Regulations Governing Foreign Investments by Insurance Companies Article 7
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 listed or over-the-counter certificates of foreign stocks or bonds referred to in Subparagraph 8 of Article 5 herein include:1. Stocks;2. Initial public offerings of stocks;3. Corporate bonds;4. Depositary receipts, convertible bonds and corporate bonds with warrants issued by non-domestic enterprises.An insurer’s investment in the aforementioned corporate bonds, convertible bonds or corporate bonds with warrants issued by a non-domestic enterprise shall be subject to the following conditions:1. The bonds shall have a credit rating equivalent to BBB+ or above from a foreign credit rating agency, unless the provisions of Subparagraphs 2 or 3 hereof are met.2. An insurer that meets the following conditions set out in Sub-items A to D, Item (2), Subparagraph 1, Paragraph 4 of the preceding article may invest in bonds having a credit rating of BBB-, BB+, or its equivalent from a foreign credit rating agency. However, where there is no bond issue rating, it shall be replaced with the credit rating of the issuance or guarantee institution in accordance with Paragraph 3 of Article 2. Where the credit rating of the issuance or guarantee institution is BB+ or its equivalent, the issuance or guarantee institution must be one that has been reviewed and qualified and announced by the insurance association in accordance with its standards and reported to the competent authority for recordation.3. An insurer whose ratio of total adjusted net capital to risk-based capital for the most recent period reaches the regulatory standard or above and meeting the conditions set out in Sub-items A and B of Item (2), Subparagraph 1, Paragraph 4 of the preceding article may invest in bonds issued or guaranteed by a company having a credit rating equivalent to BBB from a foreign credit rating agency.4. Where an insurer invests in subordinated bonds, the credit rating of such bonds set out in the preceding three Subparagraphs may not be replaced by the credit rating on the issuance or guarantee institution of the bond from a foreign credit rating agency.An insurer’s investment in securities specified in the preceding two paragraphs shall be subject to the following limits:1. The total amount of investment in bonds with an issuance credit rating of BB+ or its equivalent from a foreign credit rating agency shall not exceed 2% of the insurer's approved foreign investment limit.2. The total amount of investment in bonds mentioned in Subparagraphs 2 and 3 of the preceding paragraph shall not exceed 7.5% of the insurer’s approved foreign investment limit or 30% of its owners’ equity, whichever is higher. However, where the insurer obtains approval from the competent authority based on the proviso in Article 16, Paragraph 1 and the total amount of foreign securities mentioned in the Article 5 that are put under the custody of TDCC, domestic financial institutions, and branches of foreign financial institutions in Taiwan having a credit rating equivalent to A- or above from a local or foreign credit rating agency in the most recent year does not reach a certain percentage of the total amount of investment in foreign securities mentioned in the Article 5, the insurer shall observe the following provisions:(1) If the percentage of foreign securities under custody is less than 30%, the total amount of investment shall not exceed 6% of the insurer’s approved foreign investment limit or 30% of its owners’ equity, whichever is higher.(2) If the percentage of foreign securities under custody is 30% or higher and less than 50%, the total amount of investment shall not exceed 7% of the insurer’s approved foreign investment limit or 30% of its owners’ equity, whichever is higher.3. Where an insurer invests in convertible bonds and corporate bonds with warrants having a credit rating equivalent to BBB+ to BB+ from a foreign credit rating agency, the amount and conditions of the abovementioned investments shall comply with Article 17 herein.4. Paragraph 7 of the preceding article shall apply mutatis mutandis to the total amount an insurer may invest in the securities of a single company.5. The total amount of an insurer's investment in accordance with the preceding paragraph in corporate bonds as well as convertible bonds and corporate bonds with warrants issued or guaranteed by a single company having a credit rating equivalent to BBB, BBB- or BB+ from a foreign credit rating agency shall not exceed 10% of the insurer’s owners’ equity.6. The total amount of an insurer’s investment in the securities specified in Subparagraphs 1, 2 and 4 of Paragraph 1 herein shall not exceed 40% of the insurer’s approved foreign investment limit imposed in accordance with Article 146-4 of the Act.7. Insurers that meet the conditions prescribed by the competent authority may, after obtaining approval from the competent authority, invest in corporate bonds having an issue rating equivalent to BBB or BBB- from a foreign credit rating agency. However the total amount of investment shall not exceed 3% of the insurer’s approved foreign investment limit or 18% of its owners’ equity, whichever is higher, and may be excluded from the investment limit set out in Subparagraph 2 hereof.
中文原文 保險業辦理國外投資管理辦法第7條
第五條第八款所稱外國證券集中交易市場或店頭市場交易之股權或債權憑證種類如下：
一、股票。
二、首次公開募集之股票。
三、公司債。
四、非本國企業發行之存託憑證、可轉換公司債及附認股權公司債。
保險業辦理前項公司債、非本國企業發行之可轉換公司債及附認股權公司債投資，應符合下列投資條件規定：
一、債券發行評等等級須經國外信用評等機構評定為BBB+級或相當等級以上。
但符合第二款或第三款規定者，不在此限。
二、保險業符合前條第四項第一款第二目之1至4所定條件者，得投資債券發行評等等級經國外信用評等機構評定為BBB-級、BB+級或相當等級之債券，但無債券發行評等，依第二條第三項以發行或保證機構之信用評等等級替代，其發行或保證機構之信用評等等級為BB+級或相當等級者，應經保險業同業公會依其所定標準審定及公告並報主管機關備查。
三、保險業最近一期自有資本與風險資本之比率達法定標準以上且符合前條第四項第一款第二目之1及2所定條件者，得投資債券發行評等等級經國外信用評等機構評定為BBB級或相當等級之債券。
四、債券屬次順位者，前三款所定債券發行評等等級，不得以國外信用評等機構對該債券發行或保證公司評定之信用評等等級替代之。
保險業辦理前二項投資，應符合下列投資限額規定：
一、投資於前項第二款債券發行評等等級經國外信用評等機構評定為BB+級或相當等級債券之總額，不得超過該保險業經核定國外投資額度百分之二。
二、投資於前項第二款及第三款債券之總額，不得超過該保險業經核定國外投資額度百分之七點五或業主權益百分之三十孰高者。
但保險業依第十六條第一項但書規定報經主管機關核准者，其委由集保公司或最近一年經國內外信用評等機構評定信用評等等級為A-級或相當等級以上之本國金融機構及外國金融機構在臺分支機構辦理第五條國外有價證券保管之金額，合計占第五條國外有價證券投資金額之比重未達一定標準者，應依下列規定辦理：
（一）比重未達百分之三十者，投資總額不得超過該保險業經核定國外投資額度百分之六或業主權益百分之三十孰高者。
（二）比重達百分之三十以上未達百分之五十者，投資總額不得超過該保險業經核定國外投資額度百分之七或業主權益百分之三十孰高者。
三、投資於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之投資金額及條件，應符合第十七條之規定。
四、保險業投資於每一公司之有價證券總額，適用前條第七項規定。
五、投資於經國外信用評等機構評定為BBB級或BBB-級或BB+級或相當等級之每一公司發行或保證之債券之總額，不得超過該保險業業主權益百分之十。
六、保險業投資於第一項第一款、第二款、第四款之有價證券總額，不得超過其依本法第一百四十六條之四核定國外投資總額之百分之四十。
七、保險業符合主管機關所定條件者，得報經主管機關核准，投資於債券發行評等經國外信用評等機構評定為BBB級、BBB-級或相當等級之公司債，投資額度以該保險業經核定國外投資額度百分之三或業主權益百分之十八孰高者為限，不計入第二款投資額度。
一、股票。
二、首次公開募集之股票。
三、公司債。
四、非本國企業發行之存託憑證、可轉換公司債及附認股權公司債。
保險業辦理前項公司債、非本國企業發行之可轉換公司債及附認股權公司債投資，應符合下列投資條件規定：
一、債券發行評等等級須經國外信用評等機構評定為BBB+級或相當等級以上。
但符合第二款或第三款規定者，不在此限。
二、保險業符合前條第四項第一款第二目之1至4所定條件者，得投資債券發行評等等級經國外信用評等機構評定為BBB-級、BB+級或相當等級之債券，但無債券發行評等，依第二條第三項以發行或保證機構之信用評等等級替代，其發行或保證機構之信用評等等級為BB+級或相當等級者，應經保險業同業公會依其所定標準審定及公告並報主管機關備查。
三、保險業最近一期自有資本與風險資本之比率達法定標準以上且符合前條第四項第一款第二目之1及2所定條件者，得投資債券發行評等等級經國外信用評等機構評定為BBB級或相當等級之債券。
四、債券屬次順位者，前三款所定債券發行評等等級，不得以國外信用評等機構對該債券發行或保證公司評定之信用評等等級替代之。
保險業辦理前二項投資，應符合下列投資限額規定：
一、投資於前項第二款債券發行評等等級經國外信用評等機構評定為BB+級或相當等級債券之總額，不得超過該保險業經核定國外投資額度百分之二。
二、投資於前項第二款及第三款債券之總額，不得超過該保險業經核定國外投資額度百分之七點五或業主權益百分之三十孰高者。
但保險業依第十六條第一項但書規定報經主管機關核准者，其委由集保公司或最近一年經國內外信用評等機構評定信用評等等級為A-級或相當等級以上之本國金融機構及外國金融機構在臺分支機構辦理第五條國外有價證券保管之金額，合計占第五條國外有價證券投資金額之比重未達一定標準者，應依下列規定辦理：
（一）比重未達百分之三十者，投資總額不得超過該保險業經核定國外投資額度百分之六或業主權益百分之三十孰高者。
（二）比重達百分之三十以上未達百分之五十者，投資總額不得超過該保險業經核定國外投資額度百分之七或業主權益百分之三十孰高者。
三、投資於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之投資金額及條件，應符合第十七條之規定。
四、保險業投資於每一公司之有價證券總額，適用前條第七項規定。
五、投資於經國外信用評等機構評定為BBB級或BBB-級或BB+級或相當等級之每一公司發行或保證之債券之總額，不得超過該保險業業主權益百分之十。
六、保險業投資於第一項第一款、第二款、第四款之有價證券總額，不得超過其依本法第一百四十六條之四核定國外投資總額之百分之四十。
七、保險業符合主管機關所定條件者，得報經主管機關核准，投資於債券發行評等經國外信用評等機構評定為BBB級、BBB-級或相當等級之公司債，投資額度以該保險業經核定國外投資額度百分之三或業主權益百分之十八孰高者為限，不計入第二款投資額度。