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Chapter Law Content

Title: Regulations Governing Insurance Surveyors CH
Category: Financial Supervisory Commission(金融監督管理委員會)
Chapter 6 Foreign Insurance Surveyors
Article 39
Where necessary, the competent authority may approve the establishment of branch offices within the territory of the Republic of China by a foreign insurance surveyor institution having an corporate entity to operate the same kind of business operated in its home country.
Article 40
A foreign insurance surveyor institution applying to establish a branch office within the territory of the Republic of China shall possess the following qualifications:
1. Having had sound operational performance and secure financial capacity in the three years prior to application; and
2. Free of the record of being disciplined (by the authority) due to major violation in the past three years as substantiated by the competent authority of its home country.
Article 41
A foreign insurance surveyor institution applying for approval to establish a branch office within the territory of the Republic of China to operate insurance surveyor business shall submit two copies of the following documents to the competent authority for review:
1. Foreign surveyor company's application for approval.
2. Documentary proof that the competent authority or agency of its home country has approved the registration of the applicant's incorporation as well as the scope of its business operations.
3. Documents showing the names, nationalities, positions, and residences or domiciles of the major responsible persons of the head office.
4. Documents evidencing that establishment of a branch office in the Republic of China has been approved by the competent authority or agency of its home country and agreed by its board of directors.
5. The articles of incorporation of the head office.
6. A business plan.
7. A photocopy of the valid practice license of surveyors employed or certification showing that surveyors employed meet the qualification requirements set out in these Regulations and any of the following certifications:
(1) Certification of pre-job training, obtained within the past 2 year before submission of the application and recognized by the competent authority;
(2) For an employed surveyor whose certification of pre-job education and training was obtained more than two years ago, submit such certification along with certification of on-the-job training under Article 25; or
(3) Where registration of permission is based on the qualifications set out in subparagraph 3, paragraph 1 of Article 5 herein, certification of on-the-job training set out in Article 25 herein.
8.Proof of identity for any surveyors employed.
9. A written statement undertaking that managers of branch office and surveyors to be employed are free of situations set out in subparagraphs 1 through 9 and subparagraphs 12 through 19 of paragraph 1, Article 6 herein.
10. Proof of identity for the designated manager of branch office and proof of compliance with the qualification requirements set out in Article 11 herein.
11. A balance sheet and consolidated income statement for the last three years audited and attested by a certified public account recognized in the home country.
12. A document issued by the competent authority in its home country evidencing that the applicant is free of the record of being disciplined (by the authority) due to major violation in the past three years.
13. Other documents as required by the competent authority.
The documents mentioned in the preceding paragraph may be replaced by comparable documents if any of them is unavailable according to the law of the home country.
If any of the documents mentioned in the preceding two paragraphs is not presented or recorded in Chinese due to special circumstances, their Chinese translations must be attached; except to documents provided in subparagraphs 1 through 6 and subparagraph 10 of the first paragraph hereof, the rest shall be authenticated by a ROC embassy/consulate or an overseas ROC representative office.
If the documents in the first paragraph or other representations are incomplete, the application will be rejected; the same applies if the situation could be rectified, but the applicant fails to do so within a time period given by the competent authority.
Article 42
The head office of a foreign surveyor company shall appropriate funds of not less than NT$2 million exclusively for the business operation of each branch office established according to its business plan.
Article 43
The head office of a foreign surveyor company shall, within six months of permission, remit the funds for business operations of its branch office according to the preceding article, and apply to the competent authority in charge of company registration for registration of branch office establishment.
For those foreign surveyor companies that fail to apply for registration with the competent authority within the time period prescribed in the preceding paragraph, or fail to obtain approval from the competent authority in charge of company registration, the competent authority may revoke the permission.
Those that have completed the registration procedure under the first paragraph hereof shall, after depositing a bond and purchasing professional liability insurance, apply for and obtain a practice license from the competent authority by submitting a Branch Office Incorporation Registration Form and the fee as set by the competent authority. Those that have obtained a practice license shall carry out business registration in accordance with relevant acts and regulations.
Article 44
A foreign insurance surveyor institution establishing a branch office to operate business within the territory of the Republic of China shall employ at least one person holding a Republic of China surveyor’s practice license of the same type to practice the business.
Article 45
Provisions of other related chapters of these Regulations shall apply mutatis mutandis to matters regarding foreign insurance surveyors on which this chapter is silent.