Regulations for Establishment and Administration of Foreign Insurance Enterprises Article 12

Where a foreign insurance enterprise fails to commence business operations within six months of issuance of a business license, the competent authority shall revoke its establishment permit, order the enterprise to surrender its license for cancellation, and notify the Ministry of Economic Affairs. Notwithstanding the foregoing, where there is legitimate reason and the competent authority has granted approval, an extension may be granted; the period of extension shall be no longer than six months, and shall be limited to one time.