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Article 6 |
A foreign insurance institution applying for permission to establish a branch within the territory of the ROC to conduct insurance business shall at least meet the following criteria:
1. Having had sound business performance and shown financial soundness in the last three years; and
2. Free of any record of penalty against it for material regulatory violation in the last three years as proven by a certificate issued by the competent authority in the applicant’s home country. Where the applicant has been established for less than three years, the applicant must be free of any record of penalty against it for material regulatory violation since its establishment.
Where a foreign insurance institution referred to in subparagraph 1 of the preceding paragraph has been established for less than three years, the institution must have a representative office set up within the territory of the ROC for at least one year and meet one of the following criteria:
1. Having a paid-in capital of more than NT$2 billion.
2. Having a credit rating of at least A- from Standard & Poor’s Corp., at least A3 from Moody’s Investor Service, at least A from Fitch Ratings Ltd., at least twA+ from Taiwan Ratings Corporation, or an equivalent rating or better from any other credit rating agency recognized by the competent authority.
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Article 9 |
A foreign insurance institution applying for permission to establish a branch within the territory of the ROC to conduct insurance business shall submit each of the following documents in duplicate to the competent authority for review:
1. Application for Establishment Permit by Foreign Insurance Enterprise (format will be prescribed separately).
2. Certificate of incorporation and business license.
3. A document evidencing the applicant’s approved scope of business, certified by the competent authority in the home country.
4. Documents evidencing that the competent authority in the applicant’s home country and the applicant’s board of directors have granted approval to the establishment of a branch in the ROC by the applicant.
5. The company’s articles of incorporation.
6. Business plan, specifying the business scope, business principles and policies, and specific implementation methods, including premises and facilities, internal organization and segregation of duties, personnel recruitment and training, business development plan, financial projections for the coming five years, and policy on reinsurance.
7. Documentation showing the name, nationality, job title, and domicile or residence of the person at the head office who is in charge of the financial and operational decisions for the company.
8. The name of the designated responsible person for the branch and document evidencing his or her qualifications.
9. The company’s balance sheets and income statements for the last three fiscal years, audited and certified by a certified public accountant recognized in the applicant’s home country. Where the application is filed on a date six months after the beginning of the current fiscal year, the balance sheet and the income statement for the first half of current year must also be submitted.
10.The full text of insurance laws and regulations of the applicant’s home country as designated by the competent authority.
11. A rating report prepared by an insurance rating agency recognized by the competent authority.
12. A document issued by the competent authority in the applicant’s home country certifying that no penalty has been recorded against the applicant for material regulatory violation in the last three years. Where the applicant has been established for less than three years, the applicant must submit a document certifying that no penalty has been recorded against it for material regulatory violation since its establishment.
13. Other documents as required by the competent authority.
If any of the documents in the preceding paragraph cannot be furnished due to law of the home country, the applicant shall submit an equivalent document for reference.
Where the documentation under the preceding two paragraphs cannot be furnished or presented in Chinese due to special circumstances, such documents shall be accompanied by Chinese translations. With the exception of documents referred to in subparagraphs 1 and 6 hereof, all other documents shall be notarized by an embassy, consulate or other overseas representative office of the ROC.
Where the information provided in the documents under paragraph 1 or information provided elsewhere is incomplete, the application will be rejected. Where an application is returned for rectification but the applicant fails to make rectification within the time period prescribed by the competent authority, the application shall also be rejected.
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Article 25 |
Where a foreign insurance enterprise has any of the following situations, the competent authority may revoke or void its establishment permit and order the foreign insurance enterprise to surrender its business license within a prescribed time period:
1. It is discovered that the information provided or documents furnished by the enterprise at the time of permit application contains misrepresentation or false paper.
2. The enterprise has failed to replenish its operating capital as required according to Article 21 herein.
3. The enterprise’s head office has a situation provided in subparagraphs 6 to 8 of Article 16 herein.
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Article 27-1 |
A foreign insurance institution applying for permission to set up a representative office within the territory of the ROC shall at least meet the following criteria:
1. Having a credit rating of at least A- from Standard & Poor’s Corp., at least A3 from Moody’s Investor Service, at least A from Fitch Ratings Ltd., at least twA+ from Taiwan Ratings Corporation, or an equivalent rating or better from any other credit rating agency recognized by the competent authority; and
2. Free of any record of penalty against it for material regulatory violation in the last three years as proven by a certificate issued by the competent authority in the applicant’s home country. Where the applicant has been established for less than three years, the applicant must be free of any record of penalty against it for material regulatory violation since its establishment.
A foreign insurance institution may set up only one representative office in the ROC.
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Article 27-2 |
A foreign insurance institution applying for permission to set up a representative office within the territory of the ROC shall submit the following documents to the competent authority for approval:
1. Application for the Setup of Representative Office.
2. Certificate of incorporation and business license.
3. Documents evidencing that the competent authority in the applicant’s home country and the applicant’s board of directors have granted approval to the setup of a representative office in the ROC by the applicant.
4. A letter of authorization authorizing the representative designated to head the representative office.
5. The curriculum vitae of the representative designated to head the representative office and relevant proof documents.
6. A rating report prepared by an insurance rating agency recognized by the competent authority.
7. The representative office setup plan, specifying at least staff allocation, job descriptions, and benefit analysis for the setup.
8. A document issued by the competent authority in the applicant’s home country certifying that no penalty has been recorded against the applicant for material regulatory violation in the last three years. Where the applicant has been established for less than three years, the applicant must submit a document certifying that no penalty has been recorded against it for material regulatory violation since its establishment.
9. Other documents as required by the competent authority.
Provisions in paragraphs 2 and 3 of Article 9 herein shall apply mutatis mutandis to the application for the setup of a representative office by a foreign insurance institution.
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Article 27-3 |
A foreign insurance institution shall, within six months after obtaining the permission under the preceding article, set up the representative office after filing an application for recordation with the Ministry of Economic Affairs pursuant to Article 386 of the Company Act, and submit a copy of the recordation document together with a letter stating the date of setup and the address of the representative office to the competent authority for recordation.
Where a foreign insurance institution fails to file such an application with the Ministry of Economic Affairs within the time period prescribed in the preceding paragraph, the competent authority may void its permit. However, if the institution has a justified reason, it may apply to the competent authority before the deadline set forth in the preceding paragraph for an extension. The extension shall not exceed two months and only one extension will be allowed.
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Article 27-4 |
The representative office of a foreign insurance institution may only conduct market research and survey, information gathering and other business related correspondence, and may not engage in solicitation, underwriting, claim settlement, premium rating or other business activities.
Where the representative office of a foreign insurance institution violates the preceding paragraph, it shall be penalized pursuant to the Insurance Act and the competent authority may void its permit.
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Article 27-5 |
The representative office of a foreign insurance institution shall, within four months after the end of a fiscal year for the foreign insurance institution, prepare a work report on its work status in the ROC and submit the same to the competent authority.
The format of the work report described in the preceding paragraph shall be prescribed separately by the competent authority.
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Article 27-6 |
The representative office of a foreign insurance institution shall furnish work report or other relevant information if so requested by the competent authority.
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Article 27-7 |
The representative office of a foreign insurance institution shall report to the competent authority for permission before it may change its representative or the location of representative office, or withdraw the representative office.
Where the head office of a foreign insurance institution with a representative office in the ROC has a situation provided in subparagraph 2 or subparagraphs 5 to 8 of Article 16 herein, the representative office shall report to the competent authority on its own initiative within thirty (30) days from the date of fact by describing the particulars of the situation and providing related information.
Where it is discovered that the information provided or documents furnished by a foreign insurance institution at the time of applying for permission to set up a representative office contains misrepresentation or false paper, or the head office of the foreign insurance institution has a situation provided in subparagraphs 6 to 8 of Article 16 herein, the competent authority may revoke or void its permit.
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