Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 49

Insurers selling the Insurance products shall meet the following requirements:1. The organizations have obtained the licenses for operating personal insurance business in accordance with the Insurance Act, or the Taiwan branches of the foreign insurers have obtained the personal insurance business licenses in Taiwan with the approval of the insuranceauthority;2. The ratio of total adjusted net capital to risk-based capital has met the requirements under Paragraph 1 of Article 143-4 of the Insurance Act;3. The insurers are rated A or a better rating by a credit rating institution approved by the competent authority; and4. The insurers' director(s), general manager(s) or manger(s) responsible for such business has (have) not been subject to replacement or removal by the insurance authority within the recent three years as a result of violation to insurance laws and regulations.Insurers shall process credit rating every two years with a credit rating institution approved by the competent authority.Credit rating referred to in Paragraph 1, the Taiwan branch or subsidiary of a foreign insurer whose foreign head office or parent company is jointly and severally responsible for its liabilities may file the credit application based on the rating of its foreign head office or parent company.