Regulations Governing Insurance Brokers Article 27

A broker company having any of the following situations shall submit an application together with its board of directors’ or shareholders’ meeting minutes to the competent authority for approval and register with competent authority in charge of company registration to law:1. Suspending.2. Resuming business.3. Dissolved.A broker company may suspend its business up to one year, and where there is legitimate reason, may apply for an extension of business suspension period once. The application for extension shall be made fifteen days before the allowed suspension period expires.Where a broker company fails to apply for business resumption and employ a broker in accordance with Article 7 before the allowed suspension period expires, the competent authority will revoke its permission and cancel its practice license.Where a broker company applies for business suspension, it shall surrender the practice licenses of brokers employed by the company. Where a broker company applies for dissolution, it shall surrender the practice licenses of brokers employed by the company as well as the company’s practice license.Where a broker company has a situation set out in subparagraph 1 or 3 of paragraph 1 hereof or cancel its practice license by the competent authority but fails to surrender the practice licenses of brokers employed by the company, the employed brokers shall, within thirty days from business suspension or dissolution of the broker company or cancel its practice license by the competent authority, submit relevant documents to competent authority for cancellation of registration through the brokerage association.A broker company operating simultaneously insurance broker business and reinsurance broker business that ceases the operation of its insurance broker business or reinsurance broker business shall submit the minutes of its board of directors or shareholders meeting to the competent authority for recordation within one month.