Regulations Governing Investment of Investment-linked Insurance Article 13

In the event that the investment objects of investment-linked insurance are the ones regulated insubparagraph 7 to subparagraph 11of paragraph 1 of article 10, they shall pass a certain level ofgrade rated by the credit rating agency approved by competent authorities.The preceding paragraph is also applicable to the investment-linked insurance in which theinvestment objects include government bonds, bonds or mortgage-backed securities as regulated insubparagraph 3 and 5 of paragraph 1 and subparagraph 1, 2, 3 and 5 of paragraph 2 of article 11.