Regulations Governing Permission of Insurance Business Transactions and Investment Between the Taiwan Area and the Mainland Area Article 35

A Mainland-area insurance enterprise or Mainland-funded insurance enterprise that meets the following requirements may apply to the Competent Authority for approval to establish a representative office in Taiwan Area:1. Having been operating the insurance business for more than 20 years;2. Having a credit rating of at least A- from Standard & Poor’s Corp., at least A3 from Moody’s Investor Service, at least A from Fitch Ratings Ltd., at least twA+ from Taiwan Ratings Corporation, or an equivalent rating or better from any other credit rating agency recognized by the Competent Authority in the year prior to application;3. Having no record of sanction due to major regulatory violation in the three years prior to application as shown by a certificate issued by the competent authority at the place of registration; 4. Showing sound operational performance and secure financial capacity in the year prior to application;5. A document evidencing that the insurance authority at the place of registration has granted approval to the establishment of a representative office in Taiwan Area; and6. A Mainland-area insurance enterprise or Mainland-funded insurance enterprise may only set up one representative office in Taiwan Area.