Regulations for Establishment, Transfer, or Withdraw Branch Units by Insurance Enterprises Article 23

An insurance enterprise that intends to establish a foreign branch unit shall file with the competent authority for permission, submitting the following documents:1. An application form.2. Minutes of shareholders or directors meetings.3. Such other documents as may be required by the competent authority.Where an insurance enterprise applies to establish a foreign subsidiary or branch office, it shall additionally submit the following documents:1. Financial reports for the most recent three fiscal years, audited and attested by a certified public accountant.2. Business plan, specifying the scope of the business to be run, business principles and policies, future development plan, financial forecasts for the coming three years, internal organization and segregation of duties, its subordination to the parent company or head office, and the plan for staffing, recruitment, and training.3. Statements of foreign subsidiaries or branch offices meeting the competent authority’s requirements on control mechanism against money laundering and terrorist financing.4. Statements of the status of corporate governance practices.5. A multistage analysis of the possible amount of capital injections or equity contributions over the coming three years.6. A disclosure of the principal joint venture partners involved in the establishment of any subsidiary.7. Proof of credentials showing that the intended responsible person meets the requirements of the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises.The responsible person of foreign branch units means the chairman and general manager appointed by the insurance enterprise of R.O.C. in the foreign subsidiary established by such insurance enterprise, the managers of foreign branch offices or the representative of foreign representative offices.