Regulatory Alerts2016-03-23
Added · Updated
Regulations Governing Foreign Exchange Business of Insurance Enterprises
The regulations define the scope of foreign exchange business for insurance and foreign insurance enterprises, permitting activities such as life and non-life insurance, reinsurance, investment-linked annuities, wealth management, and foreign currency loans. Insurance enterprises must obtain prior approval from the Central Bank of the Republic of China (Taiwan) to engage in these activities and are required to submit specific application documents, including business licenses, board resolutions, and business plans. The regulations mandate strict compliance measures, including Know Your Customer verification, accurate reporting, and adherence to fund settlement rules through banking enterprises. The Bank retains the authority to inspect records, reject applications, or revoke approvals based on violations or failure to commence operations within six months.
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