Regulations for Establishment and Administration of Foreign Insurance Enterprises Article 17

Where any of the following applies to the responsible person of a foreign insurance enterprise, the competent authority may order that the person be replaced within a prescribed period of time:1. He or she does not meet the requirements of the Regulations Governing Qualification Requirement and Concurrent Serving Restrictions and Matters for Compliance by the Responsible Persons of Insurance Enterprises.2. He or she has violated ROC insurance law.3. He or she has violated the preceding Article by failing to make a required filing with the competent authority.4. There are other facts which show that he or she is unfit for the position.When a foreign insurance enterprise replaces its responsible person in accordance with the provisions of the preceding paragraph, or it replaces the person of its own accord, the newly appointed person may not assume the position until he/she has submitted to the competent authority the documents required under the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises and the competent authority has reviewed and approved the appointment.