Regulations Governing Foreign Investments by Insurance Companies Article 17
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.
The aggregate amount of the following investments shall not exceed 5% of the disposable funds of the insurer:1.Convertible bonds and corporate bonds with warrants shall have a credit rating a credit rating equivalent to BBB+ to BB+ from a foreign credit rating agency;2.Private placement of corporate bonds mentioned in Subparagraph 13 of the article 5.3.Hedge funds, privately offered funds, infrastructure funds and commodity funds;4.Collateralized debt obligations of which part of the underlying assets are below BBB- or equivalent credit rating from the foreign credit rating agencies, except those with less than 5% of its underlying assets below the above rating and were invested in accordance with relevant regulations before the promulgation of these Regulations.5.Collateralized debt obligations with such underlying asset pool based on a leverage financing structure or contains subprime mortgage loans or leverage loans.Insurers with any of the following circumstances are not allowed to conduct the investment listed in the preceding Paragraph:1. The insurer has been subjected to any major sanctions and penalties in the immediately preceding year for violations of the Act with regard to the usage of insurer’s funds, except that remedial actions for the violation, if any, have been taken and affirmed by the competent authority.2.The ratio of total adjusted net capital to risk-based capital for the most recent period is below 125% of the regulatory standard, except where the above ratio meets the regulatory standard but does not reach 125% of the regulatory standard and the insurer has a credit rating equivalent to AA or above from a local or foreign credit rating agency in the most recent year.3.Neither a risk management committee subordinate to the director board has been set up, nor a chief risk officer has been assigned and an interior risk management department has been established to assume de facto responsibility for the overall risk management of the company.When an insurer makes investments under Subparagraph 3 of Paragraph 1, aside from complying with Subparagraph 2 of the preceding paragraph when signing an investment commitment contract with the trading counterparty, the insurer shall, for contracts entered after the implementation of these Regulations amended on January 28, 2022, not participate in subsequent capital injections stipulated in the contract, provided the insurer fails to comply with Subparagraph 2 of the preceding paragraph for the most recent two consecutive periods.
中文原文 保險業辦理國外投資管理辦法第17條
保險業投資於下列各款之投資總額，合計不得超過該保險業資金百分之五：
一、債券發行評等等級經國外信用評等機構評定為BBB+級至BB+級或相當等級之可轉換公司債及附認股權公司債。
二、第五條第十三款之私募公司債。
三、對沖基金、私募基金、基礎建設基金及商品基金。
四、資產池個別資產之信用評等等級經國外信用評等機構評定未達BBB-級或相當等級之抵押債務債券。
但屬於本辦法施行前已依主管機關相關規定投資且資產池未達BBB-級或相當等級之個別資產佔資產池全部資產之比例低於百分之五者，不在此限。
五、資產池採槓桿融資架構，或資產池之個別資產含次級房貸或槓桿貸款之抵押債務債券。
保險業有下列情事之一者，不得投資前項商品：
一、最近一年有資金運用違反本法受重大裁罰及處分。
但違反情事已改正並經主管機關認可者不在此限。
二、最近一期自有資本與風險資本之比率未達法定標準一點二五倍。
但有下列情形之一者，不在此限：
（一）最近一期自有資本與風險資本之比率達法定標準以上未達法定標準一點二五倍，且經國內外信用評等機構評定最近一年信用評等等級達AA級或相當等級以上。
（二）其他有具體事證可證明資本健全並經主管機關同意者。
三、董事會未設置風險管理委員會，或公司內部未設置風險管理部門及風控長，實際負責公司整體風險控管。
保險業辦理第一項第三款之投資，除與交易對手簽訂承諾投資之交易契約時，應符合前項第二款規定外，就中華民國一百十一年一月二十八日修正施行後所簽訂契約者，於後續依約參與注資時，保險業倘有最近連續兩期未能符合前項第二款規定者，不得參與注資。
一、債券發行評等等級經國外信用評等機構評定為BBB+級至BB+級或相當等級之可轉換公司債及附認股權公司債。
二、第五條第十三款之私募公司債。
三、對沖基金、私募基金、基礎建設基金及商品基金。
四、資產池個別資產之信用評等等級經國外信用評等機構評定未達BBB-級或相當等級之抵押債務債券。
但屬於本辦法施行前已依主管機關相關規定投資且資產池未達BBB-級或相當等級之個別資產佔資產池全部資產之比例低於百分之五者，不在此限。
五、資產池採槓桿融資架構，或資產池之個別資產含次級房貸或槓桿貸款之抵押債務債券。
保險業有下列情事之一者，不得投資前項商品：
一、最近一年有資金運用違反本法受重大裁罰及處分。
但違反情事已改正並經主管機關認可者不在此限。
二、最近一期自有資本與風險資本之比率未達法定標準一點二五倍。
但有下列情形之一者，不在此限：
（一）最近一期自有資本與風險資本之比率達法定標準以上未達法定標準一點二五倍，且經國內外信用評等機構評定最近一年信用評等等級達AA級或相當等級以上。
（二）其他有具體事證可證明資本健全並經主管機關同意者。
三、董事會未設置風險管理委員會，或公司內部未設置風險管理部門及風控長，實際負責公司整體風險控管。
保險業辦理第一項第三款之投資，除與交易對手簽訂承諾投資之交易契約時，應符合前項第二款規定外，就中華民國一百十一年一月二十八日修正施行後所簽訂契約者，於後續依約參與注資時，保險業倘有最近連續兩期未能符合前項第二款規定者，不得參與注資。