Regulations Governing Foreign Investments by Insurance Companies Article 10
This English translation was last updated on 2024-05-17, but the Chinese text was amended on 2026-09-04. Later amendments may not be reflected in the translation — please refer to the Chinese text.
Where an insurer invests in the bonds issued by international organizations referred to in Subparagraph 11 of Article 5, such bonds shall have a credit rating equivalent to A- or above from the foreign credit rating agencies. The total investment in the bonds issued by each international organization shall not exceed 5% of the insurer’s funds.An insurer’s investment in foreign currency denominated certificates of stocks, bonds or Sukuk listed or traded over-the-counter on the domestic securities market mentioned in Subparagraph 12 of Article 5 shall be subject to the following conditions and limits:1. Investment conditions:(1) Based on the type of stock certificate, bond or Sukuk invested, the investment shall comply with the conditions set out in Paragraphs 1, Paragraphs 1, 2, 4, 6 and 7 of Article 6, Paragraph 2 of Article 7 and Paragraph 2 of Article 17 herein.(2) For investment in bonds with covenants that the issuer may redeem the bond after a certain period of time, that period of time shall not be less than 5 years from the date of issue; for bonds acquired in the secondary market, the duration from the date of transaction settlement to the end of that period of time shall not be less than 3 years. The preceding provision does not apply to bonds already invested by the insurer before the amendment of these Regulations is implemented.(3)For bonds that may be redeemed as specified in the preceding item, the redemption price shall be determined by the following two items, whichever is higher, and they shall not be subject to the regulations in the preceding item:A. Face value of the bond plus interest receivable.B. Sum of undistributed interest and principal in the period from the redemption to the maturity date after discount.2. Investment limits:(1) The total investment amount plus the foreign investment amount included in the limit for foreign investments shall not exceed 145% of the insurer’s approved foreign investment limit. However, if the aforementioned total amount of the insurer has exceeded the limit prior to the promulgation of the amended Regulations, no additional investments in the securities mentioned in Subparagraph 12 of Article 5 shall be permitted.(2) The amount of the investment shall be calculated, based on the type of stock certificate, bond or Sukuk invested, into respectively the limits provided in Paragraphs 1, Paragraphs 1, 2, 4, 6 and 7 of Article 6, Paragraph 3 of Article 7 and Paragraph 1 of Article 17 herein.3. Total investments in sukuks may be calculated based on the owner’s equity of the promoter. The other regulations on limits and the organization type of the issuance institution shall be applicable to the promoter.The insurer’s investment in private placement of corporate bonds as specified in Subparagraph 13 of Article 5 must be senior bonds. The credit rating of the issuance of the bond shall have a rating of BBB+ or its equivalent from a foreign credit rating agency.
中文原文 保險業辦理國外投資管理辦法第10條
保險業投資於第五條第十一款之國際性組織發行之債券，其債券發行評等等級，須經國外信用評等機構評定為A-級或相當等級以上，且其對每一國際性組織所發行債券之投資總額，不得超過該保險業資金百分之五。
保險業投資於第五條第十二款之國內證券市場上市或上櫃買賣之外幣計價股權、債權憑證或伊斯蘭固定收益證券，應符合下列投資條件及限額規定：
一、投資條件如下：
（一）應按所投資股權、債權憑證或伊斯蘭固定收益證券，分別符合第一項、第六條第一項、第二項、第四項、第六項、第七項、第七條第二項、第十七條第二項規定之投資條件。
（二）發行條件包括發行人於一定期限屆至後得贖回該債券者，自發行日起至該一定期限屆至日止之期間，不得低於五年；自次級市場取得者，自交割日起至該一定期限屆至日止之期間，不得低於三年。
但保險業於本辦法修正施行前，已有投資該債券者，不在此限。
（三）前目得贖回債券，其贖回價格係由下列二者孰高決定者，不適用前目規定：1.債券面額加計應收利息。
2.贖回當時至到期日尚未配發之利息與本金折現後之總值。
二、投資限額如下：
（一）投資總額加計應計入國外投資額度之合計數，不得超過保險業經核定國外投資額度之百分之一百四十五。
但保險業於本辦法修正施行時，上開合計數已超過該限額者，投資總額不得再新增投資部位。
（二）投資金額應按所投資股權、債權憑證或伊斯蘭固定收益證券，分別計入第一項、第六條第一項、第二項、第四項、第六項、第七項、第七條第三項、第十七條第一項規定限額。
三、有關伊斯蘭固定收益證券之投資總額，得以發起人業主權益作為計算基礎，其他限額規定及發行機構組織型態，應以發起人作為規範對象。
保險業投資於第五條第十三款之私募公司債，須為主順位，其債券發行評等等級，須經國外信用評等機構評定為BBB+級或相當等級以上。
保險業投資於第五條第十二款之國內證券市場上市或上櫃買賣之外幣計價股權、債權憑證或伊斯蘭固定收益證券，應符合下列投資條件及限額規定：
一、投資條件如下：
（一）應按所投資股權、債權憑證或伊斯蘭固定收益證券，分別符合第一項、第六條第一項、第二項、第四項、第六項、第七項、第七條第二項、第十七條第二項規定之投資條件。
（二）發行條件包括發行人於一定期限屆至後得贖回該債券者，自發行日起至該一定期限屆至日止之期間，不得低於五年；自次級市場取得者，自交割日起至該一定期限屆至日止之期間，不得低於三年。
但保險業於本辦法修正施行前，已有投資該債券者，不在此限。
（三）前目得贖回債券，其贖回價格係由下列二者孰高決定者，不適用前目規定：1.債券面額加計應收利息。
2.贖回當時至到期日尚未配發之利息與本金折現後之總值。
二、投資限額如下：
（一）投資總額加計應計入國外投資額度之合計數，不得超過保險業經核定國外投資額度之百分之一百四十五。
但保險業於本辦法修正施行時，上開合計數已超過該限額者，投資總額不得再新增投資部位。
（二）投資金額應按所投資股權、債權憑證或伊斯蘭固定收益證券，分別計入第一項、第六條第一項、第二項、第四項、第六項、第七項、第七條第三項、第十七條第一項規定限額。
三、有關伊斯蘭固定收益證券之投資總額，得以發起人業主權益作為計算基礎，其他限額規定及發行機構組織型態，應以發起人作為規範對象。
保險業投資於第五條第十三款之私募公司債，須為主順位，其債券發行評等等級，須經國外信用評等機構評定為BBB+級或相當等級以上。