Regulations Governing Use of Insurer's funds in Special Projects, Public Investments and Social Welfare Enterprises Article 10
In any of the following circumstances, an insurer may use its funds to invest in a special project or a public investment or social welfare enterprise according to the resolution made by its board of directors or within the scope authorized by the board without going through the application procedure. The foregoing does not apply when an insurer makes an investment according to Article 3 or Article 4 herein, but the invested enterprise is still in development stage that requires environmental impact assessment (EIA) in accordance with the Environmental Impact Assessment Act and the EIA report has not been approved by the relevant regulatory authority:1. The insurer increases its monetary investment in an entity for such project as has been approved by the competent authority, without increasing its original share or contribution in the total investment in the project.2. The invested entity is a venture investment enterprise qualified to receive guidance and/or assistance from the central competent authority according to the Regulations for the Guidelines for Venture Capital Businesses, the private equity funds listed in Subparagraph 2, Article 2 and Subparagraph 2, Paragraph 2, Article 5, the public utilities listed in Article 3 or the entity listed in Subparagraph 4 of Paragraph 2 of Article 5, and the total amount that the insurer invests in one and the same entity is less than NT$500 million and less than 5% of the owner’s equity of the insurer.3. The invested enterprise is an infrastructure project listed in Subparagraph 1 of Article 2 or a public investment project listed in Article 3, and the total amount that the insurer invests in one and the same entity is less than NT$1 billion and less than 5% of the owner’s equity of the insurer.4. The invested entity is not such an enterprises as specified in the preceding two subparagraphs and the total amount that the insurer invests in one and the same entity is less than NT$100 million and less than 2% of the owner’s equity of the insurer.5. Other circumstances regulated by the competent authority.For an insurer engaging in the investment set forth in preceding Paragraph, the ratio of total adjusted net capital to risk-based capital thereof should comply with the regulatory standard.If the invested entity is an entity regulated by the PPP Act and complies with the following investment amount and criteria, the insurer may invest in such an entity without going through the application procedure. The foregoing does not apply when an insurer makes an investment according to Article 3 or Article 4 herein, but the invested enterprise is still in development stage that requires environmental impact assessment (EIA) in accordance with the Environmental Impact Assessment Act and the EIA report has not been approved by the relevant regulatory authority:1. The total amount of investment in one and the same project of the insurer is under NT$2 billion and 10% of its owner’s equity, and the following conditions are met:(1) The ratio of total adjusted net capital to risk-based capital of the insurer in the most recent period shall comply with the regulatory standard.(2) The documents of the investment project prescribed in preceding article have been submitted to and resolved and approved by the board of directors before the investment is made.2. The total amount of investment in one and the same project of the insurer is under NT$5 billion and 10% of its owner’s equity, and the following conditions are fulfilled:(1) The financial conditions, corporate governance, and internal control of the insurer must fulfill the following conditions:(i) Both of the ratio of total adjusted net capital to risk-based capital of the insurer in the most recent period and the average ratio of total adjusted net capital to risk-based capital of the insurer over the most recent two years are 125% of the regulatory standard at least.(ii) The documents of the investment project prescribed in preceding article have been submitted to the board of directors and resolved and approved by over half of the directors at the board meeting attended by over two thirds of all directors before the investment is made.(iii) Except for a Taiwan branch of a foreign insurer, independent directors shall be appointed. In addition, except for the insurer entirely held by a financial holding company, an audit committee shall be established.(iv) There have been no major violations of the internal control procedure governing various applications of funds in the immediately preceding year, or the violations have been rectified and the rectification has been affirmed by the competent authority.(v) There have been no major sanctions or disciplinary actions related to the usage of insurer’s funds imposed by the competent authority in the most recent year, however, this does not include violations that have been rectified and affirmed by the competent authority.(2) The investment project complies with the financial standards set forth by the insurance association and filed with the competent authority for reference, has the guarantee or risk sharing mechanism provided by the authority in charge, and stipulates dispute settlement mechanism, and meets the following conditions:(i) The ratio of total adjusted net capital to risk-based capital of the insurer in the most recent period shall comply with the regulatory standard.(ii) The documents of the investment project prescribed in the preceding article have been submitted to and resolved and approved by the board of directors before the investment is made.The total amount of investment made in accordance with the PPP Act and mentioned in the preceding paragraph refers to the total amount of royalty, construction cost, and rent paid by the insurer under the investment contract.Where the insurer proceeds with investment in accordance with regulations in Paragraph 1 and Paragraph 3, shall provide the documents specified in Paragraph 1 of the proceeding Article submitted to the competent authority for subsequent review.The competent authority may, on a regular basis, audit the investment made by an insurer in such special projects, or public investments and or social welfare enterprises as are set forth in Paragraph 1 and Paragraph 3, and may, in light of the social and economic circumstances and the actual performance of the projects, impose restrictions on or require review of such investment.
中文原文 保險業資金辦理專案運用公共及社會福利事業投資管理辦法第10條
保險業符合下列情形之一者，得經董（理）事會決議或其授權範圍內，逕為辦理專案運用、公共及社會福利事業投資。
但保險業依第三條及第四條辦理投資時，被投資對象於開發階段依環境影響評估法應實施環境影響評估且尚未通過者，不在此限：
一、業經主管機關核准之投資，在不逾原投資比例或出資比例範圍內參與現金增資者。
二、被投資對象為依創業投資事業輔導辦法規定列為創業投資事業中央主管機關輔導協助之創業投資事業、第二條第二款及第五條第二項第二款所列之私募股權基金或第五條第二項第四款者，且對同一對象投資總額在新臺幣五億元以下及該保險業業主權益百分之五以下者。
三、被投資對象為第二條第一款所列之基礎建設及第三條所列公共投資者，且對同一對象投資總額在新臺幣十億元以下及該保險業業主權益百分之五以下者。
四、被投資對象非屬前二款之事業，且對同一對象投資總額在新臺幣一億元以下及該保險業業主權益百分之二以下者。
五、其他符合主管機關規定之情形者。
保險業辦理前項投資，其最近一期自有資本與風險資本之比率應符合法定標準。
被投資對象為依促參法辦理之案件，符合下列投資金額及條件者，得逕為辦理投資。
但保險業依第三條及第四條辦理投資時，被投資對象於開發階段依環境影響評估法應實施環境影響評估且尚未通過者，不在此限：
一、保險業對同一案件投資總額在新臺幣二十億元以下及該保險業業主權益百分之十以下者，且符合下列條件：
（一）該保險業最近一期自有資本與風險資本之比率應符合法定標準。
（二）該投資案件於投資前提具前條規定之書件報經董（理）事會決議通過。
二、保險業對同一案件投資總額在新臺幣五十億元以下及該保險業業主權益百分之十以下者，且符合下列條件之一：
（一）該保險業財務條件、公司治理及內部控制符合下列條件者：1.該保險業最近一期自有資本與風險資本之比率及最近二年度自有資本與風險資本之比率平均值達法定標準一點二五倍以上。
2.該投資案件於投資前提具前條規定之書件報經董（理）事會三分之二以上出席及出席董事二分之一以上同意決議通過。
3.除外國保險業在臺分公司外，已設置獨立董事；另除金融控股公司持有發行全部股份之保險業外，並已設置審計委員會。
4.最近一年執行各種資金運用作業內部控制處理程序無重大缺失，或缺失事項已改正並經主管機關認可者。
5.最近一年資金運用未有遭主管機關重大裁罰及處分者。
但違反情事已改正並經主管機關認可者，不在此限。
（二）該投資案件符合保險業同業公會依其所定並報主管機關備查之財務標準與投資案件主辦機關保證或風險分擔及爭議處理機制之條件，且符合下列條件：1.該保險業最近一期自有資本與風險資本之比率應符合法定標準。
2.該投資案件於投資前提具前條規定之書件報經董（理）事會決議通過。
前項依促參法辦理之投資，其投資總額，係指保險業依投資契約約定，應支付權利金、興建成本及租金之全部總金額。
保險業依第一項及第三項規定逕為辦理投資者，應備具前條第一項書件供主管機關事後查核。
主管機關得定期檢查保險業辦理第一項及第三項專案運用、公共及社會福利事業投資，並視社會經濟情況及其實際辦理績效，限制或審核之。
但保險業依第三條及第四條辦理投資時，被投資對象於開發階段依環境影響評估法應實施環境影響評估且尚未通過者，不在此限：
一、業經主管機關核准之投資，在不逾原投資比例或出資比例範圍內參與現金增資者。
二、被投資對象為依創業投資事業輔導辦法規定列為創業投資事業中央主管機關輔導協助之創業投資事業、第二條第二款及第五條第二項第二款所列之私募股權基金或第五條第二項第四款者，且對同一對象投資總額在新臺幣五億元以下及該保險業業主權益百分之五以下者。
三、被投資對象為第二條第一款所列之基礎建設及第三條所列公共投資者，且對同一對象投資總額在新臺幣十億元以下及該保險業業主權益百分之五以下者。
四、被投資對象非屬前二款之事業，且對同一對象投資總額在新臺幣一億元以下及該保險業業主權益百分之二以下者。
五、其他符合主管機關規定之情形者。
保險業辦理前項投資，其最近一期自有資本與風險資本之比率應符合法定標準。
被投資對象為依促參法辦理之案件，符合下列投資金額及條件者，得逕為辦理投資。
但保險業依第三條及第四條辦理投資時，被投資對象於開發階段依環境影響評估法應實施環境影響評估且尚未通過者，不在此限：
一、保險業對同一案件投資總額在新臺幣二十億元以下及該保險業業主權益百分之十以下者，且符合下列條件：
（一）該保險業最近一期自有資本與風險資本之比率應符合法定標準。
（二）該投資案件於投資前提具前條規定之書件報經董（理）事會決議通過。
二、保險業對同一案件投資總額在新臺幣五十億元以下及該保險業業主權益百分之十以下者，且符合下列條件之一：
（一）該保險業財務條件、公司治理及內部控制符合下列條件者：1.該保險業最近一期自有資本與風險資本之比率及最近二年度自有資本與風險資本之比率平均值達法定標準一點二五倍以上。
2.該投資案件於投資前提具前條規定之書件報經董（理）事會三分之二以上出席及出席董事二分之一以上同意決議通過。
3.除外國保險業在臺分公司外，已設置獨立董事；另除金融控股公司持有發行全部股份之保險業外，並已設置審計委員會。
4.最近一年執行各種資金運用作業內部控制處理程序無重大缺失，或缺失事項已改正並經主管機關認可者。
5.最近一年資金運用未有遭主管機關重大裁罰及處分者。
但違反情事已改正並經主管機關認可者，不在此限。
（二）該投資案件符合保險業同業公會依其所定並報主管機關備查之財務標準與投資案件主辦機關保證或風險分擔及爭議處理機制之條件，且符合下列條件：1.該保險業最近一期自有資本與風險資本之比率應符合法定標準。
2.該投資案件於投資前提具前條規定之書件報經董（理）事會決議通過。
前項依促參法辦理之投資，其投資總額，係指保險業依投資契約約定，應支付權利金、興建成本及租金之全部總金額。
保險業依第一項及第三項規定逕為辦理投資者，應備具前條第一項書件供主管機關事後查核。
主管機關得定期檢查保險業辦理第一項及第三項專案運用、公共及社會福利事業投資，並視社會經濟情況及其實際辦理績效，限制或審核之。