agencies (organizations) designated by the competent authority and the central competent authority for transportation and communications, respectively."; Paragraph 4 of Article 20 in this Act -- "When an insurance contract is terminated, the insurer shall give notice within three days to the highway supervisory authority with jurisdiction over the insured automobile, and to the agencies or organizations designated by the competent authority and the central competent authority for transportation and communications, respectively."; and Paragraphs 2 & 5 of Article 45 in this Act -- " 1. Premium rates for this insurance shall be formulated by the competent authority in conjunction with the central competent authority for transportation and communications and submitted to a premium rate review board composed of fair and impartial members of society for passage, after which they are issued. 2. The formulation of premium rates under the preceding paragraph may be entrusted to an appropriate professional institution. ...... 5. The competent authority may engage a professional institution to provide public information services on premiums and other relevant matters."
2. The Financial Supervisory Commission herein appoints and entrusts the Non-profit Taiwan Insurance Institute to deal with the aforesaid matters.
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