Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 65

When an insurer terminates the Insurance business due to revocation or voluntary termination of the operation or merger/acquisition, the annuity insurance contracts signed by it shall, with the consent of the insured, be transferred to an insurer approved to operate the Insurance business. If the said contracts cannot be transferred, the competent authority shall, in conjunction with the insurance authority, designate an insurer to assume the contracts or have the original insurer transfer the policy value reserve to the individual pension fund accounts.If the asset transferred to the individual pension fund account by the insurer of the preceding Paragraph is not an investment object provided under the Individual Labor Pension Account Fund Management and Profit/Loss Allocation Rules, the insurer shall deliver such asset in cash based on book value.When the insurer completes transferring the annuity insurance contracts in accordance with Paragraph 1, it shall notify the insured and theBLI.When the insurer is changed in accordance with the preceding Paragraph, neither the original insurer nor the insurer assuming the insurance contracts shall charge any fee to the workers.