Regulatory Alerts2016-12-30
Added · Updated
Regulations Governing Foreign Exchange Business of Insurance Enterprises
These regulations govern foreign exchange business for insurance enterprises and foreign insurance enterprises in the Republic of China (Taiwan). They define eight categories of permissible foreign exchange activities, including life and non-life insurance, reinsurance, and wealth management, requiring prior approval from the Central Bank of the Republic of China (Taiwan). The text mandates specific application procedures, document submissions, and Know Your Customer verification, while restricting investment-linked insurance products from involving New Taiwan dollar interest rate or exchange rate indices. The regulations also specify fund settlement rules, compliance requirements for offshore business, and provisions for Renminbi transactions, with amendments effective from January 1, 2017.
More like this from CBC
We email you every new CBC publication the day it's published.