A Mainland-area insurance enterprise or Mainland-funded insurance enterprise that meets the following requirements may apply to the Competent Authority for approval to establish a representative office in Taiwan Area:
1. Having been operating the insurance business for more than 20 years;
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 in the year prior to application;
3. Having no record of sanction due to major regulatory violation in the three years prior to application as shown by a certificate issued by the competent authority at the place of registration;
4. Showing sound operational performance and secure financial capacity in the year prior to application;
5. A document evidencing that the insurance authority at the place of registration has granted approval to the establishment of a representative office in Taiwan Area; and
6. A Mainland-area insurance enterprise or Mainland-funded insurance enterprise may only set up one representative office in Taiwan Area.

A Mainland-area insurance enterprise or Mainland-funded insurance enterprise intending to establish a representative office in Taiwan Area shall submit the following documents to the Competent Authority for approval:
1. An application form;
2. A feasibility study;
3. A self-assessment regarding the enterprise’s compliance with laws and regulations and the integrity of its business operations;
4. The curriculum vitae of the proposed representative in Taiwan Area and relevant support documents;
5. A document issued by the insurance authority at the place of registration approving the establishment of a representative office in Taiwan Area;
6. Minutes of the board resolution approving the filing of an application to establish a representative office in Taiwan Area; and
7. Such other information or documents as may be required by the Competent Authority.
The proposed representative mentioned in the preceding paragraph should have good moral character and professional leadership ability, and is free of the situations set forth in Article 3, paragraph 1 of the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises.
Documents mentioned in subparagraphs 4 to 6 in paragraph 1 hereof shall be certified by a notary public or a notarization institution at the enterprise’s place of registration. In addition, documents produced in a third area must be authenticated by a ROC embassy or consulate, representative office, office and/or other agency authorized by the Ministry of Foreign Affairs (collectively referred to as “Overseas Mission” hereunder); documents produced in Mainland Area must be authenticated or verified by an institution set up or designated, or by a private organization entrusted by the Executive Yuan.
All documents referred to in paragraph 1 hereof must be attached with a traditional Chinese counterpart.

A Mainland-area insurance enterprise or Mainland-funded insurance enterprise shall, within six (6) months after receiving approval from the Competent Authority to establish a representative office, apply to the Ministry of Economic Affairs (“MOEA”) for permission in accordance with the Act, and submit a photocopy of the MOEA permission document and report the planned date of establishment and location of the representative office to the Competent Authority and MOEA for recordation before the date of establishment; otherwise the Competent Authority may annul the approval granted.
A Mainland-area insurance enterprise or Mainland-funded insurance enterprise shall promptly inform the Competent Authority and comply with the following provisions after it has established a representative office in Taiwan Area:
1. If the representative office has a material contingent or fraud incident, the enterprise shall handle and report it according to the provisions set forth by the Competent Authority;
2. The enterprise shall input all relevant information on the representative office into an information reporting system designated by the Competent Authority and update the information if changes occur;
3. Before replacing its representative, the enterprise shall submit documents verifying that the newly appointed representative meets the qualification requirements set forth in paragraph 2 of the preceding article to the Competent Authority for approval; and
4. Before changing the address of the representative office or closing the representative office, the enterprise shall report to the Competent Authority for approval.

The representative office of a Mainland-area insurance enterprise or Mainland-funded insurance enterprise in Taiwan Area may engage in non-income producing activities, such as insurance-related information gathering, communication and business survey and shall not engage in business solicitation, underwriting, claim adjustment, or premium calculation.
If the representative office of a Mainland-area insurance enterprise or Mainland-funded insurance enterprise in Taiwan Area violates the preceding paragraph, the Competent Authority may annul the approval granted.

The representative office of a Mainland-area insurance enterprise or Mainland-funded insurance enterprise in Taiwan Area shall, within two months after the end of a fiscal year for its head office, produce a work report on its activities in Taiwan Area and submit same to the Competent Authority for recordation.

The Competent Authority may designate a person(s) to examine the activities and other related matters of the representative office of a Mainland-area insurance enterprise or Mainland-funded insurance enterprise in Taiwan Area at any time or order the representative office to submit a work report on its activities and other related information within a specified period.