Regulations Governing Foreign Investments by Insurance Companies Article 11-4
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.
An insurer meeting the following conditions and wishing to obtain real estate overseas, or in the Mainland China area through real estate investment business for special purposes of investment, or through a trust contract shall, before the investment is made, submit the documents stipulated in Paragraph 4, Article 11-2 or each Subparagraph under Paragraph 2 of the previous Article and acquire the consent at least 1/2 of the directors attending a meeting of the board attended by at least 2/3 of all the directors. A filing shall also be made with the competent authority. The restrictions under Paragraph 4, Article 11-2 and Paragraph 2 of the previous Article requiring prior approval from the competent authority before each investment is not applicable：1. A comprehensive internal procedure has been established in compliance with the self-governance regulations for investment in real estate overseas filed by the insurance association with the competent authority.2. The ratio of total adjusted net capital to risk-based capital for the most recent 2 periods is above 125% of the regulatory standard.3. A risk management committee has been established in the board of directors and an interior risk management department and one chief risk officer have been put in place to assume responsibility for the overall risk management of the company.4. If the insurer is already engaged in real estate investment overseas and in the Mainland China area, the average rent ratio of all real estate already invested is above 80% and meets the return on investment corresponding to the local economy of each target.5. The insurer has acquired other real estates in the same country or area in a same manner as that provided under any subparagraph of Paragraph 1, Article 11-1.If an insurer engages in real estate investment overseas or in the Mainland China area in accordance with the previous paragraph, but fails to make a submission to the board of directors or if any information submitted to the board of directors is false, such insurer shall not be allowed to apply to the previous paragraph for a period of 2 years from the date of confirmation of such event.If an insurer fails to make a submission to the board of directors in accordance with the previous paragraph, or if any information submitted to the board of directors is false, the investment already made shall be deemed in breach of the investment regulations established in accordance with the Act.
中文原文 保險業辦理國外投資管理辦法第11-4條
保險業符合下列條件者，就擬以投資特定目的不動產投資事業或經由信託方式取得之每一國外及大陸地區不動產，應於投資前分別提具第十一條之二第四項或前條第二項各款規定之書件經董事會三分之二以上出席及出席董事二分之一以上同意並報主管機關備查，不受第十一條之二第四項及前條第二項所定應於事前逐筆報經主管機關核准之規定限制：
一、已依保險業同業公會報經主管機關備查之國外不動產投資自律規範，訂定完整之內部作業規範。
二、最近二期自有資本與風險資本比率均達法定標準一點二五倍以上。
三、董事會設置風險管理委員會且於公司內部設風險管理部門及置風控長一人，實際負責公司整體風險控管。
四、保險業已從事國外及大陸地區不動產投資者，其已投資之所有不動產之平均出租率達百分之八十，並符合各標的當地經濟環境之投資報酬率。
五、保險業已於同一國家或地區取得其他不動產，並依第十一條之一第一項各款所列相同方式取得不動產者。
保險業依前項規定辦理國外及大陸地區不動產投資者，其未依規定提報董事會或提報董事會資料有虛偽不實之情事時，應於確定之日起二年內，不得再依前項規定辦理。
保險業有前項未依規定提報董事會或提報董事會資料虛偽不實情事者，其已為之投資視為違反本法所定之投資規範。
一、已依保險業同業公會報經主管機關備查之國外不動產投資自律規範，訂定完整之內部作業規範。
二、最近二期自有資本與風險資本比率均達法定標準一點二五倍以上。
三、董事會設置風險管理委員會且於公司內部設風險管理部門及置風控長一人，實際負責公司整體風險控管。
四、保險業已從事國外及大陸地區不動產投資者，其已投資之所有不動產之平均出租率達百分之八十，並符合各標的當地經濟環境之投資報酬率。
五、保險業已於同一國家或地區取得其他不動產，並依第十一條之一第一項各款所列相同方式取得不動產者。
保險業依前項規定辦理國外及大陸地區不動產投資者，其未依規定提報董事會或提報董事會資料有虛偽不實之情事時，應於確定之日起二年內，不得再依前項規定辦理。
保險業有前項未依規定提報董事會或提報董事會資料虛偽不實情事者，其已為之投資視為違反本法所定之投資規範。