Regulations Governing Foreign Investments by Insurance Companies Article 5

An insurer’s funds may be allocated as investment to the following types of foreign securities:1. Government bonds or treasury bills issued by foreign central governments; and bonds issued by institutions of such governments;2. Bonds issued or guaranteed by foreign local governments; and bonds issued or guaranteed by institutions of such governments;3. Financial bonds, negotiable certificates of deposit, medium-term floating rate notes issued or guaranteed by a foreign bank;4. Foreign currency denominated negotiable certificates of deposit issued by a branch (including offshore banking units) of a foreign bank in Taiwan or a branch of a Mainland China bank in Taiwan;5. Foreign currency denominated financial bonds or negotiable certificates of deposit issued by a domestic bank;6. Foreign currency denominated corporate bonds issued by a domestic enterprise;7. Foreign currency denominated commercial papers;8. Listed or over-the-counter certificates of foreign stocks or bonds;9. Securities representing interests in offshore funds;10. Securitized asset-backed products;11. Bonds issued by international organizations;12. Foreign currency denominated listed or over-the-counter certificates of domestic stocks, bonds or Islamic fixed income securities( Hereinafter referred to as Sukuk);13. Private placement of corporate bonds issued by a foreign listed company for trading in markets outside foreign centralized trading markets or OTC markets; and14. Other securities approved by the competent authority.