Regulations Governing Permission of Insurance Business Transactions and Investment Between the Taiwan Area and the Mainland Area Article 51

Where a third-area insurance enterprise with a representative office or branch in Taiwan Area becomes a Mainland-funded insurance enterprise due to change of equity structure, said insurance enterprise shall submit relevant documents and provide the following information to the Competent Authority for approval:1. Reasons for the change of equity structure and status after the change;2. Names of the Mainland investors and their shareholding or capital contribution;3. The directors directly or indirectly elected or assigned by the Mainland investors and the number of such directors;4. Future business strategy in Taiwan Area, including a proposed contingency plan if the Competent Authority disapproves the change of equity structure; and5. Such other explanations as may be required by the Competent Authority.For insurance enterprises in the preceding paragraph that have received an approval from the Competent Authority, the Regulations for Establishment and Administration of Foreign Insurance Enterprises shall apply mutatis mutandis to the administration of its representative office or branch in Taiwan Area, except for the businesses of the representative office or branch, which shall require the approval of the Competent Authority. In addition, such insurance enterprises are not allowed to apply for the establishment of more representative offices or branches in Taiwan Area.If the application under paragraph 1 hereof is disapproved by the Competent Authority, the Competent Authority will annul the approval for establishment of representative office or branch of the insurance enterprise..