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Applications Process

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Application Procedure for an Insurer to Set up Branch Offices and Making Equity Investment in Mainland Area

Name of the Application form
Application Procedure for an Insurer to Set up Branch Offices and Making Equity Investment in Mainland Area
Responsible agency
General Supervision Division, Insurance Bureau, Financial Supervisory Commission
Application forms available for downloading
Legal basis
Act Governing Relations Between Peoples of the Taiwan Area and the Mainland Area 
Application process
Documents required to be attached
1.    A Taiwan-area insurance enterprise, insurance agent company, insurance broker company, or insurance surveyor company intending to establish a representative office in Mainland Area shall submit the following documents or information to the Competent Authority to apply for approval:
1. An application form;
2. Minutes of the board resolution, or the consent of all directors in the absence of a board of directors;
3. Financial statements audited and certified by a certified public accountant (CPA) for the last three (3) years;
4. Name of the proposed representative; and
5. Such other information or documents as may be required by the Competent Authority.
The proposed representative of the insurance enterprise should have good moral character and professional leadership ability, and is free of the situations set forth in Article 3, paragraph 1, of the Amendments to Article 4, Article 5-1, and Article 9 of the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises.
2.    A Taiwan-area insurance enterprise, insurance agent company, insurance broker company, or insurance surveyor company intending to establish a branch or subsidiary in Mainland Area shall submit the following documents or information to the Competent Authority to apply for approval:
1. An application form;
2. Minutes of the board resolution, or the consent of all directors in the absence of a board of directors;
3. CPA-audited and certified financial statements for the last three (3) years;
4. A feasibility study;
5. A business plan, specifying the scope of business, business principles and policies, future development plans, financial projections for the coming five years, internal organization and division of labor, relationship with the parent company or head office, and personnel allocation, recruitment and training.
6. Operational risk assessment, benefit analysis and concrete risk control/management plan;
7. Possible capital input or capital contribution in the future and stage analysis;
8. Internal control and audit systems, management and performance review rules;
9. Documents evidencing the qualifications of proposed responsible person; and
10. Such other information or documents as may be required by the Competent Authority.
3.    Unless it is otherwise provided by the Competent Authority, a Taiwan-area insurance agent company, insurance broker company, or insurance surveyor company intending to make equity investment in Mainland Area shall submit the following documents to the Competent Authority for approval:
1. An application form.
2. An investment plan that includes the following particulars:
(1) An investment plan, including the strategic objectives of investment, expected benefits, sources of funds, fund utilization plan, and fund recovery plan;
(2) Principles for business operation, including the location, capital, operations, business items and business strategies of the invested company.
(3) The shareholder structure, organizational structure and functions, and manpower of the invested company.
(4) Financial projections of the invested company for the coming three years.
(5) Risk assessment, including assessment of operational risk and concrete risk control/management plan.
3. Minutes of the board resolution, or the consent of all directors in the absence of a board of directors.
4. CPA-audited or reviewed financial report for the latest period.
5. Details of domestic and foreign investees on the date of application.
6. An equity investment agreement which should show that the financial and business information of the invested company will be made available and the strategic objective of the investment will be performed.
7. The list of persons to be assigned as director, supervisor or manager of the invested company.
8. Such other information or documents as may be required by the Competent Authority.
Related Q&A
 
Contact person
Telephone: 02-89680899
Latest updated date
January, 17, 2014

Visitor: 3531   Update: 2014-02-27
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