Regulations Governing Foreign Investments by Insurance Companies Article 8
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 securities representing interests in offshore funds referred to in Subparagraph 9 of Article 5 include:1.Securities investment funds;2.Index funds;3.Exchange-traded funds;4.Real estate investment trust funds;5.Hedge funds;6.Privately offered funds;7.Infrastructure funds; and8.Commodity funds.Where an insurer invests in the securities representing interests in offshore funds, the total amount thereof shall not exceed 40% of the approved foreign investment limit imposed in accordance with Article 146-4 of the Act, and the total amount of investment in a single fund prescribed in the preceding Subparagraphs 1 to 4, 7 and 8 shall not exceed 5% of the insurer's funds and 10% of the total amount of the shares issued by the fund.An insurer’s investment in hedge funds and privately offered funds referred to in Subparagraphs 5 and 6 of Paragraph 1 of this Article shall be subject to the following limits and conditions:1.The total amount of such investment plus the securities specified in Subparagraph 13 of Article 5 shall not exceed 2% of the insurer’s funds. However, where the insurer files an application in accordance with Articles 15, Paragraph 4, Subparagraph 5 and the competent authority approves that its foreign investment limit may exceed 40% of its funds, the aforementioned total investment may not exceed 3% of its funds.2.Insurers that meet the conditions prescribed by the competent authority may file an application with the competent authority for an amount to be excluded from the investment limit under the preceding subparagraph and Paragraph 1 of Article 17 herein. However such amount shall not exceed 3% of the insurer’s funds.3.The total investment in a single fund shall not exceed 10% of the total amount of the shares issued by such fund.4.Where the total investment in a single fund exceeds 0.05% of the insurer’s funds, prior approval of the direct board of the insurer shall be required. The aforesaid limit on investment in a single fund is less than NT$100 million, the limit may be set at NT$100 million.5.An insurer’s investment in hedge funds shall be restricted to those administrated by fund management institutions with a sovereign credit rating of at least A+ or its equivalent from foreign credit rating agencies and registered in competent authorities of countries or regions that are signatories of the International Organization of Securities Commissions (IOSCO)’s Multilateral MOU (MMoU). The fund management institutions shall have engaged in management of hedge fund for at least two years and with no less than US$200 million or equivalent of hedge fund assets under the management thereof.6.An insurer’s investment in privately offered funds shall be restricted to those administrated by fund management institutions with a sovereign credit rating of at least A+ or its equivalent from foreign credit rating agencies and registered in competent authorities of countries or regions that are signatories of the International Organization of Securities Commissions (IOSCO)’s Multilateral MOU (MMoU). The fund management institutions shall have engaged in management of such funds for at least five years and with no less than US$500 million or equivalent of fund assets under the management thereof. However, these restrictions shall not apply in the following circumstances:(1) The fund management institutions, approved by competent authority as the investment business of our domestic financial holding companies, directly or indirectly register in overseas countries, engage in fund management business.(2) The fund management institution is legally established within the territory of the Republic of China, meets the standards for selecting domestic fund management institutions drawn up by the insurer and approved by its board of directors, and meets one of the conditions below:A.The domestic fund management institutions have a recommendation letter or qualification letter from the authority of venture capital business or the private equity funds for part or all of the venture capital businesses or the private equty funds managed by them or the domestic securities investment trust authorized by the competent authority uses its own capital to invest in a subsidiary which serves as a general partner of the private equity fund.B.The fund management institution has applied for and obtained a qualification letter for the private equity funds managed by it in accordance with National Development Council Directions for Guiding and Managing the Promotion of Industrial Investment by Private Equity Funds, and the investment scope of such funds conforms to government policies.Where an insurer invests in a fund of funds which holds a portfolio of the funds listed in Paragraph 1 of this Article, such investment shall comply with the provisions for each type of funds involved.The indices tracked by the index funds referred to in Subparagraph 2 of Paragraph 1 of this article shall be announced by the competent authority.The privately offered fund mentioned in Subparagraph 6 of Paragraph 1 hereof means a privately offered fund that invests in private equity, private debt and real estate.Where an insurer invests in the funds specified in Subparagraphs 5 to 8 of Paragraph 1 of this article, the amount and conditions of such investment shall comply with the provisions of Article 17.
中文原文 保險業辦理國外投資管理辦法第8條
第五條第九款所稱國外表彰基金之有價證券種類如下：
一、證券投資基金。
二、指數型基金。
三、指數股票型基金（ETF）。
四、不動產投資信託基金。
五、對沖基金。
六、私募基金。
七、基礎建設基金。
八、商品基金。
保險業投資於國外表彰基金之有價證券總額，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。
其投資於前項第一款至第四款、第七款及第八款之每一國外基金之總額，不得超過該保險業資金百分之五及該基金已發行總額百分之十。
保險業投資於第一項第五款及第六款對沖基金及私募基金之投資限額及條件如下：
一、投資總額加計第五條第十三款有價證券之合計數不得超過該保險業資金之百分之二。
但保險業已依第十五條第四項第五款規定申請並經主管機關核定其國外投資額度超過其資金之百分之四十者，上開合計數不得超過其資金之百分之三。
二、保險業符合主管機關所定條件，得向主管機關申請不計入前款及第十七條第一項規定之投資額度，該額度以該保險業資金百分之三為限。
三、單一基金投資總額不得超過該基金已發行總額百分之十。
四、單一基金投資總額超過該保險業資金萬分之五以上者，應提報該保險業董事會通過後始得投資。
但計算前述單一投資總額未達新臺幣一億元者，得以新臺幣一億元計。
五、對沖基金之基金經理公司須以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上，且屬國際證券管理機構組織（IOSCO）多邊瞭解備忘錄（MMoU）之簽署國家或地區主管機關註冊者為限，且管理對沖基金歷史須滿二年以上，管理對沖基金之資產不得少於美金二億元或等值外幣。
六、私募基金之基金管理機構須以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上，且屬國際證券管理機構組織（IOSCO）多邊瞭解備忘錄（MMoU）之簽署國家或地區主管機關合法註冊者為限，且管理私募基金歷史須滿五年以上，管理私募基金之資產不得少於美金五億元或等值外幣。
但下列情形不在此限：
（一）基金管理機構係經主管機關核准直接或間接於境外合法註冊，得從事基金管理業務之金融控股公司之投資事業。
（二）基金管理機構係於我國境內合法設立，且符合保險業經董事會通過之境內基金管理機構篩選標準，並符合下列條件之一者：1.其所管理我國境內之全部或部分創業投資事業、私募股權基金已取得中央主管機關之推薦函或資格函，或經主管機關核准之國內證券投資信託事業運用自有資金轉投資子公司擔任私募股權基金之普通合夥人。
2.其所管理之私募股權基金已依國家發展委員會促進私募股權基金投資產業輔導管理要點申請取得資格函，且投資範圍係配合政府政策。
保險業投資於以第一項各款基金為投資標的之組合型基金，其投資條件及限額應依各類基金之規定辦理。
第一項第二款所稱之指數型基金，其追蹤之指數由主管機關公告之。
第一項第六款所稱之私募基金，係指投資私募股權、私募債權及不動產之私募基金。
保險業投資於第一項第五款至第八款之投資金額及條件，應符合第十七條之規定。
一、證券投資基金。
二、指數型基金。
三、指數股票型基金（ETF）。
四、不動產投資信託基金。
五、對沖基金。
六、私募基金。
七、基礎建設基金。
八、商品基金。
保險業投資於國外表彰基金之有價證券總額，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。
其投資於前項第一款至第四款、第七款及第八款之每一國外基金之總額，不得超過該保險業資金百分之五及該基金已發行總額百分之十。
保險業投資於第一項第五款及第六款對沖基金及私募基金之投資限額及條件如下：
一、投資總額加計第五條第十三款有價證券之合計數不得超過該保險業資金之百分之二。
但保險業已依第十五條第四項第五款規定申請並經主管機關核定其國外投資額度超過其資金之百分之四十者，上開合計數不得超過其資金之百分之三。
二、保險業符合主管機關所定條件，得向主管機關申請不計入前款及第十七條第一項規定之投資額度，該額度以該保險業資金百分之三為限。
三、單一基金投資總額不得超過該基金已發行總額百分之十。
四、單一基金投資總額超過該保險業資金萬分之五以上者，應提報該保險業董事會通過後始得投資。
但計算前述單一投資總額未達新臺幣一億元者，得以新臺幣一億元計。
五、對沖基金之基金經理公司須以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上，且屬國際證券管理機構組織（IOSCO）多邊瞭解備忘錄（MMoU）之簽署國家或地區主管機關註冊者為限，且管理對沖基金歷史須滿二年以上，管理對沖基金之資產不得少於美金二億元或等值外幣。
六、私募基金之基金管理機構須以在主權評等等級經國外信用評等機構評定為A+級或相當等級以上，且屬國際證券管理機構組織（IOSCO）多邊瞭解備忘錄（MMoU）之簽署國家或地區主管機關合法註冊者為限，且管理私募基金歷史須滿五年以上，管理私募基金之資產不得少於美金五億元或等值外幣。
但下列情形不在此限：
（一）基金管理機構係經主管機關核准直接或間接於境外合法註冊，得從事基金管理業務之金融控股公司之投資事業。
（二）基金管理機構係於我國境內合法設立，且符合保險業經董事會通過之境內基金管理機構篩選標準，並符合下列條件之一者：1.其所管理我國境內之全部或部分創業投資事業、私募股權基金已取得中央主管機關之推薦函或資格函，或經主管機關核准之國內證券投資信託事業運用自有資金轉投資子公司擔任私募股權基金之普通合夥人。
2.其所管理之私募股權基金已依國家發展委員會促進私募股權基金投資產業輔導管理要點申請取得資格函，且投資範圍係配合政府政策。
保險業投資於以第一項各款基金為投資標的之組合型基金，其投資條件及限額應依各類基金之規定辦理。
第一項第二款所稱之指數型基金，其追蹤之指數由主管機關公告之。
第一項第六款所稱之私募基金，係指投資私募股權、私募債權及不動產之私募基金。
保險業投資於第一項第五款至第八款之投資金額及條件，應符合第十七條之規定。