Print Time:2021/10/16 22:23
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Chapter Law Content

Title: Insurance Act CH
Category: Financial Supervisory Commission(金融監督管理委員會)
Chapter V. Insurance Enterprises
Section 2. Insurance Companies
Article 151
(Application of the Company Act Relating to Companies Limited by Shares)
Except as otherwise provided for in this Act, the provisions of the Company Act relating to companies limited by shares are applicable to insurance companies.
Article 152
(Restrictions on the Shares of an Insurance Company)
The shares of an insurance company may not be in bearer form.
Article 153
(Liability of the Responsible Persons)
Where an insurance company violates insurance laws or regulations in conducting its business, and this results in a situation where its assets are insufficient to pay off its debts, its chairman of the board of directors, directors, supervisors, president, and managers responsible for deciding such business matters shall bear unlimited joint and several liability to the company's creditors.
The competent authority may notify the relevant authorities or institutions that they are prohibited from transferring, delivering, or otherwise encumbering property of persons who shall bear the unlimited joint and several liability referred to in the preceding paragraph, and may also instruct immigration authorities in writing to prevent such persons from leaving the country.
Each of the said responsible persons shall be discharged from the liability referred to in paragraph 1 three years after the date of registration of dismissal from his/her position.
Article 154
(Deleted)
(Deleted)
Article 155
(Deleted)
(Deleted)
Web site:Laws & Regulations Database of The Republic of China