Taiwan Insurance Industry – Governance, Risk and Compliance
All the vital news, analysis, and commentary curated by our industry experts.
Taiwan Insurance Industry Regulation Overview
The Financial Supervisory Commission (FSC) acts as the regulator of the Taiwan insurance industry while the International Association of Insurance Supervisors (IAIS) acts as the other supervisor. The Taiwan Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
|Key Regulators||· Financial Supervisory Commission (FSC)
· International Association of Insurance Supervisors (IAIS)
|Compulsory Insurances||· Motor Third-Party Liability Insurance
· Marine Liability Insurance
· Professional Indemnity Insurance
· Social Security Insurance
|Key Taxes||· Tax on Insurance Premium
· Corporate Income Tax
· Corporate Capital Gains Tax
· Value Added Tax
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Taiwan Insurance Industry – Key Regulators and Legislation
Financial Supervisory Commission: The Insurance Bureau (IB) was established under the FSC to develop, supervise, regulate, and examine the insurance industry in Taiwan. Prior to the FSC, the Ministry of Finance was responsible for the regulation and supervision of the insurance industry.
International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Taiwan insurance industry is:
- Insurance Act 1929
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Taiwan Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Taiwan insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Taiwan Insurance Industry Analysis by Compulsory Insurances
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Taiwan Insurance Industry - Company Registration and Operation
The establishment of insurance companies in Taiwan is supervised and regulated by the IB. An insurance company can be established as a company limited by shares or a cooperative. If it tries to engage in a business other than the insurance, it must obtain permission from the Central Bank. IB grants different types of licenses to insurance companies for carrying out different types of insurance and reinsurance businesses. However, composite insurers are not permitted.
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Taiwan Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Taiwan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The Ministry of Finance and National Tax Administration administer and supervise the taxation in Taiwan. These bodies are responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country. A company with its head office in Taiwan is considered a resident company and they are subjected to tax on their global income, whereas non-resident companies are taxed only on income sourced from Taiwan.
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This report provides:
- Details of the insurance regulatory framework in Taiwan
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
- The Insurance Bureau (IB) is responsible for regulating and supervising the Taiwanese insurance industry.
- The placement of non-admitted insurance and reinsurance is not permitted in the Taiwanese insurance industry.
- Composite insurers are not permitted in the Taiwanese insurance industry.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Taiwan.
- Track the latest regulatory changes and expected changes impacting the Taiwan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
- 1. TAIWAN
- 1.1. Legislation Overview
- 1.1.1. Supervision and Control
- 1.1.2. Legislation
- 1.2. Compulsory Insurance
- 1.3. Non-Admitted Insurance Regulations
- 1.4. Company Registration and Operation
- 1.4.1. License
- 1.4.2. Foreign Direct Investment / Ownership
- 1.4.3. Minimum Capital Requirements
- 1.4.4. Solvency Margins
- 1.4.5. Reserve Requirements
- 1.4.6. Statutory Return Requirements
- 1.4.7. Fee Structure
- 1.5. Taxation
- 1.5.1. Tax on Insurance Premium
- 1.5.2. Corporate Income Tax
- 1.5.3. Corporate Capital Gains Tax
- 1.5.4. Value Added Tax
- 1.6. Legal System
- 1.7. Policy Practice
- 1.1. Legislation Overview
- 2. About GlobalData
- 3. Contact Us
Frequently asked questions
Which is the key regulator of the Taiwan insurance industry?
The Financial Supervisory Commission (FSC) is the key regulator of the Taiwan insurance industry.
Which are the other regulatory bodies overseeing operations in the Taiwan insurance industry?
The International Association of Insurance Supervisors (IAIS) oversees the Taiwan insurance industry.
Which are the compulsory insurances required within the Taiwan insurance industry?
Some of the key compulsory insurances required within the Taiwan insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
What are the types of taxes imposed upon the Taiwan insurance industry?
Tax is imposed upon insurance premium within the insurance industry in Taiwan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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