A foreign insurance enterprise shall suspend business operations if the registration of its branch within the territory of the ROC is revoked by the Ministry of Economic Affairs or its business permit is revoked by the competent authority.
Before applying to nullify the registration of its branch pursuant to Article 378 of the Company Act, a foreign insurance enterprise shall first file with the competent authority for prior approval.

Where a foreign insurance enterprise has any of the following situations, the competent authority may revoke or void its establishment permit and order the foreign insurance enterprise to surrender its business license within a prescribed time period:
1. It is discovered that the information provided or documents furnished by the enterprise at the time of permit application contains misrepresentation or false paper.
2. The enterprise has failed to replenish its operating capital as required according to Article 21 herein.
3. The enterprise’s head office has a situation provided in subparagraphs 6 to 8 of Article 16 herein.

When a foreign insurance enterprise suspends business, it shall publish an announcement of the circumstances of the suspension in local newspapers for three or more days unless it is required to handle the matter in accordance with Article 148-2, paragraph 2 of the Insurance Act.
When a foreign insurance enterprise suspends business operations in the ROC, any liquidation proceedings shall be governed by ROC law.

With prior approval from the competent authority, a foreign insurance enterprise may transfer all or part of the insurance contracts it has entered into in the ROC to other insurance enterprises or foreign insurance enterprises.
When a foreign insurance enterprise transfers all of the insurance contracts that it has entered into in the ROC, it shall be deemed to have suspended business operations.