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Article 9 |
"Material information bearing on the rights and interests of the consuming public" refers to the following:
1. A change in shareholder equity of 10 percent or more.
2. Any litigation, non-litigation, administrative disposition, administrative litigation, or application for or execution of a provisional attachment or provisional injunction having a material effect on finance or operations.
3. A change of chairman (chairman of the board of trustees), general manager, independent director, or one third or more of the directors (trustees).
4. A change of responsible person for the branch office of a foreign insurance enterprise in Taiwan.
5. A change of certifying CPA or a change in the fiscal year; the preceding provision does not apply if the change of certifying CPA is effected due to internal adjustment of the accounting firm.
6. A capital increase ordered by the competent authority pursuant to Article 149, paragraph 1 of the Act or Article 6, paragraph 2 or paragraph 3 of the Regulations Governing Capital Adequacy of Insurance Companies.
7. A board of director's resolution for a capital decrease or issuance of new shares for a capital increase.
8. Failure to obtain the competent authority's approval for a plan for capital increase or decrease or a capital increase application under the preceding two subparagraphs.
9. A change in the company (or cooperative) name.
10. Dissolution or transfer of insurance contracts.
11. A yearly and quarterly financial report with other than an unqualified opinion as audited or reviewed by the certifying CPA; the preceding provision does not apply when the circumstances are due to adjustment of accounting principles in accordance with the Republic of China Statements of Financial Accounting Standards.
12. One of the enterprise's principal reinsurers becomes insolvent.
13. The enterprise's assets are insufficient to satisfy its liabilities.
14. Any occurrence of malpractice, litigation, or ineffective investment or business management likely to affect goodwill or financial soundness.
"Principal reinsurer" as used in subparagraph 12 of the preceding paragraph means a reinsurer to whom the non-life insurance enterprise paid reinsurance premiums equaling or exceeding 1 percent of its total premium revenues.
When the circumstances of any subparagraph above apply to a non-life insurance enterprise, the enterprise shall report the facts of the occurrence, its effects, and its handling to the competent authority within two days, and shall additionally provide an explanation through a press conference or through publication on a website designated by the competent authority.
The provisions in subparagraph 1, subparagraph 3 and subparagraph 7 of paragraph 1 hereof do not apply to foreign insurance enterprises.
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Article 10 |
"Matters of special note" shall include the following:
1. Dispositions imposed by the competent authority in the past two years.
2. Matters to be filed with the competent authority in accordance with Article 16 of the Regulations for Establishment and Administration of Foreign Insurance Enterprises.
3. Other matters of special note announced by the competent authority.
Matters mentioned in subparagraph 1 of the preceding paragraph shall be publicly announced on a quarterly basis; Matters mentioned in subparagraph 2 shall be disclosed within 30 days from the date of occurrence of fact.
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