An insurance enterprise shall apply to the Bank to engage in foreign exchange business, and may engage in foreign exchange business only after being approved.
An insurance enterprise may apply to engage in all or some of the business categories listed in the preceding Article, and the Bank may approve on a category by category basis according to the needs of the insurance enterprise's business. For approved businesses provided in Subparagraph 8 of the same article, the Bank may set forth or specify in the letter of approval other matters of compliance.
Foreign exchange business may not be operated without the approval of the Bank.

Unless otherwise provided by these Regulations,the head office of an insurance enterprise applying to engage in foreign exchange business must submit a written application with the documents prescribed in Article 6 to the Bank for approval.
The branches within the territory of the Republic of China of a foreign insurance enterprise applying to engage in foreign exchange business must submit a written application with the documents prescribed in Article 6 to the Bank for approval.

An insurance enterprise applying to engage in the various categories of foreign exchange business listed in Article 3 above shall submit the following documents:
1.Photocopies of the business license issued by the "FSC";
2.For a domestic insurance enterprise, a resolution of the insurance company's board of directors resolving to apply for the afore-mentioned foreign exchange business; for a foreign insurance enterprise, a letter of authorization from the head office or regional command center;
3.Documents evidencing the FSC's approval for the afore-mentioned foreign exchange business; for example insurance, loan, or wealth management;
4.A statement of compliance with applicable laws and relevant regulations of the competent authority or accounting standards signed by the heads of compliance, audit and accounting units of the insurance enterprise;
5.Business plan ( the content of which shall include business profiles, operational procedures, and funds receipt and payment);
6.Notification of material facts (including risk disclosure statement);
7.Other documents specified by the Bank.
When an insurance enterprise applies to engage in the business listed in Subparagraph 3 or 7 of Article 3, documents specified in Subparagraphs 3 and 6 of the preceding paragraph are not required.

Insurance enterprises applying for foreign exchange business will be granted a designated period for providing supplementary information and making corrections if the documents submitted are found to be incomplete or insufficient. The Bank may reject the application if supplementary information and corrections are not submitted within a designated period.

The Bank may reject an insurance enterprise's application for foreign exchange business in the event of any of the following:
1.Qualifications of the applicant do not comply with the regulations prescribed in Article 5;
2.The applicant has seriously violated the provisions of these Regulations or other relevant foreign exchange regulations or has failed to improve within the period specified by the Bank in the past year;
3.There is evidence indicating that the applicant may hinder sound operation of the business, or that the applicant is unable to meet financial policy requirements.

The Bank may revoke or cancel all or part of its approval of an insurance enterprise engaging in foreign exchange business in the event of any of the following, depending on the seriousness of the violation:
1.The insurance enterprise fails to commence operation within six months after being issued a letter of approval. The applicant may request for an extension with appropriate reasons. If approved, the insurance enterprise may have an extension of no more than three months. An institution may apply for an extension only once;
2.The insurance enterprise has seriously violated Paragraph 3, Article 4 or other provisions of these Regulations or has failed to improve within the period specified by the Bank;
3.After being approved to engage in various foreign exchange business, the insurance enterprise is found to have provided false information in its application that constitutes a serious violation;
4.The insurance enterprise suspends operations, is dissolved, or declares bankruptcy; or
5.There is evidence indicating that the applicant may hinder sound operations of the business, or that the applicant is unable to meet financial policy requirements.