Regulations Governing Appointed Actuaries and External Reviewing Actuaries of Insurance Companies Article 8

An insurance company shall file with the competent authority a Verification Report on the latest annual Certified Report with verified items on the date designated by the competent authority. The verified requirement, timing and frequency requirements are as follows:1.Where an insurance company's capital grade for either of the recent two years does not meet the capital adequacy requirements set forth in Article 143-4 of the Act, the verified assessment shall be conducted annually.2.Where a life insurance company's capital grade for the recent two years meets the capital adequacy requirements set forth in Article 143-4 of the Act, the verified assessment shall be conducted every three years.3.Where the capital grade of a non-life insurance company or a professional reinsurance enterprise for the recent two years meets the capital adequacy grade set forth in Article 143-4 of the Act, the verified assessment shall be conducted every five years.Based on the quality of the Certified Report, compliance of reserve valuations and the business distributions of individual insurance companies, the competent authority may adjust the aforesaid timings and frequencies of the verified assessment, and assign specific year and verified items of the verified assessment when necessary.Insurance companies that have small business scale or simple business nature may be exempted from employing a Reviewing Actuary to conduct the Verification Report stated in the first paragraph after approving by the competent authority.The necessary scopes and items to be included in the Verification Report stated in the first paragraph shall be stipulated by the competent authority.When the competent authority orders the insurance company to suspend and wind up business in accordance of Paragraph 3, Article 149 of the Act, the rehabilitator may be exempted from employing a Reviewing Actuary to conduct the Verification report.