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Application Procedure for Establishment of a Branch by a Foreign Insurance Company

 

Name of the Application form:Application Procedure for Establishment of a Branch by a Foreign Insurance Company
Responsible agency:Section 3, Insurance Bureau, Financial Supervisory Commission, Executive Yuan
Application forms available for downloading:Application Form for Establishment of Branch by the Foreign Insurance Company
Sample form:Download the sample form
Legal basis:Insurance Act 
Regulations Governing Establishment and Business Operations of Branches of Foreign Insurance Companies
Application process:Application Flow Chart
Documents required to be attached:
  1. Application Form for Establishment of a Branch by a Foreign Insurance Company;
  2. Certificates showing that the Foreign Insurance Company (“FIC”) has had sound business performance and strong financial solvency in the most recent 3 years prior to the application;
  3. A certificate validated by the competent authority in the home country, certifying that the FIC has not been subjected to any penalties for major regulatory violations in the past five years;
  4. If the FIC was established less than three years ago, certificates proving that the FIC satisfies any of the following conditions: 
    (1) The paid-in capital of the FIC is more than NT$2 billion; 
    (2) The FIC has a rating of “A-” from Standard & Poor’s Corp., “A3” from Moody’s Investors Service, “A” from Fitch Ratings Ltd., “twA+” from Taiwan Ratings Corp. or other equivalent ratings from agencies accredited by the competent authority;
  5. The FIC’s incorporation registration certificate and business licence authenticated by the competent authority in the home country of the FIC;
  6. A certificate for the FIC’s business scope authenticated by the competent authority in the home country of the FIC;
  7. Approvals for the FIC to establish a branch in the R.O.C. issued by the competent authority in the home country and the board of directors of the FIC;
  8. Articles of Incorporation of the FIC;
  9. Business proposal, which shall set forth the business scope, business principles and policies and concrete implementation procedures therefor, including facilities, internal organization, functions and duties, personnel recruitment and training, business development plan, financial forecast for the next five years, and reinsurance policies;
  10. Documents which set forth the name, nationality, professional title, and domicile or residence of the responsible person who is dispatched from the FIC to take charge of the finance and business of the branch in the R.O.C.;
  11. Name and qualification certificates of the responsible person;
  12. The FIC’s balance sheets and income statements audited by certified public accountants of the home country of the FIC for the past three years; and if the application is submitted in the second half of the calendar year, the balance sheet and income statement for the first half of the year;
  13. Such insurance regulations as are specified by the competent authority of the home country of the FIC;
  14. Appraisal report issued by an insurance appraisal agency accredited by the competent authority;
  15. Certificates issued by the competent authority of the home 
    country of the FIC, certifying that the FIC has no record of major regulatory violations in the most recent 5 years; and
  16. Other documents required by the competent authority.
Related Q&A: 
Contact person: Telephone: 02-89680899; Section 3, Insurance Bureau
Latest updated date: October 29, 2008
Visitor: 5712   Update: 2014-09-12
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