Regulations Governing Investment of Investment-linked Insurance Article 14

In the event that the investment objects of investment-linked insurance are beneficiary certificates ofsecurities investment trust funds, those beneficiary certificates of securities investment trust fundsshall be the ones approved by competent authorities or coming into effect upon declaration forplacement and issuance. In case that the investment objects are offshore funds, those offshore fundsshall be the ones approved by competent authorities or coming into effect upon declaration for localplacement and sales. However, the situation is not limited to exchange traded funds (ETFs) trading on foreign securities exchange markets.In the event that the investment objects of investment-linked insurance are beneficiary certificates ofmutual trust funds, they shall be approved by competent authorities.The structured products used as the investment objects of investment-linked insurance are theproducts either combining fixed-income products and financial derivatives or structured notes.The limits and restrictions on the investment objects listed in paragraph 1 of article 10 and article 11are to be regulated separately by competent authorities.