Offshore Banking Act Article 22-19

An offshore insurance branch that fails to file with the competent authorities for recordation, or to provide its business or financial information or other reports, or to report to the FSC for approval and notify the CBC under Article 20 or 21-1 as applied mutatis mutandis under Article 22-17, shall be subject to a fine of not less than NT$600,000 but not more than NT$3,000,000.In addition to imposing an administrative fine under the preceding paragraph, the competent authorities shall also order the branch to become compliant within a specified time period; where the branch fails to become compliant within the specified time period, the competent authorities may order a new period for compliance and impose additional fines of not less than NT$1,200,000 but not more than NT$6,000,000 for each successive failure to comply until corrective action has been taken.