Regulations Governing Insurance Agents Article 14

An agent company shall submit a written statement by the new chairperson, general manager or director externally representing an agent company organized as a limited company undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles, within 15 days after he/she is elected as the chairperson or appointed as the general manager to the competent authority for approval; where the qualifications of the chairperson or general manager are not approved by the competent authority, the competent authority may order the insurance broker company to make changes within a prescribed period of time; The same shall apply if factual evidence shows that an individual does not possess the required qualifications specified in preceding two paragraphs after taking office.Where an agent company has question over whether its chairperson or general manager to be elected or appointed, or an agent company organized as a limited company has question over whether the director to be elected to externally represent it meets the qualification requirements set forth in subparagraph 3 of preceding Article or Article 12, paragraph 3, subparagraph 3 herein, the agent company may submit the qualification information for approval by the competent authority before the election or appointment.Where there is a change of director, supervisor, or managers of branch office, an agent company shall submit a written statement by the new appointee undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles to the agents association for recordation within fifteen days after the change.An agent company shall report changes to place of business or paid-in capital to the agents association for recordation within fifteen days after registration of the change (with the appropriate authority); the preceding paragraph applies when an independent agent or a bank changes his or her place of business.The directions for the relevant operations set out in the paragraph 1 and the preceding two paragraphs shall be drawn up by the agents association, and submitted to the competent authority for recordation; the preceding provision shall apply to any amendment to those directions.