Chapter 1 General Provisions Show
Article 1 These Regulations are adopted pursuant to paragraph 4 of Article 163 of the Insurance Act. Article 2 The term “insurance agent” (hereinafter, “agent”) as used in these Regulations means “agent” as defined in Article 8 of the Insurance Act. Article 3 An agent who has not obtained a practice license in accordance with these Regulations may not operate or practice. Article 4 Agents are classified into non-life insurance
agents and personal insurance agents. Chapter 2 Qualification Requirements Article 5 An independent agent and an agent employed by an agent company or a bank shall possess one of the following qualifications: Article 6 A person having any of the following situations may not serve as an a responsible person of an agent
company: Chapter 3 Registration of Business Practice and Obtaining of Practice License Article 7 A person possessing an
agent qualification as set out in these Regulations and free of the situations provided in any subparagraph of paragraph 3 of the preceding article and subparagraph 27 of Article 49, after obtaining a practice license, practice business independently or as an employee of an agent company. Article 8 An independent agent shall submit the following documents to carry out registration of permission with the competent authority: Article 9 An agent company shall operate its business as a
specialized operation and include the wording “Insurance Agent” in the name of the company. Article 10 A bank that
applies for approval to operate concurrently insurance agent business or to increase the types of business shall comply with the provisions of the following subparagraphs: Article 11 A bank apply to operate insurance agent
business or increase of the type of business shall submit the following documents to the competent authority for registration of permission: Article 12 An agent company shall have one general manager in charge of managing the overall operations of the company and shall not have other officers in comparable position. Article 13 The chairman of an agent company, at least one third of its directors and supervisors, sales-related vice general manager, managers of branch offices or officers in comparable positions shall possess one of the following qualifications: Article 14 An agent company shall submit a written statement by the new chairperson or general manager
undertaking that who is free of situations set out in any of the subparagraphs of paragraph 1, Article 6 and documents evidencing compliance with qualifications provided in the preceding two articles, within 15 days after he/she is elected as the chairperson or appointed as the general manager to the competent authority for approval; where the qualifications of the chairperson or general manager are not approved by the competent authority, the competent authority may order the insurance broker
company to make changes within a prescribed period of time; The same shall apply if factual evidence shows that an individual does not possess the required qualifications specified in preceding two paragraphs after taking office. Article 15 When an agent employed by an agent company and a bank ceases to serve as a signatory for the company, the agent company and bank shall, within fifteen days after the employed agent departs, report to the competent authority and surrender the practice license of the departed agent, and report same to the agents association for
recordation. Article 16 For the agent company applying for operating
insurance agent 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 agent company applying to operate insurance agency business shall have minimum paid-in capital of NT$5 million. to operate insurance agent business Article 17 A bank shall allocate at least NT$50 million as operating capital. The operating capital shall be used exclusively for the insurance agent business and may not be used for other purposes. Article 18 Upon applying to the competent authority for the issuance of a practice license, an independent agent shall pay the fees set by the competent authority and submit the following documents: Article 19 Upon applying to the competent authority for the issuance of a practice license, an agent company shall pay the fees set by the competent authority and submit the following documents: Article 20 Upon applying to the competent authority for the issuance of a practice license to operate insurance agent business, a bank shall pay the fees set by the competent authority and submit the following documents: Article 21 A bank that applies to the competent authority for registration to operate insurance agent business shall establish a separate department for such operations with independent operations, and accounting. Article 22 An agent who possesses the qualifications of both non-life insurance agent and personal insurance agent may only choose to apply for one practice license for either non-life insurance agent or personal insurance, unless it is otherwise approved by the competent authority. Article 23 Independent agents, agent companies and banks shall apply to the competent authority for issuance of a practice license and commence practicing or operating business within six months of the date of registration of permission. If the agent has not yet applied or has not yet commenced practice or operation at the end of this period, the competent authority will revoke its registration. Article 24 The practice license of
independent agents and agents employed by an agent company and a bank is valid for a period of five years. An agent may not practice business unless he or she has completed the procedures for license renewal before the current practice license expires. Article 25 The competent authority may not renew a practice license if the applying agent has any of the following circumstances: Article 26 An independent agent who ceases business shall, within fifteen days after the fact, file a report with the competent authority and surrender his or her practice license. Article 27 An agent 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: Article 28 A bank that applies to suspend or terminate its insurance agent business in part or in whole shall describe reasons therefor and submit an
application form and the minutes of its board of directors’ meeting to the competent authority for approval. Article 29 An independent agent may apply for return of the bond after who has ceased practice and its practice
license has been surrendered and cancelled, or after its business permit has been voided or revoked by the competent authority. Chapter 4 Training Article 30 Training is divided into pre-job training and on-the-job training. Article 31 Independent agents or agents employed by an agent company or a bank shall have attended at least 32 hours of pre-job training and passed tests within the past 1 year before submission of the
application. Article 32 Independent agents or agents employed by an agent company or a bank shall attend not less than on average 16 hours of on-the-job training every year during the valid
period of their practice license, including not less than eight hours of courses on laws in the latest 2 years before renewing a practice license. Chapter 5 Management. Article 33 When independent agents, agent companies and banks practicing or operating
business, they shall exercise due care of a good administrator to uphold the interests of the insured, ensure that he or she has provided professional explanations to the proposer and made full disclosure of information relating to the major contents of the insurance product of interest and major rights and obligations of the insured, ensure that his or her operating procedures and practices are in compliance with applicable laws and regulations, and store on and file those documents for future
reference. Article 33-1 A bank shall establish a mechanism to check the source of funds for premiums paid by a customer, whether it is a loan from the bank, a time deposit at the bank that is canceled early without penalty, a contract termination or a policy loan obtained through the bank that took place within three
months prior to the purchase of insurance, and to check whether there is consistency between the customer and the financial information the customer provides for dealings and transactions with the bank. Article 34 Independent agents and agents employed by an agent company or a bank shall understand the needs of the proposer and product or service suitability, and sign on relevant documents, unless otherwise prescribed by the competent authority. Article 34-1 When an agent employed by an agent company or a bank signs on relevant documents according to Paragraph 1
of the preceding article, the signing operation shall be conducted in a manner where the agent has confirmed prior to the insurer agrees to underwrite a policy that relevant documents have been completely checked according to internal rules with relevant tracks and supporting documents saved. Article 35 Banks that operate concurrently insurance agent business shall comply with the following provisions: Article 36 The content of publicity and advertising used in insurance solicitation by insurance solicitors or agents employed by an agent company or a bank shall have been approved by the employing company or bank; the employing company or bank shall furthermore duly bear liability. Article 37 For any damage suffered by an insurance proposer or insured as a result of any act of negligence, error, or omission by independent agents, agent companies and banks practicing or operating business as authorized under an agency agreement, the insurer that authorized [the agent] shall bear liability for damages according to law. Article 38 An insurance agency agreement shall contain at least the following items: Article 39 An agent company that handles underwriting or claim settlement operations on behalf of an insurer shall have obtained approval from the competent authority and authorization from the insurer, and its underwriters and claim agents shall also comply with the Regulations Governing Business Solicitation, Underwriting, and Claim Adjusting of Insurance Enterprises. Article 40 Independent agents, agent companies and banks shall directly deliver to insurers the full premium payments collected from insurance proposers. An independent agent, an agent company and a bank may not deliver premium of an proposer that is paid with a negotiable instrument drawn in the his or her own name. Article 41 Independent agents, agent companies and banks shall preserve copies of documents including solicitation, collection, policy-writing, endorsement, claim settlement documents and the termination of contract within the scope under its agency contract or written authorization. Article 42 An independent agent, an agent company and a bank shall have a fixed place of business that may not be located within the head office or branch office of an
insurance company. Article 43 Independent agents, agent companies and banks shall set up a special ledger to record operating revenues and expenditures and shall compile the various business and financial statements and other items prescribed by the competent authority as well as and submit them to the competent authority or an
institution designated thereby within the time limit set by the competent authority; the formats of the statements and other items shall be separately prescribed by the competent authority. Article 44 The commissions, expenses and costs of an independent agent, an agent company and a bank associated with practicing or operating insurance agency business on behalf of the same insurance enterprise shall be transacted through a single bank account. Article 45 After obtaining registration of permission with the competent authority, independent agents, agent companies and banks shall join the agents
association. Article 46 When the agents association is established or holds reelection, it shall report its articles of association, a list of members, and a list of directors and supervisors to both the Ministry of the Interior and
the competent authority for recordation. Article 47 An agent company that has not been sanctioned by the competent authority within the last one year for violating an act
or regulation may apply to the competent authority for approval to establish a branch office. Article 48 An agent company meets the following requirements may apply to the competent authority for approval to establish a subsidiary, branch office, or representative office or makes equity
investment in a foreign country: Article 49 Independent agents, agent companies, banks and agents employed by agent companies or banks shall not commit any of the
following acts: Article 50 Agent companies and banks shall produce a compliance manual
and appoint a compliance officer to take charge of the planning, management and implementation of its compliance system. The compliance officer shall also report periodically to the board of directors and supervisors or audit committee. In case the agent company is a limited company, the compliance officer shall report periodically to all shareholders. Article 51 A compliance officer shall carry out the
following tasks: Article 52 The compliance officer of an agent company and a bank shall possess one of the following qualifications: Chapter 6 Foreign insurance agency Article 53 Where necessary, the competent authority may approve the establishment of branch offices within the territory of the Republic of China by a foreign insurance agency institution having an corporate entity to operate the same kind of business operated in its home country. Article 54 A foreign insurance agency institution applying to establish a branch office within the territory of the Republic of China shall possess the following
qualifications: Article 55 A foreign insurance agency institution applying for approval to establish a branch office within the territory of the Republic of China to operate
insurance agency business shall submit two copies of the following documents to the competent authority for review: Article 56 The head office of a foreign agent company shall appropriate funds of not less than NT$5 million exclusively for the business operation of each branch office established according to its business plan. Article 57 The head office of a foreign agent company shall, within six months of permission, remit
the funds for business operations of its branch office according to the preceding article, and apply to the competent authority in charge of company registration for registration of branch office establishment. Article 58 A foreign insurance agency institution establishing a branch office to operate business within the territory of the Republic of China shall employ at least one person holding a Republic of China agent’s practice license of the same type to practice the business. Article 59 Provisions of other related chapters of these Regulations shall apply mutatis mutandis to matters regarding foreign insurance agents on which this chapter is silent. Chapter 7 Supplementary Provisions Article 60 The appointment or promotion of the responsible persons of an agent company shall meet the requirements set out in paragraph 1 of Article 6, Articles 12 and 13; one appointed or promoted without meeting those requirements shall be discharged. Article 61 Unless the date of implementation is otherwise provided, these Regulations shall be in force on the date of promulgation. Which of the following activities would not result in the suspension of an agent's license?Which of the following activities will NOT result in the suspension of an agent's license? Working for a foreign insurer. (Working for a foreign insurance company does not result in the revocation or suspension of an agent's license.)
When an insurance licensee moves he has how long to notify the Florida Dept of Financial Services of his change of address?*NOTE: Most licensees have 30 days from the change in your information, to notify the Department or be subject to administrative action (s.
Which of the following situations does not apply to Florida replacement rule?Which of the following situations does NOT apply to the Florida Replacement Rule? Florida's Replacement Rule applies to all of these situations EXCEPT "An existing policyholder purchases an additional policy from the same insurer".
Which of the following activities is not performed by an insurance producer?Which of the following activities is NOT performed by an insurance producer? issuing the policy-Any activity that falls within the definition of transacting insurance requires that the person be licensed as an insurance producer. Insurance policies are issued by insurers and not producers.
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