Regulations Governing Insurance Agents Article 27

An agent company having any of the following situations shall submit an application together with its board of directors’ or shareholders’ meeting minutes to the competent authority for approval and register with competent authority in charge of company registration to law:1. Suspending.2. Resuming business.3. Dissolved.An agent company may suspend its business up to one year, and where there is legitimate reason, may apply for an extension of business suspension period once. The application for extension shall be made fifteen days before the allowed suspension period expires.Where an agent company fails to apply for business resumption and employ an agent in accordance with Article 7 before the allowed suspension period expires, the competent authority will revoke its permission and cancel its practice license.Where an agent company applies for business suspension, it shall surrender the practice licenses of agents employed by the company. Where an agent company applies for dissolution, it shall surrender the practice licenses of agents employed by the company as well as the company’s practice license.Where an agent company has a situation set out in subparagraph 1 or 3 of paragraph 1 hereof or cancel its practice license by the competent authority but fails to surrender the practice licenses of agents employed by the company, the employed agents shall, within thirty days from business suspension or dissolution of the agent company or cancel its practice license by the competent authority, submit relevant documents to competent authority for cancellation of registration through the agents association.