Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 14

The competent authority shall examine and reply within 60 days from the day following the date on which it accepts the application of the business entity for implementation of annuity insurance , with a copy to the Bureau of Labor Insurance, the Ministry of Labor (hereinafter "the BLI"). This provision shall also apply to the application for change.In connection with the application for or change of annuity insurance referred to in the preceding Paragraph, if the required documents are incomplete, rectification shall be made within a specified time limit. If no rectification is made within said time limit, the competent authority shall reject the application.The competent authority referred to in the preceding Paragraph shall examine and reply within 30 days from the day following the date on which rectification is accepted.In the event that any matter or document reported or submitted by a business entity is verified to be misrepresented or falsely stated, such entity shall not re-apply within 3 months after administrative sanction.