A foreign insurance institution applying for permission to set up a representative office within the territory of the ROC shall at least meet the following criteria:
1. 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; 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.
A foreign insurance institution may set up only one representative office in the ROC.

A foreign insurance institution applying for permission to set up a representative office within the territory of the ROC shall submit the following documents to the competent authority for approval:
1. Application for the Setup of Representative Office.
2. Certificate of incorporation and business license.
3. Documents evidencing that the competent authority in the applicant’s home country and the applicant’s board of directors have granted approval to the setup of a representative office in the ROC by the applicant.
4. A letter of authorization authorizing the representative designated to head the representative office.
5. The curriculum vitae of the representative designated to head the representative office and relevant proof documents.
6. A rating report prepared by an insurance rating agency recognized by the competent authority.
7. The representative office setup plan, specifying at least staff allocation, job descriptions, and benefit analysis for the setup.
8. 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.
9. Other documents as required by the competent authority.
Provisions in paragraphs 2 and 3 of Article 9 herein shall apply mutatis mutandis to the application for the setup of a representative office by a foreign insurance institution.

A foreign insurance institution shall, within six months after obtaining the permission under the preceding article, set up the representative office after filing a registration application with the Ministry of Economic Affairs for establishing a representative office within the territory of the ROC pursuant to Paragraph 1, Article 386 of the Company Act, and submit a copy of the registration document together with a letter stating the date of setup and the address of the representative office to the competent authority for recordation.
Where a foreign insurance institution fails to file such an application with the Ministry of Economic Affairs within the time period prescribed in the preceding paragraph, the competent authority may void its permit. However, if the institution has a justified reason, it may apply to the competent authority before the deadline set forth in the preceding paragraph for an extension. The extension shall not exceed two months and only one extension will be allowed.

The representative office of a foreign insurance institution may only conduct market research and survey, information gathering and other business related correspondence, and may not engage in solicitation, underwriting, claim settlement, premium rating or other business activities.
Where the representative office of a foreign insurance institution violates the preceding paragraph, it shall be penalized pursuant to the Insurance Act and the competent authority may void its permit.

The representative office of a foreign insurance institution shall, within four months after the end of a fiscal year for the foreign insurance institution, prepare a work report on its work status in the ROC and submit the same to the competent authority.
The format of the work report described in the preceding paragraph shall be prescribed separately by the competent authority.

The representative office of a foreign insurance institution shall furnish work report or other relevant information if so requested by the competent authority.

The representative office of a foreign insurance institution shall report to the competent authority for permission before it may change its representative or the location of representative office, or withdraw the representative office.
Where the head office of a foreign insurance institution with a representative office in the ROC has a situation provided in subparagraph 2 or subparagraphs 5 to 8 of Article 16 herein, the representative office shall report to the competent authority on its own initiative within thirty (30) days from the date of fact by describing the particulars of the situation and providing related information.
Where it is discovered that the information provided or documents furnished by a foreign insurance institution at the time of applying for permission to set up a representative office contains misrepresentation or false paper, or the head office of the foreign insurance institution has a situation provided in subparagraphs 6 to 8 of Article 16 herein, the competent authority may revoke or void its permit.