Regulations Governing Permission of Insurance Business Transactions and Investment Between the Taiwan Area and the Mainland Area Article 41

A Mainland-area insurance enterprise or Mainland-funded insurance enterprise that meets the following requirements may apply to the Competent Authority for approval to make equity investment in an insurance enterprise in Taiwan Area:1. The enterprise has shown sound operational performance and secure financial capacity in the three years prior to application;2. The enterprise has no record of sanction due to major regulatory violation in the five years prior to application as shown by a certificate issued by the competent authority at the place of registration; and3. The enterprise has 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.