保險代理人管理規則

1Agents are classified into non-life insurance agents and personal insurance agents.

2An agent who operates or practices business on behalf of more than one insurance enterprise shall forthwith inform those insurance enterprises.

1An independent agent and an agent employed by an agent company or a bank shall possess one of the following qualifications:

21. Has passed the Examination for Professionals and Technical Personnel in the category of insurance agent.

32. Has previously passed an agent qualification test held by the competent authority.

43. Is on record as having previously obtained an agent practice license and practiced thereunder.

5A person possessing the qualification specified in subparagraph 3 of the preceding paragraph shall be restricted to practicing the same type of business.

1A person having any of the following situations may not serve as a responsible person of an agent company:

21. Having no legal capacity or limited legal capacity or subject to the court order of commencement of assistance and such order has not been revoked.

32. Having committed a crime under the Organized Crime Prevention Act, and has been found guilty by a final and unappealable judgment.

43. Having been sentenced to imprisonment for counterfeiting currency or valuable securities, embezzlement, fraud or breach of trust, and the sentence has not been started serving or completed, or ten years have not elapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.

54. Having received a final and unappealable sentence for violating Insurance Act, Banking Act, Financial Holding Company Act, Trust Enterprise Act, Act Governing Bills Finance Business, Financial Asset Securitization Act, Clauses of the Real Estate Securitization Act, Securities and Exchange Act, Futures Trading Act, Securities Investment Trust and Consulting Act, Foreign Exchange Regulation Act, Credit Cooperative Act, Agricultural Finance Act, Farmers Association Act, Fishermen Association Act, Money Laundering Control Act, Counter-Terrorism Financing Act, Act Governing Issuance of Electronic Stored Value Cards prior to its abolishment, Act Governing Electronic Payment Institutions or any other laws regulating financial activity, and the serving of sentence has not started or been completed, or five years have not elapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.

65. Having been declared bankrupt, or adjudicated of commencement of liquidation process by a court, and rights and privileges have not been reinstated.

76. Being the responsible person of a legal entity at the time such legal entity was adjudicated bankrupt and five years have not elapsed since the closure of the bankruptcy or the terms of bankruptcy settlement have not yet been fulfilled.

87. Having an ongoing event that seriously damages his or her creditworthiness or five years have not elapsed since the closure of such an event.

98. Five years have not elapsed since being replaced or discharged from duties by order of the competent authority due to a violation the Insurance Act, Banking Act, Financial Holding Company Act, Trust Enterprise Act, Act Governing Bills Finance Business, Financial Assets Securitization Act, Clauses of the Real Estate Securitization Act, Securities and Exchange Act, Futures Trading Act, Securities Investment Trust and Consulting Act, Credit Cooperatives Act, Agricultural Finance Act, Farmers Association Act, Fishermen Association Act, Fair Trade Act, Act Governing Issuance of Electronic Stored Value Cards prior to its abolishment, Act Governing Electronic Payment Institutions, or other laws regulating financial activity.

109. Factual proof shows that the person has engaged in or otherwise been involved in any other dishonest or improper activities, demonstrating unsuitability for the work in question.

1110. Is currently serving as an employee of an insurance enterprise or related industry association. Notwithstanding the foregoing, if the insurance enterprise has an investment relationship with the agent company and their chairman, director externally representing the agent company organized as a limited company and general manager have not taken concurrent positions in each other, the employee of the insurance enterprise may act as a responsible person of the agent company, subject to the approval of the competent authority.

1211. Is already registered as an insurance solicitor in any other insurance company, insurance broker company, agent company or bank.

1312. Practice license has been revoked to Article 167-1 or 167-2 of the Insurance Act by the competent authority and five years have not elapsed.

1413. Having been involved in serious cheating in a special or junior examination for professional or technical personnel of insurance enterprises, and has been sentenced to imprisonment for a definite period by a final and unappeasable judgment.

1514. Having been sentenced to imprisonment for forging instruments or seals, offence against privacy, usury, impairing the rights of creditors or violating Tax Collection Act, Trademark Act, Copyright Act or other acts or regulations governing industrial or commercial activity and the sentence has not started serving or been completed or five years have not elapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.

1615. Having been committed the offense as specified in the Anti-corruption Act and subsequently convicted of a crime, and the sentence has not started serving or been completed or five years have not lapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.

1716. Having been denied service by the bills clearing house and the denial status has yet to be removed, or there remains a record of dishonored check(s) due to insufficient funds in three years since the denial status has been removed

1817. Being a director, supervisor or general manager of an agent company, insurance broker company or insurance surveyor company at the time such company was subject to disciplinary action provided in subparagraph 1, paragraph 1, Article 164-1 of the Insurance Act or had its permit revoked and practice license cancelled pursuant to Article 167-2 of the Insurance Act, and three years have not elapsed.

19The term "responsible person" mentioned in the preceding paragraph shall mean a director, supervisor, general manager, or sales-related assistant general managers of an agent company, managers of branch office or a person in comparable position.

20A person having any situation provided in subparagraphs 1 through 9 and subparagraphs 12 through 17 of paragraph 1 hereof may not serve as an independent agent or as an agent employed by an agent company or a bank.

1A person possessing an agent qualification as set out in these Regulations and free of the situations provided in any subparagraph of paragraph 3 of the preceding article and subparagraph 27 of Article 49, after obtaining a practice license, practice business independently or as an employee of an agent company.

2An agent company or a bank shall employ at least one agent, and carry out registration of permission with the competent authority. The agent company or the bank shall make appropriate adjustment to the number of such persons according to the scale and quality of its business. Where necessary, the competent authority may also require the agent company or the bank to employ additional agents.

3After completing the registration of permission set out in the preceding paragraph, it shall duly carry out registration with the competent authority in charge of company registration or bank.

4An independent agent or an agent employed by an agent company or a bank shall not be concurrently employed by other agent companies, insurance broker companies, insurance surveyor companies or banks.

1An independent agent shall submit the following documents to carry out registration of permission with the competent authority:

21. An application form.

32. Certification showing that the qualification requirements set out in these Regulations are met.

43. Certification of pre-job training, obtained within the last year and recognized by the competent authority; for an agent whose certification of pre-job training was obtained one year or earlier, the already obtained certification of pre-job training along with certification of at least 18 hours of on-the-job training within the last year; where registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, certification of at least 18 hours of on-the-job training within the past 1 year before submission of the application. For agents who submit certification of at least 18 hours of on-the-job training within the past 1 year, the courses on laws and regulations taken shall not be less than 8 hours and the courses on fair treatment of customers aged 65 and above shall not be less than 2 hours.

54. Proof of identity.

65. A business plan.

76. A written statement undertaking the absence of situations provided in paragraph 3 of Article 6 and subparagraph 27 of Article 49.

87. Other documents as required by the competent authority.

9The business plan in subparagraph 5 of the preceding paragraph shall contain at least the following information:

101. Business philosophy;

112. Scope of business;

123. Business development plan;

134. Business solicitation system and procedures;

145. Financial projections for the next three years;

156. Description of work place and equipment; and

167. Other information as required by the competent authority.

17Where the information stated in the documents referred to in paragraph 1 hereof is incomplete or insufficient, the application will be rejected; if the situation may be remedied, the applicant shall take remedial actions within the time limit set by the competent authority, or else the application will be rejected.

18After an independent agent has obtained a permit, the competent authority may void the permit if false information is discovered in any of the documents under paragraph 1 hereof submitted by the applicant.

1An agent company shall operate its business as a specialized operation and include the wording “Insurance Agent” in the name of the company.

2An agent company shall submit the following documents to the competent authority for registration of permission:

31. An application form.

42. A photocopy of the valid practice license of agents employed or certification showing that agents employed meet the qualification requirements set out in these Regulations and any of the following certifications:

5(1) Certification of pre-job training, obtained within the last year and recognized by the competent authority;

6(2) For an agent whose certification of pre-job training was obtained one year or earlier, the already obtained certification of pre-job training and the certification of at least 18 hours of on-the-job training within the past 1 year before submission of the application. For agents who submit certification of at least 18 hours of on-the-job training within the past 1 year, the courses on laws and regulations taken shall not be less than 8 hours and the courses on fair treatment of customers aged 65 and above shall not be less than 2 hours.

7(3) For an agent whose registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, the certification of at least 18 hours of on-the-job training within the past 1 year, including no less than 8 hours of the courses on laws and no less than 2 hours of the courses on fair treatment of customers aged 65 and above.

83. Proof of identity for agents employed.

94. A written statement by the designated chairman, director externally representing an agent company organized as a limited company, general manager and agents employed that they are free of the situations in subparagraphs 1 through 9 and subparagraphs 12 through 17 of paragraph 1, Article 6 herein.

105. A business plan.

116. A list of promoters or shareholders stating each promoter's or shareholder's name, date of birth, domicile, ID number, and amount paid for subscription/purchase of shares.

127. The articles of incorporation.

138. Proof of full payment for shares or proof of the balance of deposits of the company.

149. Documents evidencing the qualifications of the designated chairman, director externally representing an agent company organized as a limited company, and general manager.

1510. Other documents as required by the competent authority.

16The business plan in subparagraph 5 of the preceding paragraph shall contain at least the following information:

171. Company philosophy;

182. Scope of business;

193. Business development plan;

204. Organizational Structure and job duties.

215. Business solicitation system and procedures;

226. Financial projections for the next three years;

237. Description of work place and equipment; and

248. Other information as required by the competent authority.

25Where any of the promoters or shareholders referred to in subparagraph 6 of the second paragraph is a foreign insurance agency institution, the documents set out in subparagraphs 2 through 4, subparagraphs 11 and 12, paragraph 1 of Article 55 shall also be submitted.

26Where the information stated in the documents referred to in paragraph 2 hereof is incomplete or insufficient, the application will be rejected; if the situation may be remedied, the applicant shall take remedial actions within the time limit set by the competent authority, or else the application will be rejected.

27After an agent company has obtained a permit, the competent authority may void the permit if false information is discovered in any of the documents under paragraph 1 hereof submitted by the applicant.

1A bank that applies for approval to operate concurrently insurance agent business or to increase the types of business shall comply with the provisions of the following subparagraphs:

21. The ratio of regulatory capital to risk-weighted assets within the past year meets the requirement set out in Article 5 of the Ratio of Regulatory Capital to Risk-weighted Assets Regulations Governing the Capital Adequacy and Capital Category of Banks;

32. Having not been imposed disciplinary action by the competent authority pursuant to subparagraphs 1 ~ 5, paragraph 1, Article 61-1, or paragraph 1, Article 62 of the Banking Act, or paragraph 1, Article 164, or Articles 167-2 ~ 167-4 of the Insurance Act within the past half year; or if there has been any violation, having made concrete improvements recognized by the competent authority; and

43. Not having any material deficiency or irregularity in the implementation of internal controls within the past year; or having made concrete improvements recognized by the competent authority.

5If the period from the date of the internet-only bank commencing its business operation to its application date for approval to operate concurrently insurance agent business or to increase the types of business is less than the period set forth in the subparagraphs of preceding paragraph, the foregoing period is calculated as the actual period of business operation of such a bank.

1A bank apply to operate insurance agent business or increase of the type of business shall submit the following documents to the competent authority for registration of permission:

21. An application form.

32. A photocopy of its business license.

43. Articles of incorporation or equivalent documentation.

54. The minutes of the directors or trustees meetings.

65. The list of directors (council members) and supervisors.

76. A photocopy of the valid practice license of agents employed or certification showing that agents employed meet the qualification requirements set out in these Regulations and any of the following certifications:

8(1) Certification of pre-job training, obtained within the last year and recognized by the competent authority;

9(2) For an agent whose certification of pre-job training was obtained one year or earlier, the already obtained certification of pre-job training and the certification of at least 18 hours of on-the-job training within the past 1 year before submission of the application. For agents who submit certification of at least 18 hours of on-the-job training within the past 1 year, the courses on laws and regulations taken shall not be less than 8 hours and the courses on fair treatment of customers aged 65 and above shall not be less than 2 hours.

10(3) For an agent whose registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, the certification of at least 18 hours of on-the-job training within the past 1 year, including no less than 8 hours of the courses on laws and no less than 2 hours of the courses on fair treatment of customers aged 65 and above.

117. Proof of identity for agents employed.

128. A written statement by designated department head, department deputy head and agents employed that they are free of the situations in subparagraphs 1 through 9 and subparagraphs 12 through 17, paragraph 1 of Article 6 herein.

139. A business plan.

1410. Documentary proof evidencing allocation of operating capital.

1511. Documents evidencing the qualifications of the designated department head, department deputy head.

1612. Other documents as required by the competent authority.

17The business plan in subparagraph 9 of the preceding paragraph shall contain at least the following information:

181. Company philosophy;

192. Scope of business;

203. Business development plan;

214. Organizational Structure and job duties.

225. Business solicitation system and procedures;

236. Financial projections for the next three years;

247. Description of work place and equipment; and

258. Other information as required by the competent authority.

26Where the information stated in the documents referred to in paragraph 1 hereof is incomplete or insufficient, the application will be rejected; if the situation may be remedied, the applicant shall take remedial actions within the time limit set by the competent authority, or else the application will be rejected.

27After a bank has obtained a permit, the competent authority may void the permit if false information is discovered in any of the documents under paragraph 1 hereof submitted by the applicant.

1An agent company shall have one general manager in charge of managing the overall operations of the company and shall not have other officers in comparable position.

2The general manager referred to in the preceding paragraph shall not act concurrently as the chairman or general manager of other agent companies or insurance broker companies as well as the director externally representing other agent companies or insurance broker companies organized as limited companies.

3The general manager of an agent company shall possess one of the following qualifications:

41. Has graduated from a domestic or foreign school at the level of junior college or higher or possessing equivalent academic qualifications, and has served for no less than five years of experience in the position of manager or higher or in an equivalent position of an insurance company, insurance cooperative, insurance broker company, insurance agent company, insurance surveyor company, or in the position of deputy head of a bank’s separate department operating insurance broker or agent business and has performed with excellence in such position;

52. has performed the work of insurance agent or broker for at least five years.

63. Has other academic or employment experience sufficient to show that he/she has professional insurance expertise, or experience in managing an insurance business, and is capable of operating an insurance agent business soundly and efficiently.

7The appointment or dismissal of the general manager mentioned in the preceding paragraph shall be duly registered with the competent authority in charge of company registration.

1The chairman of an agent company, director externally representing an agent company organized as a limited company, at least one third of its directors and supervisors, sales-related vice general manager, managers of branch offices or officers in comparable positions shall possess one of the following qualifications:

21. Has graduated from a domestic or foreign school at the level of junior college or higher or possesses equivalent academic qualifications, and has served for no less than three years of experience in the position of assistant manager or higher or in an equivalent position on an insurance company, insurance cooperative, insurance broker company, insurance agent company, insurance surveyor company, or in the position of deputy head of a bank’s separate department operating insurance broker or agent business and has performed with excellence in such position.

32. has performed the work of insurance agent or broker for at least two years.

43. Has other academic or employment experience sufficient to show that he/she has professional insurance expertise, or experience in managing an insurance business, and is capable of operating an insurance agent business soundly and efficiently.

1An agent company shall submit a written statement by the new chairperson, general manager or director externally representing an agent company organized as a limited company undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles, within 15 days after he/she is elected as the chairperson or appointed as the general manager to the competent authority for approval; where the qualifications of the chairperson or general manager are not approved by the competent authority, the competent authority may order the insurance broker company to make changes within a prescribed period of time; The same shall apply if factual evidence shows that an individual does not possess the required qualifications specified in preceding two paragraphs after taking office.

2Where an agent company has question over whether its chairperson or general manager to be elected or appointed, or an agent company organized as a limited company has question over whether the director to be elected to externally represent it meets the qualification requirements set forth in subparagraph 3 of preceding Article or Article 12, paragraph 3, subparagraph 3 herein, the agent company may submit the qualification information for approval by the competent authority before the election or appointment.

3Where there is a change of director, supervisor, or managers of branch office, an agent company shall submit a written statement by the new appointee undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles to the agents association for recordation within fifteen days after the change.

4An agent company shall report changes to place of business or paid-in capital to the agents association for recordation within fifteen days after registration of the change (with the appropriate authority); the preceding paragraph applies when an independent agent or a bank changes his or her place of business.

5The directions for the relevant operations set out in the paragraph 1 and the preceding two paragraphs shall be drawn up by the agents association, and submitted to the competent authority for recordation; the preceding provision shall apply to any amendment to those directions.

1When an agent employed by an agent company or a bank leaves work, the agent company or the bank shall, within fifteen (15) days after the agent departs, report to the competent authority and surrender the practice license of the departed agent, and report same to the insurance agency association for recordation.

2When an agent company and a bank employs an additional agent or changes an agent, and such new agent already has a practice license, the agent company and bank shall report to the agents association for recordation within seven days after employing the additional agent or changing the agent.

3The agents association shall draw up directions for the procedures under the preceding two paragraphs.

1For the agent company applying for operating insurance agent business after Regulations are amended and in force on June 24, 2014 and before Regulations are amended and in force on March 3, 2021, the agent company applying to operate insurance agency business shall have minimum paid-in capital of NT$5 million. to operate insurance agent business

2An agent company already being granted practice license before the amended Regulations are in force on June 24, 2014 shall adjust its capital in accordance with the requirement set out in the preceding paragraph before June 24, 2019.

3For the agent company applying for operating insurance agent business after Regulations are amended and in force on March 3, 2021, the agent company shall have minimum paid-in capital of NT$10 million.

4For the agent company already being granted practice license before the amended Regulations are in force on March 3, 2021, the agent company shall adjust its capital in accordance with the requirement set out in the preceding paragraph within six months from date following the settlement date of shares or the transfer date of capital contribution if its accumulated shareholdings or capital contributions transferred is no less than fifty percent of the total outstanding shares or paid-in capital. However, the above requirement is not applicable to the case where the transfer of shares or capital contributions is due to the death of the shareholder or investor and undertaken by his/her successors.

5The capital contributions of promoters and shareholders shall be limited to cash.

1A bank shall allocate at least NT$50 million as operating capital. The operating capital shall be used exclusively for the insurance agent business and may not be used for other purposes.

2A bank already being granted practice license to engage in agent business before the amended Regulations are in force on March 3, 2021 shall adjust its capital to become compliant as set forth in preceding paragraph within one year from the date the amended Regulations enter into force.

1Upon applying to the competent authority for the issuance of a practice license, an independent agent shall pay the fees set by the competent authority and submit the following documents:

21. An application form.

32. The proof of the deposit of bond and a duplicate of an insurance policy showing the purchase of professional liability insurance.

43. Certification showing membership in the agents association in accordance with Article 45 herein.

54. Other documents as required by the competent authority.

1Upon applying to the competent authority for the issuance of a practice license, an agent company shall pay the fees set by the competent authority and submit the following documents:

21. An application form;

32. The proof of the deposit of bond and a duplicate of an insurance policy showing the purchase of professional liability insurance;

43. Company registration form and a list of directors, supervisors and general manager;

54. A written statement by directors and supervisors undertaking that they are free of the situations set out any of the subparagraphs of paragraph 1, Article 6 and proofs submitted by its chairman and general manager as well as the director externally representing an agent company organized as a limited company that they are free of the situations set out in subparagraphs 10 and 11 of paragraph 1, Article 6 herein, and employed agents are free of the situation set out in subparagraph 27, Article 49 herein;

65. Certification showing membership in the agents association in accordance with Article 45 herein; and

76. Other documents as required by the competent authority.

1Upon applying to the competent authority for the issuance of a practice license to operate insurance agent business, a bank shall pay the fees set by the competent authority and submit the following documents:

21. An application form;

32. The proof of the deposit of bond and a duplicate of an insurance policy showing the purchase of professional liability insurance;

43. A list of the department head, department deputy head.

54. A written statement by department head and department deputy head undertaking that they are free of the situations set out any of the subparagraphs of paragraph 1, Article 6 and proofs submitted by employed agents are free of the situation set out in subparagraph 27, Article 49 herein;

65. Certification showing membership in the insurance agent association in accordance with Article 45 herein; and

76. Other documents as required by the competent authority.

1A bank that applies to the competent authority for registration to operate insurance agent business shall establish a separate department for such operations with independent operations, and accounting.

2Paragraphs 1 of Article 6, paragraphs 1 ~ 3 of Article 12, paragraph 1 and 2 of Article 14 and Article 60 herein shall apply mutatis mutandis to the head of department described in the preceding paragraph; and paragraphs 1 of Article 6, Article 13 and Article 60 herein shall apply mutatis mutandis to the deputy head of department.

An agent who possesses the qualifications of both non-life insurance agent and personal insurance agent may only choose to apply for one practice license for either non-life insurance agent or personal insurance, unless it is otherwise approved by the competent authority.

Independent agents, agent companies and banks shall apply to the competent authority for issuance of a practice license and commence practicing or operating business within six months of the date of registration of permission. If the agent has not yet applied or has not yet commenced practice or operation at the end of this period, the competent authority will revoke its registration.

1The practice license of independent agents and agents employed by an agent company and a bank is valid for a period of five years. An agent may not practice business unless he or she has completed the procedures for license renewal before the current practice license expires.

2Upon applying for renewal of practice license, an agent shall pay the fees set by the competent authority and submit the following documents:

31. The original practice license.

42. Certification of on-the-job training recognized by the competent authority.

53. Proof of deposit of bond and a duplicate of an insurance policy showing the purchase of professional liability insurance.

64. The consolidated income tax returns of the agent (listing sources of income) for the past three years, tax withholding statements accompanied by an affidavit, or other documents proving that he or she has actually practiced the business.

75. A written statement by applicant undertaking that who is free of the situations set out of the paragraph 3 , Article 6 and subparagraph 27, Article 49 herein.

86. Certification showing membership in the agents association in accordance with Article 45.

97. Other documents as required by the competent authority.

1The competent authority may not renew a practice license if the applying agent has any of the following circumstances:

21. Violate paragraph 2 of Article 165 of the Insurance Act.

32. Any of the circumstances listed in paragraph 3 of Article 6 or subparagraph 26, Article 49 herein.

43. Violation of paragraph 2 or 4 of Article 7 herein.

54. Failure to apply for renewal of the practice license within the time limit specified in paragraph 1 of preceding article.

65. Failure to file business and financial statements in accordance with Article 43.

76. Other circumstances as provided by the competent authority.

An independent agent who ceases business shall, within fifteen days after the fact, file a report with the competent authority and surrender his or her practice license.

1An agent company having any of the following situations shall submit an application together with its board of directors’ or shareholders’ meeting minutes to the competent authority for approval and register with competent authority in charge of company registration to law:

21. Suspending.

32. Resuming business.

43. Dissolved.

5An agent company may suspend its business up to one year, and where there is legitimate reason, may apply for an extension of business suspension period once. The application for extension shall be made fifteen days before the allowed suspension period expires.

6Where an agent company fails to apply for business resumption and employ an agent in accordance with Article 7 before the allowed suspension period expires, the competent authority will revoke its permission and cancel its practice license.

7Where an agent company applies for business suspension, it shall surrender the practice licenses of agents employed by the company. Where an agent company applies for dissolution, it shall surrender the practice licenses of agents employed by the company as well as the company’s practice license.

8Where an agent company has a situation set out in subparagraph 1 or 3 of paragraph 1 hereof or cancel its practice license by the competent authority but fails to surrender the practice licenses of agents employed by the company, the employed agents shall, within thirty days from business suspension or dissolution of the agent company or cancel its practice license by the competent authority, submit relevant documents to competent authority for cancellation of registration through the agents association.

1A bank that applies to suspend or terminate its insurance agent business in part or in whole shall describe reasons therefor and submit an application form and the minutes of its board of directors’ meeting to the competent authority for approval.

2A bank that applies to suspend its insurance agent business shall surrender the practice licenses of agents employed by it. A bank that applies to terminate its insurance agent business shall surrender the practice licenses of agents employed by it and its practice license for operating concurrently insurance agent business.

3A bank that has been approved by the competent authority to suspend or terminate its insurance agent business in part or in whole, or has its business permit revoked or voided and its practice license for operating concurrently insurance agent business cancelled but fails to surrender the practice licenses of agents employed by it, the employed agents should, within thirty days from the date the competent authority approves the bank to suspend or terminate its insurance agent business in part or in whole, or from the date the competent authority cancels the bank’s practice license for operating concurrently insurance agent business, submit relevant documents for registration cancellation through the agent association.

4The directions for the operation of cancellation registration mentioned in the paragraph 5 of preceding article and preceding paragraph shall be drawn up by the agents association.

1An independent agent may apply for return of the bond after who has ceased practice and its practice license has been surrendered and cancelled, or after its business permit has been voided or revoked by the competent authority.

2The bond deposited by an agent company will be returned upon duly made application only after liquidation of the company is completed according to law, and the practice license is surrendered and cancelled; provided,

3The bond deposited by a bank will be returned upon duly made application after the bank has terminated its insurance agent business with approval of the competent authority and surrendered its practice license, or after its business permit has been revoked or voided by the competent authority.

Training is divided into pre-job training and on-the-job training.

1Independent agents or agents employed by an agent company or a bank to perform insurance agent business, check or other relevant businesses shall have attended at least 32 hours of pre-job training and passed tests within the past one year before submission of the application.

2Compliance personnel must attend at least 30 hours of pre-job training.

3Pre-job training mentioned in the preceding two paragraphs may be conducted by the Taiwan Insurance Institute or a university or college extension education institution. The guidelines and content for such training shall be submitted to the competent authority for approval.

1Independent agents or agents employed by an agent company or a bank to perform insurance agent business, check or other relevant businesses shall attend at least on average 16 hours of on-the-job training every year during the valid period of their practice license, including at least 8 hours of courses on laws in the latest 2 years before renewing a practice license.

2Compliance personnel must attend at least 15 hours of on-the-job training every year.

3On-the-job training mentioned in the preceding two paragraphs may be conducted by the Taiwan Insurance Institute, the insurance agency association, the insurance brokerage association or brokers association, a university or college extension education institution, or another institution approved by the competent authority. The guidelines and content for such training shall be submitted to the competent authority for approval.

4Independent agents or agents employed by an agent company or a bank shall additionally attend and pass no less than 2 hours of annual courses on fair treatment of customers aged 65 and above. Independent agents or agents employed by an agent company or a bank, not attending and passing the foregoing courses, are not allowed to solicit insurance product to customers aged 65 and above next year, and their employing agent company or bank shall cancel their next year qualifications to solicit insurance product to customers aged 65 and above.

1When independent agents, agent companies and banks practicing or operating business, they shall exercise due care of a good administrator to uphold the interests of the insured, ensure that he or she has provided professional explanations to the proposer and made full disclosure of information relating to the major contents of the insurance product of interest and major rights and obligations of the insured, ensure that his or her operating procedures and practices are in compliance with applicable laws and regulations, and store on and file those documents for future reference.

2If the insurance contract is produced by insurance companies in digital insurance policy format, the independent agents, agent companies and banks shall obtain the mobile phone number, email, or other contact method of the applicant and insured deemed as sufficient by the competent authority for transmitting digital documents and provide these information to the underwriting insurance companies.

3Agent companies and banks that operate insurance agent business shall draw up internal operating rules and implement them vigorously to make sure their operating procedures and operations are in compliance with relevant laws and regulations. The aforementioned internal operating rules shall include the relevant regulations amended and enforced on September 22, 2022 with regard to the protection of the rights and interests of elderly customers aged 65 and above.

1A bank shall establish a mechanism to check the source of funds for premiums paid by a customer, whether it is a loan from the bank, a time deposit at the bank that is canceled early without penalty, a contract termination or a policy loan obtained through the bank that took place within three months prior to the purchase of insurance, and to check whether there is consistency between the customer and the financial information the customer provides for dealings and transactions with the bank.

2With the exception of customers purchasing an insurance product that does not require policy value reserve (excluding health insurance products), a micro-whole-life insurance product, an accident insurance product with insurance period of less than three years, or a mortgage life insurance product that does not pay survival benefit, a bank shall, before referring the application document to the insurer to complete the underwriting process, assign a staff not from the sales department to conduct phone call, video call or remote interview to the following customers:

31. For customers whose source of funds for premiums paid is a bank loan, a time deposit canceled early without penalty or a policy loan, the customers shall be clearly informed of associated risks and maximum possible loss.

42. For customers whose source of funding for insurance premiums payment is the termination of a contract, the customers shall be clearly informed of related losses of interests in insurance contracts as a result of the insurance purchase after the termination of the contract.

53. For customers aged 65 and above, the customer shall be asked questions gently around possible disadvantages of the insurance product the customer has purchased to confirm that the customer understands the potential effects and disadvantages associated with the characteristics of the insurance product. However the preceding provision does not apply if the characteristics of the insurance product are not found to have potential effects and disadvantages on customers aged 65 and above after the insurance company makes an evaluation in accordance with Subparagraph 7, Article 6 of the Regulations Governing Pre-sale Procedures for Insurance Products.

6When a bank discovers in the phone call, video call or remote interview mentioned in the preceding paragraph that there are situations not complying with the rules or countering the intent of the customer, it shall, before the insurer completes the underwriting process, notify the insurer and the customer to rectify the situation or take actions in the interest of the customer.

7A bank shall tape record the entire phone call, video call or remote interview mentioned in Paragraph 2 hereof with the consent of the interviewee and save the recording of phone call, video call or remote interview for future audits. The tape recording shall be retained for a period of not less than five years after the insurance contract has expired or five years from the date the insurer’s decision of not to underwrite the policy is finalized.

8The provisions of the preceding four paragraphs apply mutatis mutandis to insurance agent companies invested and established by a financial holding company or a bank.

1Independent agents, agent companies and banks shall understand the needs of the proposer and product or service suitability, and sign on relevant documents by seal or other electronic means, unless otherwise prescribed by the competent authority.

2The “relevant documents” under the preceding paragraph and Paragraph 1 of Article 33 include, for non-life insurance:

31. Insurance application form.

42. Application for endorsement.

53. Due diligence report on the needs of the insurance proposer and the insured, and product suitability analysis.

64. Application for termination of contract.

75. Other documents designated by the competent authority.

8The “relevant documents” under Paragraph 1 and Paragraph 1 of Article 33 include, for personal insurance:

91. Insurance application form.

102. Application for endorsement.

113. Due diligence report on the needs of the insurance proposer and the insured, and product suitability analysis.

124. Application for termination of contract.

135. Other documents designated by the competent authority.

14If an agent company or a bank is authorized to collect insurance premiums or to handle underwriting, claim settlement, or other insurance business, it shall confirm the accuracy of various documents relating to its business practice.

1Agent companies and banks shall establish check and management procedures for relevant documents under the preceding article.

2The insurance agency association shall draw up self-regulatory rules for the check and management procedures mentioned in the preceding paragraph and submit the rules to the competent authority for reference.

1Banks that operate concurrently insurance agent business shall comply with the following provisions:

21. Have a sign conspicuously placed at its business place indicating that it engages in insurance agent business;

32. Make clear and enable consumers to understand the distinction between insurance agent business and banking business;

43. Set up or designate a relevant department to handle dispute cases arising out of the insurance agent business;

54. Clearly disclose to customers the nature and risks of insurance products; and

65. Other matters of compliance as required by the competent authority.

7Banks shall not commit any of the acts described in the subparagraphs below:

81. Banks shall not use customer deposit information to induce purchase of insurance or recommend insurance products that do not match the customer's risk profile by misleading customer or using improper sales techniques.

92. Banks try to sell insurance products to customers by comparing only the difference in rate of return on time deposit and the insurance product while ignoring the risk characteristics and nature of the product or not disclosing information such as return/risk tradeoff.

103. Authorize bank employees who handle loans and credit or deposits and remittance business to sell investment-linked insurance products or insurance products with surrender value (excluding personal injury insurance and mortgage life insurance with an insurance period of less than 3 years) and receive commissions therefrom; the preceding provision does not apply when the proposer or the insured is the spouse or a direct blood relative of such employee.

The content of publicity and advertising used in insurance solicitation by insurance solicitors or agents employed by an agent company or a bank shall have been approved by the employing company or bank; the employing company or bank shall furthermore duly bear liability.

For any damage suffered by an insurance proposer or insured as a result of any act of negligence, error, or omission by independent agents, agent companies and banks practicing or operating business as authorized under an agency agreement, the insurer that authorized [the agent] shall bear liability for damages according to law.

1An insurance agency agreement shall contain at least the following items:

21. Names of the parties.

32. Period of agency.

43. Scope of authority of agency.

54. Commissions standards.

65. Commissions payment method.

76. Legal compliance.

87. Conducts prohibited.

98. Prevention of conflict of interest.

109. Liability for breach of agreement.

1110. Dispute resolution.

1211. Termination of agreement.

1312. Bank account.

1413. Other items as required by the competent authority.

An agent company that handles underwriting or claim settlement operations on behalf of an insurer shall have obtained approval from the competent authority and authorization from the insurer, and its underwriters and claim agents shall also comply with the Regulations Governing Business Solicitation, Underwriting, and Claim Adjusting of Insurance Enterprises.

1Independent agents, agent companies and banks shall directly deliver to insurers the full premium payments collected from insurance proposers. An independent agent, an agent company and a bank may not deliver premium of an proposer that is paid with a negotiable instrument drawn in the his or her own name.

2Where a proposer pays premium with a negotiable instrument not drawn in the name of the proposer, the insured ,or the beneficiary, an agent may not accept the premium payment unless the proposer has issued a statement to the effect.

1Independent agents, agent companies and banks shall preserve copies of documents including solicitation, collection, policy-writing, endorsement, claim settlement documents and the termination of contract within the scope under its agency contract or written authorization.

2An Independent agent, an agent company and a bank that is authorized by an insurer to collect premiums on its behalf shall preserve collection records and the proof of collecting premiums.

3All documents to be preserved under the preceding two paragraphs shall be preserved for at least five years, provided that where otherwise specified by an act or regulation, such other provision shall apply.

1An independent agent, an agent company and a bank shall have a fixed place of business that may not be located within the head office or branch office of an insurance company.

2Where an agent company and a bank changes any registered item on the company practice license, it shall, within 30 days of the change, submit an amendment registration form and pay the fees set by the competent authority for replacement of the practice license.

3Independent agents, agent companies and banks shall display the original of his or her practice license in a prominent location at the place of business.

4Independent agents, agents employed by an agent company or a bank shall present the original or a photocopy of his or her practice license and service ID card when soliciting insurance or providing related services.

1Independent agents, agent companies and banks shall set up a special ledger to record operating revenues and expenditures and shall compile various business and financial statements and other items prescribed by the competent authority, and submit them to the competent authority or an institution designated thereby between April 1 and May 31 every year; the formats of the statements and other items shall be separately prescribed by the competent authority. However if the fiscal year of the agent, agent company or bank differs from a calendar year, the reporting time limit will be separately set by the competent authority.

2The competent authority may from time to time send personnel to inspect the operations and assets and liabilities of independent agents, agent companies and banks or order them to report the status of their operations within a time limit.

3With respect to the inspection opinions of the competent authority or deficiencies identified by the competent authority in an inspection, an independent agent, an agent company and a bank shall take specific improvement actions and continue to follow up on the actions taken, and report the implementation of improvement actions to the competent authority within the time limit prescribed by the competent authority. An agent company and a bank shall also submit a written report on the follow-up of improvement actions taken to its board of directors and supervisors or audit committee for review.

The commissions, expenses and costs of an independent agent, an agent company and a bank associated with practicing or operating insurance agency business on behalf of the same insurance enterprise shall be transacted through a single bank account.

1After obtaining registration of permission with the competent authority, independent agents, agent companies and banks shall join the agents association.

2An independent agent, an agent company and a bank who has not joined the agent association and obtained a membership certificate in accordance with the preceding paragraph may not apply for a practice license to practice or operate business.

1When the agents association is established or holds reelection, it shall report its articles of association, a list of members, and a list of directors and supervisors to both the Ministry of the Interior and the competent authority for recordation.

2The agents association shall disclose on its website the name, capital, place of business of its member, operating bonds deposited and liability insurance purchased by members companies, the names of insurance enterprises they do business with, and other matters as required by the competent authority.

1An agent company that has not been sanctioned by the competent authority within the last one year for violating an act or regulation may apply to the competent authority for approval to establish a branch office.

2An agent company that applies for the establishment of a branch office shall employ an agent and submit the following documents to the competent authority for registration of permission:

31. An application form clearly stating the name and location of the branch office.

42. The minutes of the board of directors meeting resolving to establish the branch office.

53. Proof of identity for the designated managers of branch offices and proof of their compliance with the qualification requirements set out in Article 13 herein.

64. A photocopy of the valid practice license of agents employed or certification showing that agents employed meet the qualification requirements set out in these Regulations and any of the following certifications:

7(1) Certification of pre-job training, obtained within the past 1 year before submission of the application and recognized by the competent authority;

8(2) For an agent whose certification of pre-job training was obtained one year or earlier, the already obtained certification of pre-job training and the certification of at least 18 hours of on-the-job training within the past 1 year before submission of the application. For agents who submit certification of at least 18 hours of on-the-job training within the past 1 year, the courses on laws and regulations taken shall not be less than 8 hours and the courses on fair treatment of customers aged 65 and above shall not be less than 2 hours.

9(3) For an agent whose registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, the certification of at least 18 hours of on-the-job training within the past 1 year, including no less than 8 hours of the courses on laws and no less than 2 hours of the courses on fair treatment of customers aged 65 and above.

105. Proof of identity for agents employed.

116. A written statement by the designated managers of branch office and agents employed undertaking that they are free of the situations set out in subparagraphs 1 through 9 and 12 to 17, paragraph 1 of Article 6.

127. A business plan for the branch office.

138. Other documents as required by the competent authority.

14An agent company shall, in the six months of the approval of branch office establishment, submit an application form and a written statement by the manager of branch office and agents employed undertaking that they are free of situations set out in subparagraphs 10 and 11 of paragraph 1, Article 6 herein and employed agents are free of the situation set out in subparagraph 27, Article 49 herein to the competent authority for issuance of a practice license for the branch office.

1An agent company meets the following requirements may apply to the competent authority for approval to establish a subsidiary, branch office, or representative office or makes equity investment in a foreign country:

21. The company has shown sound operational performance and secure financial capacity in the three years prior to application; and

32. The company has not been imposed sanction under the provisions of Article 167-2 of the Insurance Act in the one years prior to application, or has been sanctioned but specific remedial actions have been taken therefor and accepted by the competent authority.

4When an agent company plans to establish a subsidiary, branch office, or representative office or makes equity investment in a foreign country, relevant provisions of the Regulations Governing Permission of Insurance Business Transactions and Investment Between the Taiwan Area and the Mainland Area shall apply mutatis mutandis with respect to required documentation, financial and business management, etc.

1Independent agents, agent companies, banks and agents employed by agent companies or banks shall not commit any of the following acts:

21. Make a false representation when applying for a practice license.

32. Operate or practice business operations on behalf of an insurance enterprise that has not been approved and registered.

43. Act on behalf of an insurance enterprise in operating or practicing insurance business operations that have not been approved by the competent authority.

54. Deliberately conceal material matters concerning an insurance contract.

65. Take advantage of his or her professional or business position or use other improper means, with respect to the establishment of a contract, to coerce, induce, or restrict the freedom of an proposer, insured, or insurer, or to collect extra compensation or other benefit from them.

76. Make exaggerated, false, or misleading claims or advertisements or use other improper methods when operating or practicing business or recruiting personnel.

87. Use improper means to incite an insurance customer to take an action such as to surrender insurance, switch insurance policies, or take a loan.

98. Misappropriate or embezzle insurance premiums or policy proceeds.

109. Not practice oneself, but instead provide the practice license for use by another person.

1110. Be sentenced to punishment for embezzlement, fraud, breach of trust, or forgery.

1211. Operate or practice insurance business outside the scope specified on his or her practice license.

1312. Collect, in addition to commissions and expenses set out in the contract, money, articles or other compensations from an insurer in the name of other expense items or of a third party, or engage in uncustomary transactions.

1413. By unlawful means, cause an insurer to make an improper insurance claim payment.

1514. Disseminate untrue statements or promotional materials, thus disturbing the financial order.

1615. Authorize a third party to operating or practicing business on his/her/its behalf, or operating or practicing business in other’s name.

1716. In the case of an agent company, refer an application case solicited by an agent not employed by the company or an insurance solicitor not registered under the company to an insurer, or refer an application case solicited by it to an insurer through another insurance broker or agent, unless it is a case from an independent agent who has obtained the written consent of the proposer to the effect in advance.

1817. Employ people who do not possess the qualifications of insurance solicitor to solicit insurance business.

1918. Fail to surrender or cancel practice license within the time period set out in paragraph 1 of Article 15, Article 26, paragraph 5 of Article 27, or paragraph 3 of Article 28.

2019. Suspend, suspend its insurance agent business in part or in whole temporarily, resume, dissolve business or terminate its insurance broker business in part or in whole at own discretion.

2120. An agent company or a bank engaging in agent business fails to employ another agent in accordance with Paragraph 2 of Article 7 herein when an employed agent leaves work.

2221. Fail to report matters prescribed by the competent authority to the agents association for recordation.

2322. The content of advertising related to insurance products and publicity used in insurance solicitation is not provided or consented by the insurer.

2423. Pay commissions to insurance solicitors and their supervisors who did not actually perform the business solicitation; however the preceding provision does not apply to payments of renewal commissions to those who take over policyholder services.

2524. Fail to confirm the suitability of an insurance product for a specific consumer, including providing unsuitable insurance products to customers aged 65 and above.

2625. Sell foreign viatical settlement products that have not been approved by the competent authority.

2726. Submit business information and financial statement are untrue or incomplete.

2827. Is currently serving as an employee of an insurance enterprise or related industry association, or having been registered as an insurance solicitor.

2928. Urge or induce customers to rescind or terminate contracts or pay for insurance premiums by taking out a bank loan, canceling a time deposit or taking out a policy loan.

3029. Fill out a solicitation report dishonestly, including the report lack of the statement whether the customers aged 65 and above and purchasing the insurance products other than non-life insurance and micro-insurance has the ability to distinguish situations that are disadvantageous to their rights and interests, reasons why the insurance products is suitable for the customer, and evaluation record. However the preceding provision does not apply if the characteristics of the insurance product are not found to have potential effects and disadvantages on customers aged 65 and above after the insurance company makes an evaluation in accordance with Subparagraph 7, Article 6 of the Regulations Governing Pre-sale Procedures for Insurance Products.

3130.Otherwise violate these Regulations or related acts or regulations.

3231. Any other act injurious to the image of insurance business.

1Agent companies and banks shall produce a compliance manual and appoint a compliance officer to take charge of the planning, management and implementation of its compliance system. The compliance officer shall also report periodically to the board of directors and supervisors or audit committee. In case the agent company is a limited company, the compliance officer shall report periodically to all shareholders.

2The compliance manual mentioned in the preceding paragraph shall contain at least the following particulars:

31. Compliance procedures to be adopted by each business.

42. Rules and regulations to be complied with by each business.

53. Procedures for handling violation of rules and regulations.

64. Self-assessment procedure for compliance operation.

7The compliance officer may not serve concurrently as an internal auditor.

8The appointment, dismissal or transfer of compliance officer shall be reported in a manner designated by the competent authority with confirmation document and record filed and stored.

9The planning, management and implementation of compliance system shall include the following:

101. Establish clear and adequate transmission, consultation, coordination, and communication systems with respect to laws and regulations.

112. Ascertain that all operations and management rules are updated in a timely manner in coordination with applicable laws and regulations so that all business activities comply with laws and regulations.

123. Draw up the content of and procedures for compliance-related assessment, conduct self-assessment at least once a year, audit the compliance self-check procedure, and report the audit result to the general manager.

134. Provide employees with adequate and proper training on laws and regulations.

1A compliance officer shall carry out the following tasks:

21. Maintain a system for clear and adequate conveyance, counsel, coordination and communication of regulatory requirements;

32. Keep operating and management rules and procedures updated in line with relevant regulations to make sure all business activities comply with regulatory requirements; and

43. Provide adequate and pertinent compliance training to employees;

5The working documents related to the tasks in the preceding paragraph shall be kept for at least five years.

1The compliance officer of an agent company and a bank shall possess one of the following qualifications:

21. Having the qualification of an insurance agent or broker and having actually performed the work of an insurance agent or broker.

32. Having at least five years of work experience in related business of insurance enterprise, agent company or insurance broker company.

43. Having graduated from college with a degree in finance, insurance or related field, or a degree in law and having at least three years of work experience in related business of an insurance enterprise, an agent company or an insurance broker company.

5A compliance officer referred to in the preceding paragraph shall be free of the situations set out in subparagraphs 1 through 10 and subparagraphs 12 through 17, paragraph 1 of Article 6 herein.

6At least one of the compliance officers employed by a bank shall meet the qualification requirements set out in paragraph 1 hereof.

Where necessary, the competent authority may approve the establishment of branch offices within the territory of the Republic of China by a foreign insurance agency institution having an corporate entity to operate the same kind of business operated in its home country.

1A foreign insurance agency institution applying to establish a branch office within the territory of the Republic of China shall possess the following qualifications:

21. Having had sound operational performance and secure financial capacity in the three years prior to application; and

32. Free of the record of being disciplined (by the authority) due to major violation in the past three years as substantiated by the competent authority of its home country.

1A foreign insurance agency institution applying for approval to establish a branch office within the territory of the Republic of China to operate insurance agency business shall submit two copies of the following documents to the competent authority for review:

21. Foreign agent company's application for approval.

32. Documentary proof that the competent authority or agency of its home country has approved the registration of the applicant's incorporation as well as the scope of its business operations.

43. Documents showing the names, nationalities, positions, and residences or domiciles of the major responsible persons of the head office.

54. Documents evidencing that establishment of a branch office in the Republic of China has been approved by the competent authority or agency of its home country and agreed by its board of directors.

65. The articles of incorporation of the head office.

76. A business plan.

87. A photocopy of the valid practice license of agents employed or certification showing that agents employed meet the qualification requirements set out in these Regulations and any of the following certifications:

9(1) The employed agent's certification of pre-job training, obtained within the past 1 year before submission of the application and recognized by the competent authority;

10(2) For an agent whose certification of pre-job training was obtained one year or earlier, the already obtained certification of pre-job training and the certification of at least 18 hours of on-the-job training within the past 1 year before submission of the application. For agents who submit certification of at least 18 hours of on-the-job training within the past 1 year, the courses on laws and regulations taken shall not be less than 8 hours and the courses on fair treatment of customers aged 65 and above shall not be less than 2 hours.

11(3) For an agent whose registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, the certification of at least 18 hours of on-the-job training within the past 1 year, including no less than 8 hours of the courses on laws and no less than 2 hours of courses on fair treatment of customers aged 65 and above.

128. Proof of identity for agents employed.

139. A written statement by managers of branch office and agents employed undertaking that they are free of situations set out in subparagraphs 1 through 9 and subparagraphs 12 through 17, paragraph 1 of Article 6 herein.

1410. Proof of identity for the designated manager of branch office and proof of compliance with the qualification of chairman requirements set out in Article 13 herein.

1511. A balance sheet and consolidated income statement for the last three years audited and attested by a certified public account recognized in the home country.

1612. A document issued by the competent authority in its home country evidencing that the applicant is free of the record of being disciplined (by the authority) due to major violation in the past three years.

1713. Other documents as required by the competent authority.

18The business plan in subparagraph 6 of the preceding paragraph shall contain at least the following information:

191. Company philosophy;

202. Scope of business;

213. Business development plan;

224. Organizational Structure and job duties.

235. Business solicitation system and procedures;

246. Financial projections for the next three years;

257. Description of work place and equipment; and

268. Other information as required by the competent authority.

27The documents mentioned in the first paragraph may be replaced by comparable documents if any of them is unavailable according to the law of the home country.

28If any of the documents mentioned in the first and preceding paragraph is not presented or recorded in Chinese due to special circumstances, their Chinese translations must be attached; except to documents provided in subparagraphs 1 through 6 and subparagraph 10 of the first paragraph hereof, the rest shall be authenticated by a ROC embassy/consulate or an overseas ROC representative office.

29If the documents in the first paragraph or other representations are incomplete or insufficient, the application will be rejected; if the situation may be remedied, the applicant shall take remedial actions within the time limit set by the competent authority, or else the application will be rejected.

30After a foreign insurance agent institution has obtained a permit to establish a branch office within the territory of the Republic of China to operate insurance agent business, the competent authority may void the permit if false information is discovered in any of the documents under paragraph 1 hereof submitted by the applicant.

The head office of a foreign agent company shall appropriate funds of not less than NT$10 million exclusively for the business operation of each branch office established according to its business plan.

1The head office of a foreign agent company shall, within six months of permission, remit the funds for business operations of its branch office according to the preceding article, and apply to the competent authority in charge of company registration for registration of branch office establishment.

2For those foreign agent companies that fail to apply for registration with the competent authority within the time period prescribed in the preceding paragraph, or fail to obtain approval from the competent authority in charge of company registration, the competent authority may revoke the permission.

3Those that have completed the registration procedure under the first paragraph hereof shall, after depositing a bond and purchasing professional liability insurance, apply for and obtain a practice license from the competent authority by submitting a Branch Office Incorporation Registration Form and the fee as set by the competent authority. Those that have obtained a practice license shall carry out business registration in accordance with relevant acts and regulations.

A foreign insurance agency institution establishing a branch office to operate business within the territory of the Republic of China shall employ at least one person holding a Republic of China agent’s practice license of the same type to practice the business.

Provisions of other related chapters of these Regulations shall apply mutatis mutandis to matters regarding foreign insurance agents on which this chapter is silent.

1The appointment or promotion of the responsible persons of an agent company shall meet the requirements set out in paragraph 1 of Article 6, Articles 12 and 13; one appointed or promoted without meeting those requirements shall be discharged.

2Any responsible person of an agent company who has a situation in any subparagraph of paragraph 1, Article 6 after promotion or appointment shall be discharged.

3If an independent agent or agents employed by an agent company or a bank does not comply with paragraph 3 of Article 6 or subparagraph 27 of Article 49 herein, the competent authority may void or revoke his or her permit and cancel his or her practice license.

Agent companies and banks that are not compliant with Articles 2-1, 7, 12, 13, 15, 27, 31, 32, 34, 34-1, 47, 50 and 52 amended and promulgated on July 22, 2024 shall make adjustments to become compliant prior to December 31, 2024.

Except for Article 31 amended and promulgated on June 18, 2015 that will be in force on June 24, 2015, and Articles 8, 9, 11, 32, 33, 33-1, 47, 49, 55, and provisions relevant to the protection of the rights and interests of customers aged 65 and above amended and promulgated on September 22, 2022 that will be in force on October 1, 2022, these Regulations shall be in force on the date of promulgation.