Regulations Governing Foreign Investments by Insurance Companies Article 11-2
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.
As pointed out in subparagraph 3, paragraph 1 of the previous article, when an insurer engages in obtaining real estate overseas or in the Mainland China area through a real estate investment business for special-purpose investment ` way of a loan, any such decisions shall be passed by three-fourths of board members in attendance, with two-thirds of all board members in attendance, and shall be in conformity with the following regulations:1. Loan interest, term of loan, collateral or conditions of guarantor’s setting or levying, and method of capital and interest payment adopted by the insurer shall not exceed the conditions of similar loans provided in the invested area where it engages in a real estate investment business for special-purpose investment within the term of financing and shall conform with local regulations in the invested area.2. Loans acquired through a real estate investment business for special-purpose investment shall all be utilized in obtaining real estate overseas or in Mainland China through investment.The gross balance of loans made by an insurer to the same real estate investment business for special-purpose investment shall not exceed 10% of the insurer’s owners’ equity, and the gross balance of such loans as well as the gross balance of loans made to overseas fundraising enterprises shall be included in the calculation of limits set out in the following provisions:1. The gross balance loaned provided by subparagraph 2, paragraph 1 of article 3 of the Regulations for Extending Loans by Insurance Enterprises to Interested Parties shall not exceed 1.5 times the insurer’s owners’ equity for the respective insurers.2. The gross balance loaned to the same interested party as provided by paragraph 3 of article 2 of the Regulations governing Insurance Enterprises in Making Loans to and Others Transactions with A Single Party, A Single Related Party or A Single Related Enterprise shall not exceed 40% of the insurer’s owners’ equity for the respective insurers.3. The gross balance loaned to the same affiliated enterprise as provided by paragraph 4 of article 2 of the Regulations governing Insurance Enterprises in Making Loans to and Others Transactions with A Single Party, A Single Related Party or A Single Related Enterprise shall not exceed 40% of the insurer’s owners’ equity for the respective insurers.The operation of real estate business for special-purpose investment shall be subject to the following restrictions:1. The business scope of such company shall be confined to purchasing, holding, maintaining, management, operation or disposal of real estate and real estate related rights.2. Except the loan mentioned in first paragraph, an insurance enterprise may not borrow funds from an outside party, act as guarantor for an outside party, or provide its assets as collateral for the debt of another.3.Such business shall not seek loans from outside sources, or act as a guarantor, or provide its property as a security for the indebtedness of others; its funds shall be limited to the following purposes:(1) For the payment of relevant costs and expenses incurred in connection with the business operations as set forth in the preceding subparagraph;(2) For deposits with financial institutions.4. The various revenues received by that business shall, except for the portion which should be reserved to meet essential operating needs, be remitted back to the parent company within six months after the final annual accounts are audited by the Certified Public Accountant(s).In cases where an insurer invests in real estate investment business for special-purpose investment, such insurer shall duly submit to the competent authority for prior approval for each and every object of real estate overseas and in the Mainland China area that it proposes to acquire:1. A business plan, which shall at least include category, location, floor space (area), business development plan, business principles and guidelines.2. An explanation as to the transparency of the real estate registration system where the relevant real estate overseas or in Mainland China is located and that said system is publically traceable.3. An analysis in various phases of the capital or the amount of investment that the insurer proposes to make.4. List of the proposed responsible person(s).5. An overview of the business operations of the invested real estate overseas and in the Mainland China area and the real estate investment business for special purposes of investments that have been established.6. Proof that the real estate has been legally utilized and generated profits at the time of investment.7.The content of the decision and decision-making procedure in obtaining real estate overseas or in the Mainland China area through a real estate investment business for special-purpose investment by way of loan passed by the board, along with the analysis of necessity and legitimacy of engaging in real estate investment business for special-purpose investment by way of loan proposed to the board and an a reasonable explanation concerning interests, period of loan, collateral, or conditions dealing with the setting or levying of guarantors and the method of payment.8. Other document(s) as required by the competent authority.In cases where an insurance company invests in real estate investment business for special purposes of investment in the Mainland China area, such shall be subject to the approval of the Ministry of Economic Affairs in accordance with the Act Governing the Relations between the People of the Taiwan Area and the Mainland China Area.In cases where an insurance company sets up real estate investment business for special purposes of investment overseas and in the Mainland China area, the 'Regulations for Establishment, Transfer, or Withdraw Branch Units by Insurance Enterprises ' and 'Regulations Governing Permission for Establishment of Branch Units and Subsidiaries in Hong Kong and Macau by Taiwan-area Insurance Institutions' is not applicable.An insurance company shall submit the following documents of real estate investment business for special purposes of investment for the reference of the competent authority within three months of the end of each fiscal year.1. A summary of the internal audit.2. A financial report audited by the Certified Public Accountant(s).3. A summary of the basic information in relation to the operations.4. Other documents as required by the competent authority.A competent authority or its entrusted institutions or personnel are entitled to examine the business, financial situation, and other necessary matters of the real estate investment business for special purpose, and are entitled to request that, when needed, the insurer or the real estate investment business provide documents, data, or designated personnel to explain them within a set period.An insurer shall, in accordance with the following items, establish in its internal control system the necessary process for the internal control of the real estate investment business for special purpose and shall take local regulations of investment and the nature of actual operations with regard to the investment business into consideration when supervising that business to establish its internal control system.1. The supervision and management toward the operation and management of its investment business for insurers should include the following control procedure at least:(1) An insurer shall establish an appropriate controlling system between itself and its investment business, including the method of appointing and assigning a legal representative and important managers for its investment business.(2) An insurer shall make an overall operational strategy and risk management policy and directives for principles governing it and its investment business which will serve its investment business in establishing related business plans and the policies and procedure of risk management.(3) An insurer shall establish policies and procedures of business segmentation, conditions of account receivable and account payable, and account disposal between it and its investment business.(4) An insurer shall establish a policy to supervise and to manage the important financial and business affairs of its investment business.2. The supervision and management toward the financial and business affairs of its investment business for insurers should include the following control procedure at least：(1) An insurer shall supervise its investment business so as to establish an independent financial and business information system.(2) An insurer shall establish an effective channel of communication with its investment business which, in addition to reporting important financial and business information to the insurer before any events occur, as mentioned in the previous subparagraph, shall also immediately report to the insurer any important matter that may influence the operation of its business before a specific event occurs.(3) An insurer shall acquire and examine the monthly management report of its investment business on at least a quarterly basis.(4) An insurer shall, based on related legal regulations concerning compulsory notifying or reporting information and terms prescribed, arrange for its investment business to provide necessary financial and business information or entrust an accountant to audit and check its financial report.3. The supervision and management toward the auditing management of its investment business for insurers should include the following control procedure at least:(1) An insurer shall direct its investment business to establish an internal auditing department, internal control system, and procedure and approach for self-examination and shall supervise their execution.(2) An insurer shall combine the auditing of investment business into its own enforcement rules of internal auditing and shall conduct auditing periodically or randomly; with regard to any discoveries and suggestions resulting from the audit report, the insurer shall have its investment business make corrections and create a tracking report periodically to ensure corrective measures have been adopted in time.(3) The investment business of an insurer shall immediately report to the insurer any defect or abnormal situation of the internal control system discovered through the auditing plan and execution.(4) The internal auditing unit of an insurer shall reexamine the audit report or self-examination report provided by its investment business and shall track the corrective efforts aimed at the defects and the abnormal situation in its internal control system.If the overseas or Mainland China area real estate acquired by an insurer in accordance with Subparagraph 2 or 3, Paragraph 1 of the preceding article has any of the following events, the insurer shall report the reasons and relevant information to the competent authority within seven days after the occurrence of event:1. Change of the structure of investment in the real estate investment business for special-purpose investment after the insurer has been approved by or has filed with the competent authority. The preceding provision applies to the situation where the insurer changes its investment structure again after reporting change of investment structure to the competent authority in accordance with this paragraph.2. The real estate investment business for special-purpose investment has any of the following financial or business situations:(1) Any situation described under Items 4, 5 and 7 to 10, Subparagraph 1 of Article 13-3 herein.(2) Involved in a major judicial litigation case.(3) Selling all or part of its real estate holdings or the real estate owned by the investment business suffers loss for some reason.(4) Other material situations that may affect the rights and interests of the insurer.
中文原文 保險業辦理國外投資管理辦法第11-2條
保險業依前條第一項第三款規定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者，應經董事會三分之二以上董事出席及出席董事四分之三以上同意，並應符合下列規定：
一、所為之貸款利率、貸款期間、擔保品或保證人之徵提或設定情形、還本付息方式等貸款條件，不得優於融資期間特定目的不動產投資事業所在地之同類貸款，並應符合當地之法令規定。
二、特定目的不動產投資事業所得之貸款，應全數運用於投資取得國外及大陸地區不動產。
保險業對同一特定目的不動產投資事業之貸款總餘額，不得超過各該保險業業主權益百分之十，且保險業對特定目的不動產投資事業貸款總餘額，加計對國外籌資事業之貸款總餘額，應併入下列規定之限額計算：
一、加計保險業利害關係人放款管理辦法第三條第一項第二款所定之放款總餘額，不得超過各該保險業業主權益一點五倍。
二、加計保險業對同一人同一關係人同一關係企業之放款及其他交易管理辦法第二條第三款所定對同一關係人之放款總餘額，不得超過各該保險業業主權益百分之四十。
三、加計保險業對同一人同一關係人同一關係企業之放款及其他交易管理辦法第二條第四款所定對同一關係企業之放款總餘額，不得超過各該保險業業主權益百分之四十。
特定目的不動產投資事業之經營，應符合下列規定：
一、該事業之業務範圍，以購買、持有、維護、管理、營運或處分不動產及不動產相關權利等為限。
二、除第一項所列之貸款外，該事業不得向外借款、為保證人或以其財產提供為他人債務之擔保。
三、該事業之資金用途以下列各目為限：
（一）支付經營第一款業務所發生之相關成本及費用。
（二）存放於金融機構。
四、該事業之各項收入，除預留必要之營運資金外，應於每年結算並經會計師簽證後六個月內匯回母公司。
保險業投資特定目的不動產投資事業，應就擬投資取得之國外及大陸地區不動產每一標的物於事前逐筆檢送下列書件向主管機關申請核准：
一、營運計畫書，其內容至少應載明擬購置不動產之種類、地點、面積、業務發展計畫、業務原則及方針等事項。
二、投資國外及大陸地區不動產所在地之不動產登記制度具有公示性及可查性等資訊透明度之說明文件。
三、可能投入資本或出資額之階段分析。
四、預定負責人名單。
五、已投資國外及大陸地區不動產及已設立特定目的不動產投資事業之經營概況。
六、投資時已合法利用並產生利用效益之證明文件。
七、經董事會通過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之核決程序及決議內容，以及向董事會提出以貸款方式提供該事業資金之必要性、適法性分析、及貸款利率、貸款期間、擔保品或保證人之徵提或設定情形、還本付息方式等貸款條件之合理性說明。
八、其他經主管機關要求提報之文件。
保險業投資大陸地區特定目的不動產投資事業，應依臺灣地區與大陸地區人民關係條例規定向經濟部申請許可。
保險業為投資國外及大陸地區不動產而設立特定目的不動產投資事業，不適用保險業設立遷移或裁撤分支機構管理辦法及臺灣地區保險機構在香港澳門設立分支機構子公司許可辦法之規定。
保險業應於年度終了後三個月內，檢具特定目的不動產投資事業之下列資料，報請主管機關備查：
一、內部稽核報告彙整摘要。
二、經會計師查核簽證之財務報告。
三、營運狀況基本資料之彙整摘要。
四、其他經主管機關要求之文件。
主管機關或其委託之適當機構或人員，得對特定目的不動產投資事業之業務、財務及其他必要事項進行查核，並得命保險業或該事業於一定期限內提出查核所需之文件、資料或指定人員前來說明。
保險業應於內部控制制度中，依下列事項對特定目的不動產投資事業訂定必要之控制作業，並考量該事業所在地政府法令之規定及實際營運之性質，督促該事業建立內部控制制度：
一、保險業對該事業經營管理之監督與管理，至少應包括下列控制作業：
（一）保險業與該事業間應建立適當之組織控制架構，包括該事業負責人與重要經理人之選任與指派權責之方式。
（二）保險業應規劃其與該事業間整體之經營策略、風險管理政策與指導原則，俾供該事業據以擬定相關業務之經營計畫、風險管理之政策及程序。
（三）保險業應訂定其與該事業間，包括業務區隔、應收應付帳款之條件、帳務處理等之政策及程序。
（四）保險業應訂定其監督與管理該事業重大財務、業務之事項。
二、保險業對該事業財務、業務資訊之監督與管理，至少應包括下列控制作業：
（一）保險業應督導該事業建立獨立之財務及業務資訊系統。
（二）保險業與該事業間應建立有效之財務及業務溝通系統，該事業除對依前款所訂定之重大財務、業務事項應於事實發生前陳報保險業外，對於其他足以影響公司權益之重要事項亦應於事實發生時立即向保險業報告。
（三）保險業應至少按季取得該事業月結之管理報告，進行分析檢討。
（四）保險業應配合法令規定之應公告或申報事項及其時限，及時安排該事業提供必要之財務、業務資訊，或委託會計師進行查核或核閱該事業之財務報告。
三、保險業對該事業稽核管理之監督與管理，至少應包括下列控制作業：
（一）保險業應指導該事業設置內部稽核單位及訂定內部控制制度，自行檢查作業之程序及方法，並監督其執行。
（二）保險業內部稽核實施細則應將該事業納入內部稽核範圍，定期或不定期執行稽核作業；稽核報告之發現及建議應通知該事業改善，並定期作成追蹤報告，以確定其已及時採取適當之改善措施。
（三）該事業應將稽核計畫及實際執行情形，發現之內部控制制度缺失及異常事項改善情形等儘速向保險業提出報告。
（四）保險業內部稽核單位應覆核該事業所陳報之稽核報告或自行檢查報告，並追蹤其內部控制制度缺失及異常事項改善情形。
保險業依前條第一項第二款或第三款規定取得國外及大陸地區不動產有下列情事之一者，應於事實發生後七日內檢具事由及相關資料向主管機關陳報：
一、向主管機關申請核准或備查後，保險業對特定目的不動產投資事業之投資架構有變動者。
已依本項規定向主管機關陳報投資架構變動後再有變動者，亦同。
二、特定目的不動產投資事業有發生下列財務、業務事項之一者：
（一）第十三條之三第一款第四目、第五目及第七目至第十目所列情事。
（二）重大司法訴訟案件。
（三）出售所持有全部或部分不動產，或所持有不動產因故滅失。
（四）其他足以影響保險業權益之重要事項。
一、所為之貸款利率、貸款期間、擔保品或保證人之徵提或設定情形、還本付息方式等貸款條件，不得優於融資期間特定目的不動產投資事業所在地之同類貸款，並應符合當地之法令規定。
二、特定目的不動產投資事業所得之貸款，應全數運用於投資取得國外及大陸地區不動產。
保險業對同一特定目的不動產投資事業之貸款總餘額，不得超過各該保險業業主權益百分之十，且保險業對特定目的不動產投資事業貸款總餘額，加計對國外籌資事業之貸款總餘額，應併入下列規定之限額計算：
一、加計保險業利害關係人放款管理辦法第三條第一項第二款所定之放款總餘額，不得超過各該保險業業主權益一點五倍。
二、加計保險業對同一人同一關係人同一關係企業之放款及其他交易管理辦法第二條第三款所定對同一關係人之放款總餘額，不得超過各該保險業業主權益百分之四十。
三、加計保險業對同一人同一關係人同一關係企業之放款及其他交易管理辦法第二條第四款所定對同一關係企業之放款總餘額，不得超過各該保險業業主權益百分之四十。
特定目的不動產投資事業之經營，應符合下列規定：
一、該事業之業務範圍，以購買、持有、維護、管理、營運或處分不動產及不動產相關權利等為限。
二、除第一項所列之貸款外，該事業不得向外借款、為保證人或以其財產提供為他人債務之擔保。
三、該事業之資金用途以下列各目為限：
（一）支付經營第一款業務所發生之相關成本及費用。
（二）存放於金融機構。
四、該事業之各項收入，除預留必要之營運資金外，應於每年結算並經會計師簽證後六個月內匯回母公司。
保險業投資特定目的不動產投資事業，應就擬投資取得之國外及大陸地區不動產每一標的物於事前逐筆檢送下列書件向主管機關申請核准：
一、營運計畫書，其內容至少應載明擬購置不動產之種類、地點、面積、業務發展計畫、業務原則及方針等事項。
二、投資國外及大陸地區不動產所在地之不動產登記制度具有公示性及可查性等資訊透明度之說明文件。
三、可能投入資本或出資額之階段分析。
四、預定負責人名單。
五、已投資國外及大陸地區不動產及已設立特定目的不動產投資事業之經營概況。
六、投資時已合法利用並產生利用效益之證明文件。
七、經董事會通過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之核決程序及決議內容，以及向董事會提出以貸款方式提供該事業資金之必要性、適法性分析、及貸款利率、貸款期間、擔保品或保證人之徵提或設定情形、還本付息方式等貸款條件之合理性說明。
八、其他經主管機關要求提報之文件。
保險業投資大陸地區特定目的不動產投資事業，應依臺灣地區與大陸地區人民關係條例規定向經濟部申請許可。
保險業為投資國外及大陸地區不動產而設立特定目的不動產投資事業，不適用保險業設立遷移或裁撤分支機構管理辦法及臺灣地區保險機構在香港澳門設立分支機構子公司許可辦法之規定。
保險業應於年度終了後三個月內，檢具特定目的不動產投資事業之下列資料，報請主管機關備查：
一、內部稽核報告彙整摘要。
二、經會計師查核簽證之財務報告。
三、營運狀況基本資料之彙整摘要。
四、其他經主管機關要求之文件。
主管機關或其委託之適當機構或人員，得對特定目的不動產投資事業之業務、財務及其他必要事項進行查核，並得命保險業或該事業於一定期限內提出查核所需之文件、資料或指定人員前來說明。
保險業應於內部控制制度中，依下列事項對特定目的不動產投資事業訂定必要之控制作業，並考量該事業所在地政府法令之規定及實際營運之性質，督促該事業建立內部控制制度：
一、保險業對該事業經營管理之監督與管理，至少應包括下列控制作業：
（一）保險業與該事業間應建立適當之組織控制架構，包括該事業負責人與重要經理人之選任與指派權責之方式。
（二）保險業應規劃其與該事業間整體之經營策略、風險管理政策與指導原則，俾供該事業據以擬定相關業務之經營計畫、風險管理之政策及程序。
（三）保險業應訂定其與該事業間，包括業務區隔、應收應付帳款之條件、帳務處理等之政策及程序。
（四）保險業應訂定其監督與管理該事業重大財務、業務之事項。
二、保險業對該事業財務、業務資訊之監督與管理，至少應包括下列控制作業：
（一）保險業應督導該事業建立獨立之財務及業務資訊系統。
（二）保險業與該事業間應建立有效之財務及業務溝通系統，該事業除對依前款所訂定之重大財務、業務事項應於事實發生前陳報保險業外，對於其他足以影響公司權益之重要事項亦應於事實發生時立即向保險業報告。
（三）保險業應至少按季取得該事業月結之管理報告，進行分析檢討。
（四）保險業應配合法令規定之應公告或申報事項及其時限，及時安排該事業提供必要之財務、業務資訊，或委託會計師進行查核或核閱該事業之財務報告。
三、保險業對該事業稽核管理之監督與管理，至少應包括下列控制作業：
（一）保險業應指導該事業設置內部稽核單位及訂定內部控制制度，自行檢查作業之程序及方法，並監督其執行。
（二）保險業內部稽核實施細則應將該事業納入內部稽核範圍，定期或不定期執行稽核作業；稽核報告之發現及建議應通知該事業改善，並定期作成追蹤報告，以確定其已及時採取適當之改善措施。
（三）該事業應將稽核計畫及實際執行情形，發現之內部控制制度缺失及異常事項改善情形等儘速向保險業提出報告。
（四）保險業內部稽核單位應覆核該事業所陳報之稽核報告或自行檢查報告，並追蹤其內部控制制度缺失及異常事項改善情形。
保險業依前條第一項第二款或第三款規定取得國外及大陸地區不動產有下列情事之一者，應於事實發生後七日內檢具事由及相關資料向主管機關陳報：
一、向主管機關申請核准或備查後，保險業對特定目的不動產投資事業之投資架構有變動者。
已依本項規定向主管機關陳報投資架構變動後再有變動者，亦同。
二、特定目的不動產投資事業有發生下列財務、業務事項之一者：
（一）第十三條之三第一款第四目、第五目及第七目至第十目所列情事。
（二）重大司法訴訟案件。
（三）出售所持有全部或部分不動產，或所持有不動產因故滅失。
（四）其他足以影響保險業權益之重要事項。