Regulations Governing Insurance Brokers Article 14

A broker company shall submit a written statement by the new chairperson, general manager or director externally representing a broker company organized as a limited company undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles, within 15 days after he/she is elected as the chairperson or appointed as the general manager to the competent authority for approval; where the qualifications of the chairperson, general manager or director externally representing a broker company organized as a limited company are not approved by the competent authority, the competent authority may order the insurance broker company to make changes within a prescribed period of time; The same shall apply if factual evidence shows that an individual does not possess the required qualifications specified in preceding two paragraphs after taking office.Where a broker company has question over whether its chairperson or general manager to be elected or appointed, or a broker company organized as a limited company has question over whether the director to be elected to externally represent it meets the qualification requirements set forth in subparagraph 3 of preceding Article or Article 12, paragraph 3, subparagraph 3 herein, the broker company may submit the qualification information for approval by the competent authority before the election or appointment.Where there is a change of director, supervisor or managers of branch office, the broker company shall submit a written statement by the new appointee undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles to the brokerage association for recordation within fifteen days after the change.A broker company shall report changes to place of business or paid-in capital to the brokerage association for recordation within fifteen days after registration of the change (with the appropriate authority); the preceding paragraph applies when an independent broker or a bank changes his or her place of business.The directions for the relevant operations set out in the paragraph 1 and the preceding two paragraphs shall be drawn up by the brokerage association and brokers association, and submitted to the competent authority for recordation; the preceding provision shall apply to any amendment to those directions.