Regulations Governing Derivatives Transactions Conducted by Insurance Companies Article 8

An insurer may engage in the following derivatives transactions for enhancing the investment efficiency: 1. Call (put) warrants traded on Taiwan Stock Exchange Corporation or GreTai Securities Market;2. 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;3. The sale of call options and transaction of swaption on the over-the-counter markets with domestic financial institutions and branches of foreign financial institutions meeting the requirements in Article 6 Subparagraph 3 by the insurer which actually holds the spot financial instruments specifically corresponding to the underlying instruments of such options.