Regulations Governing Derivatives Transactions Conducted by Insurance Companies Article 7

An insurer may engage in the following derivatives transactions relating to investment in foreign securities specified in Article 146-4 of the Act for hedging purposes:1. Foreign futures trading, in which the futures commission merchants are entitled to engage, as is announced by the competent authority according to Article 5 of the Futures Trading Act;2. Such derivatives referencing to various underlying instruments besides those in the preceding subparagraphs which domestic and foreign financial institutions meeting the requirements in Article 6 Subparagraph 3 are permitted to trade with or for customers according to law.