Regulations Governing Foreign Investments by Insurance Companies Article 11-1
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.
When an insurer invests in real estate overseas and in the Mainland China area in any of the following ways:1. To obtain real estate overseas and in the Mainland China area in its own name.2. To obtain real estate overseas or in the Mainland China area through real estate investment business for special-purpose investment.3. Obtaining real estate overseas or in the Mainland China area through a real estate investment business for special-purpose investment by way of loan.4. Obtaining real estate overseas or in the Mainland China area through a trust contract.Real estate investment business for special-purpose investment, as referred to in the preceding paragraph, means those enterprises 100% owned by the insurer, as filed with the competent authority for reference or approved by the competent authority exclusively for the purpose of investment in real estate overseas or in the Mainland China area. As pointed out in the preceding paragraph, obtaining real estate overseas or in the Mainland China area through a trust contract, is regarded as a trust contract when concerned with the obtaining, management, use, benefit and disposal of that real estate made between an insurer filed with the component authorities for reference or permitted by the competent authority or its real estate investment business for special-purpose investment and trustee institutions.In cases where an insurer and the real estate investment business acquires or disposes of the real estate that it has invested overseas and in the Mainland China area, it is required to obtain an appraisal report issued by an international appraisal institution that is qualified locally, and the mandated institutions in charge of the management are limited to international real estate management companies. In cases where the investment is made through the real estate investment business for special purposes of investment, it is also required to obtain a legal opinion as regards its legality issued by local qualified counsel; the following items shall be disclosed within three days after the acquisition of such documents in the website of the insurer:1. The location of the overseas and Mainland China area real estate.2. Information proving the fair market value.3. Ownership, area and use condition of the property.The appraisal companies and the real estate management companies set forth in the preceding paragraph shall meet the following requirements1. Appraisal companies are limited to those incorporated and registered with the competent authorities in countries or regions with a sovereign credit rating of at least A+ or its equivalent from foreign credit rating agencies or the Republic of China and have offices of business in the place where the proposed invested overseas real estate or the real estate investment business for special purposes of investment and the Republic of China.2. Real estate management companies shall meet any of the following requirements, provided that, however, that if the invested real estate is managed by an existing real estate management company and that such contract does not mature, or the real estate management company shall be jointly determined by the co-owners of the real estate, such provision is not applicable:(1). Publicly available documents proving that such real estate management company has been incorporated in the place where the real estate proposed by the insurer is located for at least three years and has experience in managing commercial building with floor space of at least 35,000 square meters and assets of NTD 10 billion or equivalent foreign currencies.(2). Concrete and public information proving that such real estate management company ranks among the top five real estate management companies in terms of revenue for the most recent year.In cases where an insurer invests in overseas and Mainland China area real estate in accordance with paragraph 1, such company shall include the handling procedure in relation to the investment in overseas and Mainland China area real estate in internal controls, and have the board of directors to adopt it; such also applies to amendment. The handling procedure shall include at least the following matters:1. Investment guidelines, strategies, and responsible departments.2. Evaluation, transaction, management and handling procedure.3. Risk management measures.For the risk management measures as referred to in the preceding paragraph, sub-paragraph 3, its risk control shall include a control mechanism of different levels with reference to credit rating information provided by foreign credit rating agencies in relation to foreign countries and the Mainland China area where the real estate is located and shall set up risk limits for each level and country.For an insurer that engages in overseas real estate investment, such company shall designate staff with relevant experience or professionally trained personnel, and submit an investment assessment report for each case to the board of directors for authorization and handling.Pursuant to the requirements set forth in Article 12 of Regulations Governing Public Disclosure of Information by Non-life Insurance Enterprises and Article 12 of the Regulations Governing Public Disclosure of Information by Life Insurance Enterprises, non-life and life insurance enterprises shall respectively make public disclosure of the following information under the notes in the explanatory documents posted on their information disclosure website:1. Areas, amounts and profit/loss of real estate investments made overseas and in Mainland China, which have been reviewed by a certified public accountant (CPA) and shall be updated on an annual basis;2. Information specified under Paragraph 7 of Article 11-2; and3. Information specified under Paragraph 3 of Article 11-3.An insurer that invests in overseas or Mainland China area real estate in accordance with the provisions under the subparagraphs of Paragraph 1 hereof shall disclose the following information in the notes to its annual financial statements:1. For overseas and Mainland China area real estate acquired in accordance with Subparagraph 1 of Paragraph 1 hereof, is the real estate ownership subject to restrictions?2. For overseas and Mainland China area real estate acquired in accordance with Subparagraphs 2 and 3 of Paragraph 1 hereof, does the real estate investment business for special-purpose investment have any situation that violates Subparagraph 2, Paragraph 3 of Article 11-2 herein and is the real estate ownership of the investment business subject to restrictions other than the restriction associated with being furnished as security for other’s debt?3. For overseas and Mainland China area real estate acquired in accordance with Subparagraph 4 of Paragraph 1 hereof, is the ownership of the trust property subject to restrictions?
中文原文 保險業辦理國外投資管理辦法第11-1條
保險業得以下列方式從事國外及大陸地區不動產之投資：
一、以自己名義取得國外及大陸地區不動產。
二、經由投資特定目的不動產投資事業取得國外及大陸地區不動產。
三、經由投資特定目的不動產投資事業，並以貸款方式提供該事業所需資金取得國外及大陸地區不動產。
四、經由信託方式取得國外及大陸地區不動產。
前項所稱特定目的不動產投資事業，係指保險業報經主管機關備查或核准由保險業百分之百持有並專以投資國外或大陸地區不動產為目的之事業；所稱經由信託方式取得國外及大陸地區不動產，係指保險業報經主管機關備查或核准由保險業或其特定目的不動產投資事業與受託機構簽訂信託契約，由受託機構依信託契約內容為取得、管理、使用、收益及處分者。
保險業及特定目的不動產投資事業取得或處分其投資之國外及大陸地區不動產，應經當地合格之國際性鑑價機構出具鑑價報告，且委託管理之對象以國際性物業管理機構者為限，如係以投資特定目的不動產投資事業方式辦理者，並應由當地合格律師事務所就其適法性出具法律意見書；取得後應於公司網站揭露下列事項：
一、國外及大陸地區不動產所在地。
二、市場公平價值之相關證明資料。
三、權屬狀況、面積及使用情形。
前項鑑價機構及物業管理機構應符合下列規定：
一、鑑價機構以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上國家或地區之主管機關或我國合法設立登記，並已於預定投資之國外不動產或特定目的不動產投資事業設立登記之所在地及我國設有營業據點者為限。
二、物業管理機構應符合下列條件之一，但所投資之不動產已存在既有物業管理機構且合約未到期，或所投資不動產須經同一標的其他所有權人共同決定物業管理機構者，不在此限：
（一）已有公開資料可以證明該物業管理機構於保險業預定投資不動產所在地設立達三年以上且具商業大樓物業管理面積達三萬五千平方公尺以上之經驗及管理資產價值達新臺幣一百億元或等值外幣。
（二）有公開具體事證證明該物業管理機構最近一年營業收入為當地前五大之物業管理機構。
保險業依第一項規定投資國外及大陸地區不動產，應於內部控制制度中增列投資國外及大陸地區不動產之處理程序，報經董事會決議通過，修正時亦同。
其處理程序，至少應包括下列內容：
一、投資方針、策略及權責單位。
二、評估、交易、管理及作業處理程序。
三、風險監控管理措施。
前項第三款所列之風險監控管理措施，其風險控管範圍應包括就國外及大陸地區不動產所在國家，參考國外信用評等機構之國家風險評等資訊制定分級控管機制，並依各級別及個別國家訂定風險限額之管理規範。
保險業從事國外不動產投資，應指派具有相關從業經驗或專業訓練人員負責，並提出投資評估報告，逐案提報董事會通過後依授權辦理。
財產保險業及人身保險業應分別依財產保險業辦理資訊公開管理辦法第十一條及人身保險業辦理資訊公開管理辦法第十一條規定，於資訊公開網頁之說明文件應記載事項項下公開揭露下列資訊：
一、經會計師覆核之從事國外及大陸地區不動產投資之投資地區、金額及損益情形，並每年更新一次。
二、第十一條之二第七項各款資料。
三、第十一條之三第三項各款資料。
保險業依第一項各款規定從事國外及大陸地區不動產投資者，應於其年度財務報告內附註揭露下列事項：
一、依第一項第一款取得國外及大陸地區不動產者，其所持有不動產所有權是否受到限制。
二、依第一項第二款及第三款取得國外及大陸地區不動產者，所投資特定目的不動產投資事業是否有違反第十一條之二第三項第二款規定之情事，以及該事業所持有不動產所有權是否受到被提供為他人債務擔保以外之其他限制。
三、依第一項第四款取得國外及大陸地區不動產者，其信託財產所有權是否受到限制。
一、以自己名義取得國外及大陸地區不動產。
二、經由投資特定目的不動產投資事業取得國外及大陸地區不動產。
三、經由投資特定目的不動產投資事業，並以貸款方式提供該事業所需資金取得國外及大陸地區不動產。
四、經由信託方式取得國外及大陸地區不動產。
前項所稱特定目的不動產投資事業，係指保險業報經主管機關備查或核准由保險業百分之百持有並專以投資國外或大陸地區不動產為目的之事業；所稱經由信託方式取得國外及大陸地區不動產，係指保險業報經主管機關備查或核准由保險業或其特定目的不動產投資事業與受託機構簽訂信託契約，由受託機構依信託契約內容為取得、管理、使用、收益及處分者。
保險業及特定目的不動產投資事業取得或處分其投資之國外及大陸地區不動產，應經當地合格之國際性鑑價機構出具鑑價報告，且委託管理之對象以國際性物業管理機構者為限，如係以投資特定目的不動產投資事業方式辦理者，並應由當地合格律師事務所就其適法性出具法律意見書；取得後應於公司網站揭露下列事項：
一、國外及大陸地區不動產所在地。
二、市場公平價值之相關證明資料。
三、權屬狀況、面積及使用情形。
前項鑑價機構及物業管理機構應符合下列規定：
一、鑑價機構以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上國家或地區之主管機關或我國合法設立登記，並已於預定投資之國外不動產或特定目的不動產投資事業設立登記之所在地及我國設有營業據點者為限。
二、物業管理機構應符合下列條件之一，但所投資之不動產已存在既有物業管理機構且合約未到期，或所投資不動產須經同一標的其他所有權人共同決定物業管理機構者，不在此限：
（一）已有公開資料可以證明該物業管理機構於保險業預定投資不動產所在地設立達三年以上且具商業大樓物業管理面積達三萬五千平方公尺以上之經驗及管理資產價值達新臺幣一百億元或等值外幣。
（二）有公開具體事證證明該物業管理機構最近一年營業收入為當地前五大之物業管理機構。
保險業依第一項規定投資國外及大陸地區不動產，應於內部控制制度中增列投資國外及大陸地區不動產之處理程序，報經董事會決議通過，修正時亦同。
其處理程序，至少應包括下列內容：
一、投資方針、策略及權責單位。
二、評估、交易、管理及作業處理程序。
三、風險監控管理措施。
前項第三款所列之風險監控管理措施，其風險控管範圍應包括就國外及大陸地區不動產所在國家，參考國外信用評等機構之國家風險評等資訊制定分級控管機制，並依各級別及個別國家訂定風險限額之管理規範。
保險業從事國外不動產投資，應指派具有相關從業經驗或專業訓練人員負責，並提出投資評估報告，逐案提報董事會通過後依授權辦理。
財產保險業及人身保險業應分別依財產保險業辦理資訊公開管理辦法第十一條及人身保險業辦理資訊公開管理辦法第十一條規定，於資訊公開網頁之說明文件應記載事項項下公開揭露下列資訊：
一、經會計師覆核之從事國外及大陸地區不動產投資之投資地區、金額及損益情形，並每年更新一次。
二、第十一條之二第七項各款資料。
三、第十一條之三第三項各款資料。
保險業依第一項各款規定從事國外及大陸地區不動產投資者，應於其年度財務報告內附註揭露下列事項：
一、依第一項第一款取得國外及大陸地區不動產者，其所持有不動產所有權是否受到限制。
二、依第一項第二款及第三款取得國外及大陸地區不動產者，所投資特定目的不動產投資事業是否有違反第十一條之二第三項第二款規定之情事，以及該事業所持有不動產所有權是否受到被提供為他人債務擔保以外之其他限制。
三、依第一項第四款取得國外及大陸地區不動產者，其信託財產所有權是否受到限制。