Regulations Governing Derivatives Transactions Conducted by Insurance Companies Article 9
The limits on the derivatives transactions for hedging purpose or enhancing the investment efficiency are listed below:1. Where the derivatives are held for hedging purpose, the aggregate nominal value of the contracts thereof shall comply with the following provisions:(1) When hedged items are existing investment positions, this may not exceed the aggregate book value of the hedged items.(2) When hedged items are anticipated investment positions, this may not exceed the total value of the hedged items.(3) When the hedged items are specific liability positions, this may not exceed the amount of guaranteed benefits of the hedged items.2. Where the domestic or overseas derivatives are held for enhancing the investment efficiency, the aggregate nominal values of the contracts thereof shall not exceed 5% of the insurer's funds, among which the overseas position shall not exceed 3% of the insurer's funds. The aforesaid overseas derivatives shall be restricted to those derived from the overseas financial commodities only and without any derivatives transactions which based on the domestic securities, combination of securities, interest rates, exchange rates or indices involved in.3. Where the derivatives are held for enhancing the investment efficiency and linked to the equity of single company, the aggregate nominal values of the contracts thereof shall not exceed 0.5% of the insurer's funds.Where the following conditions are satisfied, the aggregate nominal values of the open long contracts and the open short contracts, held either for hedging purpose or for enhancing the investment efficiency as mentioned in the preceding paragraph, are allowed to be offset:1. The derivatives are the futures or options derived from the same interest rates, securities, indices, or exchange traded funds.The derivatives are derived from the interest rates highly correlated to price change or the interest rate swaps, futures or options of fixed-income securities as are highly correlative in terms of the price fluctuations thereof, and no physical settlement shall be involved.
中文原文 保險業從事衍生性金融商品交易管理辦法第9條
保險業從事避險目的或增加投資效益目的之衍生性金融商品交易限額規定如下：
一、因避險目的所持有之衍生性金融商品，其契約之總（名目）價值，應符合下列規定：
（一）被避險項目為已投資部位者，合計不得超過持有被避險項目部位之總帳面價值。
（二）被避險項目為預期投資部位者，合計不得超過被避險項目之總金額。
（三）被避險項目為特定負債部位者，合計不得超過被避險項目之保證給付金額。
二、因增加投資效益目的所持有之國內或國外衍生性金融商品，其契約總（名目）價值，合計不得超過各該保險業資金之百分之五，其中國外部分不得超過各該保險業資金之百分之三。
國外衍生性金融商品應以國外金融商品所衍生之商品為限，且不得涉及以我國證券、證券組合、利率、匯率或指數為標的之衍生性金融商品交易。
三、因增加投資效益目的所持有以單一公司之股權為標的之衍生性金融商品，其契約總（名目）價值，合計不得超過各該保險業資金之百分之零點五。
前項為避險目的及增加投資效益目的所持有之未沖銷多、空頭部位之契約總（名目）價值，符合下列沖抵原則者得相互沖抵：
一、衍生自相同之利率、有價證券、指數、或指數股票型基金之期貨或選擇權。
二、衍生自價格變動呈高度相關之利率或固定收益證券之利率交換、期貨或選擇權，且不得從事實物交割。
一、因避險目的所持有之衍生性金融商品，其契約之總（名目）價值，應符合下列規定：
（一）被避險項目為已投資部位者，合計不得超過持有被避險項目部位之總帳面價值。
（二）被避險項目為預期投資部位者，合計不得超過被避險項目之總金額。
（三）被避險項目為特定負債部位者，合計不得超過被避險項目之保證給付金額。
二、因增加投資效益目的所持有之國內或國外衍生性金融商品，其契約總（名目）價值，合計不得超過各該保險業資金之百分之五，其中國外部分不得超過各該保險業資金之百分之三。
國外衍生性金融商品應以國外金融商品所衍生之商品為限，且不得涉及以我國證券、證券組合、利率、匯率或指數為標的之衍生性金融商品交易。
三、因增加投資效益目的所持有以單一公司之股權為標的之衍生性金融商品，其契約總（名目）價值，合計不得超過各該保險業資金之百分之零點五。
前項為避險目的及增加投資效益目的所持有之未沖銷多、空頭部位之契約總（名目）價值，符合下列沖抵原則者得相互沖抵：
一、衍生自相同之利率、有價證券、指數、或指數股票型基金之期貨或選擇權。
二、衍生自價格變動呈高度相關之利率或固定收益證券之利率交換、期貨或選擇權，且不得從事實物交割。