Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises Article 41-1

An insurance enterprise that concurrently operates discretionary investment business, making decisions with discretionary authority about the utilization of subject assets under a special ledger account for investment-linked insurance business, shall establish a specialized department exclusively for the purpose, which shall be staffed with a sufficient number of competent supervisors and associated persons.Except where the FSC provides otherwise, the supervisors and associated persons of the specialized department of the preceding paragraph may not engage in business other than that of the specialized department, nor may their duties be performed by persons other than the registered supervisors and associated persons of the department.No associated person of paragraph 1 that carries out research and analysis and makes investment or trading decisions may concurrently serve as an associated person that executes transactions; in addition, no associated person that makes investment or trading decisions may concurrently serve as a person who makes investment or trading decisions with regard to the assets under an ordinary account of the insurance enterprise.Any insurance enterprise producer who solicits business in which the enterprise has discretionary authority to decide the utilization of subject assets in investment-linked insurance, in addition to meeting the qualifications for associated persons set out in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, shall also abide by the provisions of the SITC Act and the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises.