Regulations Governing Foreign Investments by Insurance Companies Article 3
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.
Foreign investments made by an insurer shall be restricted to the following:1.Foreign exchange deposit;2.Foreign securities;3.Foreign-currency loans;4.Financial derivatives;5.Overseas real properties;6.Establishment of or investment in foreign insurance companies, insurance agency companies, insurance brokerage companies, special-purpose overseas fundraising enterprises dedicated to the issuance of bonds with capital characteristics and the use of proceeds thereof (referred to as “overseas fundraising enterprises” hereunder), or other insurance-related enterprises approved by the competent authority;7.Major investment projects approved by the Executive Yuan and launched in coordination with the economic development policies of the government; and8.Other projects approved by the competent authority to use the fund of the insurer.Where an insurer has established credit evaluation and loan approval procedures as well as risk management rules in accordance with the self-governance regulations set out by the insurance association and filed with the competent authority for reference, and such procedures and management rules have been approved by its board of directors, the insurer, in addition to making foreign-currency loans secured by foreign-currency life policy underwritten by it in accordance with these Regulations and applicable regulations of the Central Bank, may only act as a participating bank in the following secured foreign-currency syndicated loans where the arranger of the loan has a credit rating equivalent to BBB+ or above from a foreign credit rating agency after obtaining prior approval of the Central Bank of the Republic of China (Taiwan) (referred to as the “Central Bank” hereunder):1.Loans guaranteed by a foreign central government or foreign bank listed in these Regulations or a domestic/foreign financial institution with a credit rating equivalent to A- or above, or loans guaranteed by an international organization or a multilateral development bank to which 50% risk weight or lower applies to its exposure as assessed in accordance with the guidelines set out by the Basel Committee on Banking Supervision.2.Loans secured by real property.3.Loans secured by aircraftorship.4.Loans pledged by qualified securities asprovided in Article 5 herein.The total outstanding balance of loans made by an insurer under Subparagraph 3 of Paragraph 1 hereof plus loans made under Subparagraph 1 to Subparagraph 3 of Paragraph 1, Article 146-3 of the Act shall not exceed 35% of the insurer's funds.For loans under Subparagraph 3 of Paragraph 1 hereof made by an insurer, Paragraph 3, Article 146-3 and Paragraph 1, Article 146-7 of the Act shall apply mutatis mutandis to their terms and conditions and limits.The combined total of an insurer’s investment in the stocks and corporate bonds of a company in accordance with Article 5 herein and the loans made by the insurer to the same company that are secured by the stocks and corporate bonds issued by the company in accordance with Subparagraph 4 of Paragraph 2 hereof shall not exceed 5% of the insurer’s funds or 10% of the owners’ equity of the issuing company.An insurer shall carry out evaluation of asset quality, resolution of overdue loans and non-accrual loans, and write-off of bad debt for its foreign-currency loan assets in accordance with the Regulations for Handling Assessment of Assets, Loans Overdue, Receivable on Demand and Bad Debts by Insurance Enterprises.When conducting the derivatives transactions referred to in Subparagraph 4 of Paragraph 1 hereof, an insurer shall comply with the provisions of the Regulations Governing Financial Derivatives Transactions Conduced by Insurance Companies.An insurer shall observe the self-governance regulations set out by the insurance association in making foreign investments.
中文原文 保險業辦理國外投資管理辦法第3條
保險業辦理國外投資之項目，以下列為限：
一、外匯存款。
二、國外有價證券。
三、外幣放款。
四、衍生性金融商品。
五、國外不動產。
六、設立或投資國外保險公司、保險代理人公司、保險經紀人公司、以發行具資本性質之債券及其資金運用為目的之特定目的國外籌資事業（以下簡稱國外籌資事業）或其他經主管機關核准之保險相關事業。
七、經行政院核定為配合政府經濟發展政策之經建計畫重大投資案。
八、其他經主管機關核准之資金運用項目。
保險業已依保險業同業公會報經主管機關備查之自律規範，訂定經董事會通過之徵信核貸處理程序及風險管理規範，並經中央銀行許可者，除依本辦法及中央銀行相關法令規定得辦理以各該保險業所簽發外幣收付之人身保險單為質之外幣放款外，以下列擔保放款，並擔任外幣聯合貸款案之參加行為限，其主辦行之國外信用評等須為BBB+級或相當等級以上：
一、本辦法所列外國中央政府、外國銀行或信用評等達A-級或相當等級以上之國內外金融機構，或經巴塞爾銀行監督管理委員會評估得適用百分之五十以下風險權數之國際組織或多邊開發銀行提供保證之放款。
二、以不動產為擔保之放款。
三、以航空器或船舶為擔保之放款。
四、以合於第五條之有價證券為質之放款。
保險業辦理第一項第三款之放款，加計保險法第一百四十六條之三第一項第一款至第三款之放款總餘額，不得超過該保險業資金百分之三十五。
保險業投資於第一項第三款之放款，其交易條件與限額準用本法第一百四十六條之三第三項及第一百四十六條之七第一項規定。
保險業依第五條對每一公司股票及公司債之投資與依第二項第四款以該公司發行之股票及公司債為質之放款，合併計算不得超過其資金百分之五與該發行股票及公司債之公司業主權益百分之十。
保險業對外幣放款資產品質之評估、逾期放款、催收款之清理、呆帳之轉銷，應依保險業資產評估及逾期放款催收款呆帳處理辦法及相關規定辦理。
保險業辦理第一項第四款之衍生性金融商品交易，應依保險業從事衍生性金融商品交易管理辦法之規定辦理。
保險業辦理國外投資，應遵循同業公會訂定之相關自律規範。
一、外匯存款。
二、國外有價證券。
三、外幣放款。
四、衍生性金融商品。
五、國外不動產。
六、設立或投資國外保險公司、保險代理人公司、保險經紀人公司、以發行具資本性質之債券及其資金運用為目的之特定目的國外籌資事業（以下簡稱國外籌資事業）或其他經主管機關核准之保險相關事業。
七、經行政院核定為配合政府經濟發展政策之經建計畫重大投資案。
八、其他經主管機關核准之資金運用項目。
保險業已依保險業同業公會報經主管機關備查之自律規範，訂定經董事會通過之徵信核貸處理程序及風險管理規範，並經中央銀行許可者，除依本辦法及中央銀行相關法令規定得辦理以各該保險業所簽發外幣收付之人身保險單為質之外幣放款外，以下列擔保放款，並擔任外幣聯合貸款案之參加行為限，其主辦行之國外信用評等須為BBB+級或相當等級以上：
一、本辦法所列外國中央政府、外國銀行或信用評等達A-級或相當等級以上之國內外金融機構，或經巴塞爾銀行監督管理委員會評估得適用百分之五十以下風險權數之國際組織或多邊開發銀行提供保證之放款。
二、以不動產為擔保之放款。
三、以航空器或船舶為擔保之放款。
四、以合於第五條之有價證券為質之放款。
保險業辦理第一項第三款之放款，加計保險法第一百四十六條之三第一項第一款至第三款之放款總餘額，不得超過該保險業資金百分之三十五。
保險業投資於第一項第三款之放款，其交易條件與限額準用本法第一百四十六條之三第三項及第一百四十六條之七第一項規定。
保險業依第五條對每一公司股票及公司債之投資與依第二項第四款以該公司發行之股票及公司債為質之放款，合併計算不得超過其資金百分之五與該發行股票及公司債之公司業主權益百分之十。
保險業對外幣放款資產品質之評估、逾期放款、催收款之清理、呆帳之轉銷，應依保險業資產評估及逾期放款催收款呆帳處理辦法及相關規定辦理。
保險業辦理第一項第四款之衍生性金融商品交易，應依保險業從事衍生性金融商品交易管理辦法之規定辦理。
保險業辦理國外投資，應遵循同業公會訂定之相關自律規範。