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Enforcement Letter

 
Organisation: Financial Supervisory Commission
Issue No.: Financial-Supervisory-Securities-SITC-1080326549 
Issue Date: 2019/08/15
Content:     Order of the Financial Supervisory Commission
    Issue date: 15 August 2019
    Issue no.: Financial-Supervisory-Securities-SITC-1080326549

  1. The term "a certain proportion of protection" as used in Article 5, paragraph 1, subparagraph 3 of the Regulations Governing the Financial Investment, Management, and Utilization of Repatriated Offshore Funds (the "Regulations") means the ratio of death benefit to non-forfeiture value, which shall meet the following conditions, as applicable, during the entire policy period:
    1. For an insured of the full age of 15 and with an attained age of not more than 30, the ratio may not be less than 250%.
    2. For an insured with an attained age of not less than 31 and not more than 40, the ratio may not be less than 200%.
    3. For an insured with an attained age of not less than 41 and not more than 50, the ratio may not be less than 175%.
    4. For an insured with an attained age of not less than 51 and not more than 60, the ratio may not be less than 140%.
    5. For an insured with an attained age of not less than 61 and not more than 70, the ratio may not be less than 130%.
    6. For an insured with an attained age of not less than 71 and not more than 90, the ratio may not be less than 105%.
    7. For an insured with an attained age of not less than 91, the ratio may not be less than 100%.
  2. The terms "death benefit," "non-forfeiture value," and "attained age" as used in the preceding point shall have the following meanings:
    1. "Death benefit" means the amount of death benefit or funeral expense benefit as stated in a life insurance contract.
    2. "Non-forfeiture value" means a value reserve of an enterprise engaging in insurance of the person, based on the interest rate and risk incidence rate used in calculating written premiums of insurance contracts, and calculated in a manner prescribed by the competent authority.
    3. "Attained age" means the age calculated as the insuring age of the insured plus the number of policy years reached at the current time minus 1.
  3. This Order is effective from this day forward.

    Originals: To be posted on the public notice boards of the Financial Supervisory Commission (FSC) and the Securities and Futures Bureau of the FSC
    Copies: Legal Affairs Committee, Executive Yuan; Ministry of Finance; Ministry of Economic Affairs; Central Bank of the Republic of China (Taiwan); FSC (Department of Legal Affairs, Department of Information Management); FSC Banking Bureau; FSC Insurance Bureau; FSC Financial Examination Bureau; Lex Data Information Inc.; Root International Information Co., Ltd.