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Applications Process

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Application Procedure for an Insurer to Establish an Overseas Branch

 

Name of the Application form:Application Procedure for an Insurer to Establish an Overseas Branch
Responsible agency:Section 3, Insurance Bureau, Financial Supervisory Commission, Executive Yuan
Application forms available for downloading:Application Form for Establishment of an Overseas Branch by an Insurer
Sample form:Download the sample form
Legal basis:Insurance Act 
Regulations Governing Establishment, Relocation or Dissolution of Branches by Insurance Companies
Application process:Application Flow Chart
Documents required to be attached:
  1. Application Form;
  2. Documents showing that the insurer has not received any of such penalties as are prescribed in Paragraphs 2 and 4 of Article 149 of the Insurance Act or violated any provisions of the Regulations Governing Establishment, Relocation or Dissolution of Branches by Insurance Companies in the most recent year or that substantial improvements have been made thereto and recognized by the competent authority;
  3. Minutes of the shareholders'' meeting or board of directors meeting;
  4. Certificate certifying that the capital adequacy ratio has reached two hundred percent or higher in the most recent year;
  5. Certificate proving that the total investment in the overseas branch complies with the provisions of Article 146-4 of the Insurance Act;
  6. Financial statements audited by certified public accountants for the past three years;
  7. Business proposal, which shall set forth the business scope, business principles and policies, future development plan, financial forecast for the next three years, internal organization, functions and duties, affiliation relationship between the branch 
    and the parent company or head office, personnel recruitment and training plans, etc.;
  8. Stage-by-stage analysis of possible injection of capital or subscribed capital over the next three years;
  9. Particulars of the major joint-venture partners for establishment of the subsidiary;
  10. Certificates certifying that the proposed responsible person satisfies all the qualification requirements for the responsible persons of insurance companies; and
  11. Other documents required by the competent authorities. 
    (note: where the insurer applies to establish a representative office, the documents mentioned in Paragraphs 4 to 10 herein are not required.)
Related Q&A: 
Contact person: Telephone: 02-89680899 ext. Section 3, Insurance Bureau
Latest updated date: October 29, 2008
Visitor: 5616   Update: 2011-06-23
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