Regulations Governing Insurance Brokers Article 16

For the broker company applying for operating insurance broker and/or reinsurance broker business after Regulations are amended and in force on June 24, 2014 and before Regulations are amended and in force on March 3, 2021, the broker company shall have minimum paid-in capital of NT$5 million to operate insurance broker business; one applying to operate reinsurance broker business shall have minimum paid-in capital of NT$10 million; one applying to simultaneously operate insurance broker business and reinsurance brokering business shall have minimum paid-in capital of NT$10 million.A broker company already being granted practice license before the amended Regulations are in force on June 24, 2014 shall adjust its capital in accordance with the requirement set out in the preceding paragraph before June 24, 2019.For the broker company applying for operating insurance broker and/or reinsurance broker business after Regulations are amended and in force on March 3, 2021, the broker company shall have minimum paid-in capital of NT$20 million; one applying to operate reinsurance broker business shall have minimum paid-in capital of NT$20 million; one applying to simultaneously operate insurance broker business and reinsurance brokering business shall have minimum paid-in capital of NT$30 million.For the broker company already being granted practice license before the amended Regulations are in force on March 3, 2021, the broker company shall adjust its capital in accordance with the requirement set out in the preceding paragraph within six months from date following the settlement date of shares or the transfer date of capital contribution if its accumulated shareholdings or capital contributions transferred is no less than fifty percent of the total outstanding shares or paid-in capital. However, the above requirement is not applicable to the case where the transfer of shares or capital contributions is due to the death of the shareholder or investor and undertaken by his/her successors.The capital contributions of promoters and shareholders shall be limited to cash.