Regulations Governing Use of Insurer's funds in Special Projects, Public Investments and Social Welfare Enterprises Article 7
The limits for an insurer engaging in investment in special projects, public investments or social welfare enterprises are set forth as follows:1. The total amount of investment shall not exceed 15% of the insurer’s funds.2. The total amount of an insurer invested in one and the same entity shall not exceed 5% of its total funds except for the invested entity listed in Paragraph 2 of Article 5.3. The investment or contribution ratio of an insurer invested in the following entities shall comply with the following provisions:(1) Where the invested entity is a venture capital enterprise, or an infrastructure project listed in Subparagraph 1 of Article 2, or an entity listed in Subparagraph 4, Paragraph 2 of Article 5, the investment amount may not exceed 25% of the outstanding shares or paid-in capital of the invested entity.(2) Where the invested entity is a private equity fund listed in Subparagraph 2 of Article 2, the investment amount may not exceed 20% of the outstanding shares or paid-in capital of the invested entity. However, if the regulations of the competent authority are met, the investment amount may not exceed 25% of the outstanding shares or paid-in capital of the invested entity.(3) Where the invested entity is an enterprise listed in Article 3 or Article 4, the investment amount may not exceed 45% of the outstanding shares or paid-in capital of the invested entity. The foregoing does not apply to an insurer which meets the following requirements and obtains the approval of the competent authority:(I) The insurer’s ratio of total adjusted net capital to risk-based capital as of the end of most recent period shall comply with the regulatory standard.(II) The investment shall be approved by the board of directors, and an independent director shall be appointed. In addition, except for the insurer entirely held by a financial holding company, an audit committee shall be established.(III) 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 authorities with relevant supporting document.(IV) There have been no major sanctions and 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.(V) Where this is not the first-time investment in an entity and the total investment amount has reached above 45% of the outstanding shares or paid-in capital of the invested entity, the invested entity shall not show accumulated losses in its most recent financial statements, unless the invested entity is a private institution set out in the PPP Act.(4) Except for invested entities prescribed in the preceding three Items, total investment in any entity shall not exceed 10% of the outstanding shares or paid-in capital of the invested entity.4. In case of securitization products issued by an insurer aiming at the contents set forth in Article 3 and 4 as the target, such insurer may invest within the limit of 10% of the total amount of the securitization products, free of the restriction of the investment ratio set forth in the preceding Subparagraph.5. The total amount of an insurer invested in the entity listed in Paragraph 2 of Article 5 shall not exceed 2% of its total funds.The major sanctions and disciplinary actions as prescribed in Item 3-4, Subparagraph 3 of the preceding Paragraph and Item 1-5, Subparagraph 2, Paragraph 3 of Article 10 refer to Article 2 of the Regulations Governing Public Disclosure by the Financial Supervisory Commission of Material Enforcement Actions for Violations of Financial Legislation.Where, after an insurer invests in a special project, or a public investment or social welfare enterprise, and the invested entity is qualified to accept investments under Subparagraph 3 or 4, Paragraph 1 of Article 146-1 of the Act, the investments in such entity shall be governed by the provisions of the aforementioned Subparagraph clauses and the following rules instead:1. Where the funds of the invested entity are used in any project under Article 3 or Article 4 herein, and the insurer’s investment ratio exceeds the limits set forth in Subparagraph 3 or 4 of Paragraph 1 or Paragraph 2 of Article 146-1 of the Act, no additional funds shall be invested in the entity unless the additional investment is made to maintain the original equity share in the entity.2. Where the funds of the invested entity are used originally in a project under Article 3 or Article 4 herein which subsequently exceeds the scope of projects under Article 3 or Article 4 herein, and the invested entity undergoes significant changes in its major business items or operational policies, the insurer shall, within 7 working days after the occurrence of event, report the reasons and relevant information to the competent authority. If it is deemed by the competent authority that investment in the invested entity clearly does not align with the original investment purpose, the insurer shall, within three years from the next day following the receipt of competent authority’s letter, reduce its investment ratio to the level that complies with Subparagraph 3 or 4, Paragraph 1, Article 146-1 of the Act. However the preceding provision does not apply, provided the insurer applies, within two months before the aforementioned adjustment period expires, to the competent authority for an extension of the adjustment period by submitting the reasons why it is unable to dispose its shares in the invested entity within the specified time limit.For insurers that apply for an extension of the adjustment period according to the provision of Subparagraph 2 of the preceding paragraph, each extension shall not exceed one year and extension will be allowed for a maximum of two times.Where an insurer and its interested parties jointly invest in an investee listed in Subparagraph 2 of Article 2 or Subparagraph 1, Subparagraph 2, and Subparagraph 4, Paragraph 2 of Article 5 of the Regulations or take any methods to achieve controlling and subordinate relations with the same investee, the following regulations must be met:1. The insurer may not take any direct or indirect methods via the investee to intervene in the business management and investment decisions of the same investee and its investees;2. The combined investments of the insurer and the invested entity in a company stock whose public issuance is approved by law as prescribed in Subparagraph 3, Paragraph 1 of Article 146-1 of the Act may not exceed the limit as prescribed in Subparagraph 3, Paragraph 1 of Article 146-1 of the Act.The Subparagraph 2 of the preceding Paragraph regarding the invested entity’s investment in a company stock whose public issuance is approved by law as prescribed in Subparagraph 3, Paragraph 1 of Article 146-1 of the Act, which shall be combined calculation with the insurer’s investment in the same company stock, is based on the insurer’s investment or contribution ratio in the invested venture investment enterprise. Where the limit is exceeded, the insurer shall comply with the following regulations before the condition is improved:1. The insurer’s shareholding in the aforementioned company stock may not be increased;2. The combined calculation of the insurer and the invested entity’s shareholding in the aforementioned company stock may not be increased.
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7條
保險業辦理專案運用、公共及社會福利事業投資之限額如下：
一、投資總額不得超過該保險業資金百分之十五。
二、除第五條第二項所列被投資對象外，對於同一對象投資之總額，合計不得超過該保險業資金百分之五。
三、對於被投資對象之投資比例或出資比例，應符合下列規定：
（一）被投資對象為創業投資事業、第二條第一款所列基礎建設及第五條第二項第四款者，不得超過該被投資對象已發行股份總數或實收出資額百分之二十五。
（二）被投資對象為第二條第二款所列之私募股權基金，不得超過該被投資對象已發行股份總數或實收出資額百分之二十。
但符合主管機關規定者，不得超過該被投資對象已發行股份總數或實收出資額百分之二十五。
（三）被投資對象為第三條及第四條所列項目之事業者，不得超過該被投資對象已發行股份總數或實收出資額百分之四十五。
但符合下列條件，報經主管機關核准者，不在此限：1.最近一期自有資本與風險資本之比率符合法定標準。
2.該投資經董（理）事會通過，且已設置獨立董事；除金融控股公司持有發行全部股份之保險業外，並應設置審計委員會。
3.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之說明及證明文件。
4.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。
5.如屬非首次投資，其已投資已發行股份總數或實收出資額達百分之四十五以上之被投資對象，除被投資對象為促參法所定之民間機構者外，最近一期財務報表應無累積虧損之情事。
（四）前三目以外之被投資對象，不得超過被投資對象已發行股份總數或實收出資額百分之十。
四、保險業對於以第三條及第四條所列項目為標的所發行之證券化商品，得於該證券化商品發行總額百分之十額度內投資，不受前款投資比率之限制。
五、保險業對於第五條第二項所列被投資對象之投資總額，合計不得超過該保險業資金百分之二。
前項第三款第三目之4及第十條第三項第二款第一目之5所稱重大裁罰及處分，指金融監督管理委員會處理違反金融法令重大裁罰措施之對外公布說明辦法第二條所定各款之情事。
保險業辦理專案運用、公共及社會福利事業投資後，其被投資對象符合本法第一百四十六條之一第一項第三款或第四款規定之投資條件時，對該被投資對象之投資，改依本法第一百四十六條之一第一項第三款或第四款及下列規定辦理：
一、被投資對象之資金運用範圍為第三條或第四條所列項目，且保險業之投資比例有超過本法第一百四十六條之一第一項第三款、第四款或第二項規定比例者，除依原投資比例辦理增資者外，不得再增加投資。
二、被投資對象之資金運用範圍原為第三條或第四條所列項目，後續有超逾第三條或第四條範圍，且主要營業項目或營運政策有重大變動時，保險業應於事實發生後七個工作日內檢具事由及相關資料向主管機關申報。
如被投資對象經主管機關認定為顯非原投資目的者，保險業應於主管機關文到之次日起三年內減少投資比例至符合本法第一百四十六條之一第一項第三款或第四款規定比例。
但保險業於調整期限屆滿前二個月內，檢具無法依限處分持股之事由向主管機關申請展延調整期限者，不在此限。
保險業依前項第二款但書規定申請展延期限者，每次展延期間最長一年並以二次為限。
保險業資金辦理專案運用投資第二條第二款及第五條第二項第一款、第二款及第四款所列之被投資對象，與其利害關係人共同持有或其他方式對該對象達到控制與從屬關係者，應符合下列規定：
一、保險業不得直接或以其他間接方式透過該對象或其他方式介入該對象及其所投資事業之經營管理及投資決策。
二、保險業應就其及該對象所投資本法第一百四十六條之一第一項第三款所稱經核准依法公開發行之同一公司股票，合併計算不得超過本法第一百四十六條之一第一項第三款規定之限額。
前項第二款有關保險業應合併計算該對象所投資本法第一百四十六條之一第一項第三款之公司股票，係依保險業對該對象之投資比重計算。
如有超過限額規定者，於超限情形未改善前，應依下列規定辦理：
一、保險業對該股票之持股不得再增加。
二、保險業合併計算該對象對該股票之持股不得再增加。
一、投資總額不得超過該保險業資金百分之十五。
二、除第五條第二項所列被投資對象外，對於同一對象投資之總額，合計不得超過該保險業資金百分之五。
三、對於被投資對象之投資比例或出資比例，應符合下列規定：
（一）被投資對象為創業投資事業、第二條第一款所列基礎建設及第五條第二項第四款者，不得超過該被投資對象已發行股份總數或實收出資額百分之二十五。
（二）被投資對象為第二條第二款所列之私募股權基金，不得超過該被投資對象已發行股份總數或實收出資額百分之二十。
但符合主管機關規定者，不得超過該被投資對象已發行股份總數或實收出資額百分之二十五。
（三）被投資對象為第三條及第四條所列項目之事業者，不得超過該被投資對象已發行股份總數或實收出資額百分之四十五。
但符合下列條件，報經主管機關核准者，不在此限：1.最近一期自有資本與風險資本之比率符合法定標準。
2.該投資經董（理）事會通過，且已設置獨立董事；除金融控股公司持有發行全部股份之保險業外，並應設置審計委員會。
3.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之說明及證明文件。
4.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。
5.如屬非首次投資，其已投資已發行股份總數或實收出資額達百分之四十五以上之被投資對象，除被投資對象為促參法所定之民間機構者外，最近一期財務報表應無累積虧損之情事。
（四）前三目以外之被投資對象，不得超過被投資對象已發行股份總數或實收出資額百分之十。
四、保險業對於以第三條及第四條所列項目為標的所發行之證券化商品，得於該證券化商品發行總額百分之十額度內投資，不受前款投資比率之限制。
五、保險業對於第五條第二項所列被投資對象之投資總額，合計不得超過該保險業資金百分之二。
前項第三款第三目之4及第十條第三項第二款第一目之5所稱重大裁罰及處分，指金融監督管理委員會處理違反金融法令重大裁罰措施之對外公布說明辦法第二條所定各款之情事。
保險業辦理專案運用、公共及社會福利事業投資後，其被投資對象符合本法第一百四十六條之一第一項第三款或第四款規定之投資條件時，對該被投資對象之投資，改依本法第一百四十六條之一第一項第三款或第四款及下列規定辦理：
一、被投資對象之資金運用範圍為第三條或第四條所列項目，且保險業之投資比例有超過本法第一百四十六條之一第一項第三款、第四款或第二項規定比例者，除依原投資比例辦理增資者外，不得再增加投資。
二、被投資對象之資金運用範圍原為第三條或第四條所列項目，後續有超逾第三條或第四條範圍，且主要營業項目或營運政策有重大變動時，保險業應於事實發生後七個工作日內檢具事由及相關資料向主管機關申報。
如被投資對象經主管機關認定為顯非原投資目的者，保險業應於主管機關文到之次日起三年內減少投資比例至符合本法第一百四十六條之一第一項第三款或第四款規定比例。
但保險業於調整期限屆滿前二個月內，檢具無法依限處分持股之事由向主管機關申請展延調整期限者，不在此限。
保險業依前項第二款但書規定申請展延期限者，每次展延期間最長一年並以二次為限。
保險業資金辦理專案運用投資第二條第二款及第五條第二項第一款、第二款及第四款所列之被投資對象，與其利害關係人共同持有或其他方式對該對象達到控制與從屬關係者，應符合下列規定：
一、保險業不得直接或以其他間接方式透過該對象或其他方式介入該對象及其所投資事業之經營管理及投資決策。
二、保險業應就其及該對象所投資本法第一百四十六條之一第一項第三款所稱經核准依法公開發行之同一公司股票，合併計算不得超過本法第一百四十六條之一第一項第三款規定之限額。
前項第二款有關保險業應合併計算該對象所投資本法第一百四十六條之一第一項第三款之公司股票，係依保險業對該對象之投資比重計算。
如有超過限額規定者，於超限情形未改善前，應依下列規定辦理：
一、保險業對該股票之持股不得再增加。
二、保險業合併計算該對象對該股票之持股不得再增加。