Deposit Insurance Act Article 10

Financial institutions having been duly approved to accept deposits, postal savings, or to be consigned to manage trust funds used for the purpose designated by the financial institutions with guaranteed principal and interest (hereinafter referred to collectively as "deposits") shall apply to the CDIC to participate in deposit insurance and become insured institutions upon review and approval by the CDIC. However, the provision set forth in the aforesaid does not apply to the Taiwan branches of a deposit-taking foreign bank whose deposits have been insured by the deposit insurance system in their home countries.In the event that any financial institution fails to apply for participation in deposit insurance according to the aforementioned provision, the CDIC shall report to the competent authority or the central competent authority of the agricultural finance, depending on whether such institution is a general financial institution or an agricultural financial institution to request the replacement of the responsible person or revoke its license.Provisions set forth in the preceding two Paragraphs do not apply to the insured institutions that have participated in deposit insurance prior to the enforcement of the Amendment to this Act.The standards for the documents to be submitted by the financial institutions when applying for participation in deposit insurance and the verification of application qualification according to Paragraph 1 shall be drawn up by the CDIC and submitted to the competent authority for approval and promulgation.