A foreign insurance institution applying for permission to establish a branch within the territory of the ROC to conduct insurance business shall at least meet the following criteria:
1. Having had sound business performance and shown financial soundness in the last three years; and
2. Free of any record of penalty against it for material regulatory violation in the last three years as proven by a certificate issued by the competent authority in the applicant’s home country. Where the applicant has been established for less than three years, the applicant must be free of any record of penalty against it for material regulatory violation since its establishment.
Where a foreign insurance institution referred to in subparagraph 1 of the preceding paragraph has been established for less than three years, the institution must have a representative office set up within the territory of the ROC for at least one year and meet one of the following criteria:
1. Having a paid-in capital of more than NT$2 billion.
2. Having a credit rating of at least A- from Standard & Poor’s Corp., at least A3 from Moody’s Investor Service, at least A from Fitch Ratings Ltd., at least twA+ from Taiwan Ratings Corporation, or an equivalent rating or better from any other credit rating agency recognized by the competent authority.

The head office of a foreign insurance enterprise shall set aside minimum working capital for each branch in accordance with its business plan, amounting to not less than NT$50 million, and post bond with the national treasury in an amount equal to 15 percent of its working capital.

Unless special approval has been granted by the competent authority, a foreign insurance enterprise that has received an establishment permit shall, prior to commencing business operations, have its principal computer systems in operation and ensure that they have passed inspection by the competent authority or an organization designated thereby.

A foreign insurance institution applying for permission to establish a branch within the territory of the ROC to conduct insurance business shall submit each of the following documents in duplicate to the competent authority for review:
1. Application for Establishment Permit by Foreign Insurance Enterprise (format as in Attachment 1).
2. Certificate of incorporation and business license.
3. A document evidencing the applicant’s approved scope of business, certified by the competent authority in the home country.
4. Documents evidencing that the competent authority in the applicant’s home country and the applicant’s board of directors have granted approval to the establishment of a branch in the ROC by the applicant.
5. The company’s articles of incorporation.
6. Business plan, specifying the business scope, business principles and policies, and specific implementation methods, including premises and facilities, internal organization and segregation of duties, personnel recruitment and training, business development plan, financial projections for the coming five years, and policy on reinsurance.
7. Documentation showing the name, nationality, job title, and domicile or residence of the person at the head office who is in charge of the financial and operational decisions for the company.
8. The name of the designated responsible person for the branch and document evidencing his or her qualifications.
9. The company’s balance sheets and income statements for the last three fiscal years, audited and certified by a certified public accountant recognized in the applicant’s home country. Where the application is filed on a date six months after the beginning of the current fiscal year, the balance sheet and the income statement for the first half of current year must also be submitted.
10. The full text of insurance laws and regulations of the applicant’s home country as designated by the competent authority.
11. A rating report prepared by an insurance rating agency recognized by the competent authority.
12. A document issued by the competent authority in the applicant’s home country certifying that no penalty has been recorded against the applicant for material regulatory violation in the last three years. Where the applicant has been established for less than three years, the applicant must submit a document certifying that no penalty has been recorded against it for material regulatory violation since its establishment.
13. Documentation issued by the competent authority in the applicant’s home country certifying that no material deficiency in anti-money laundering and countering terrorism financing that has not been remedied in the last five years.
14. Other documents as required by the competent authority.
If any of the documents in the preceding paragraph cannot be furnished due to law of the home country, the applicant shall submit an equivalent document for reference.
Where the documentation under the preceding two paragraphs cannot be furnished or presented in Chinese due to special circumstances, such documents shall be accompanied by Chinese translations. With the exception of documents referred to in subparagraphs 1 and 6 hereof, all other documents shall be notarized by an embassy, consulate or other overseas representative office of the ROC.
Where the information provided in the documents under paragraph 1 or information provided elsewhere is incomplete, the application will be rejected. Where an application is returned for rectification but the applicant fails to make rectification within the time period prescribed by the competent authority, the application shall also be rejected.

• Application by Foreign Insurer for Establishment Permit.PDF

Within three months of the day of the issuance of an establishment permit, the head office of a foreign insurance enterprise shall remit the funds to be used as working capital pursuant to Article 7, and duly apply to the Ministry of Economic Affairs for issuance of an incorporation registration of its branch.
Where the enterprise fails to file with the Ministry of Economic Affairs within the time period set out in the preceding paragraph, or the Ministry of Economic Affairs does not grant approval, the competent authority may revoke its establishment permit. Notwithstanding the foregoing, before expiration of the time limit set forth in the preceding paragraph, an application may be filed with the competent authority for an extension if there is a legitimate reason; the period of extension shall be no longer than one month, and shall be limited to one time.

Within three months after the head office of a foreign insurance enterprise obtains recognition from the ROC authorities and registers the incorporation of its branch, it shall pay a registration fee and license fee and furnish the following documents in duplicate in applying to the competent authority for issuance of a business license:
1. Business license application form (format as in Attachment 2).
2. Photocopy of the branch's certificate of incorporation.
3. Capital verification certificate.
4. Documentary proof that the bond required under Article 7 has been furnished.
5. Certified copy of the document granting power of attorney to the responsible person's representative.
6. A list of managerial officers, actuaries, underwriters, claims adjusters, and other key personnel, and documentary proof of their qualifications.
7. Branch operating rules and operating procedures.
8. Other documents as required by the competent authority.
If the application documents in the preceding paragraph are in a foreign language, a Chinese translation shall be attached for each.
Where there is legitimate reason, an application for extension of a deadline specified in paragraph 1 may be filed prior to the deadline; an extension may not be longer than three months, and shall be limited to one time. Where an extension has not been approved, the competent authority may revoke its establishment permit.
The operating rules of paragraph 1, subparagraph 7 shall cover the following matters:
1. Organizational structure and department functions.
2. Staffing, management, and training of personnel.
3. Internal control system.
4. Business principles and policies.
5. Operations manual and segregation of powers and duties.
6. Other matters.

• Application by Foreign Insurer for Business License.PDF

Where a foreign insurance enterprise fails to commence business operations within six months of issuance of a business license, the competent authority shall revoke its establishment permit, order the enterprise to surrender its license for cancellation, and notify the Ministry of Economic Affairs. Notwithstanding the foregoing, where there is legitimate reason and the competent authority has granted approval, an extension may be granted; the period of extension shall be no longer than six months, and shall be limited to one time.

The provisions of Articles 6 to 12 shall apply mutatis mutandis to the establishment of an additional branch by the head office of a foreign insurance enterprise.

Where the head office of a foreign insurance enterprise already has one or more branches in the ROC and applies to establish an additional branch here, the competent authority shall either deny the application or require that the applicant close a branch elsewhere if any of the following applies to an existing branch:
1. Has been sanctioned in the past year for a material violation of an insurance act or regulation.
2. The competent authority has issued an official reprimand for a deficiency but the situation has not shown concrete improvement.
3. The responsible person has received a final and unappealable conviction in the past year for willful commission of an occupational crime.
4. Has violated Article 21 by failing to increase capital within a prescribed period of time.
5. The business plan of the branch to be additionally established is clearly inadequate or unsound, or the qualifications of the intended responsible person do not meet the requirements set out in the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises.
6. Other facts indicate a likelihood that establishing an additional branch would impede sound business management, or would not be in keeping with the requirements of policy on insurance.