Taiwan Insurance Industry – Governance, Risk and Compliance

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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

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Taiwan Insurance Industry – Key Regulators and Legislation

Financial Supervisory Commission (FSC): The Insurance Bureau (IB) was established under the FSC on July 1, 2004, to develop, supervise, regulate, and examine the insurance industry in Taiwan. Before the FSC, the Ministry of Finance was responsible for the regulation and supervision of the insurance industry.

International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors. The IAIS formulates and issues various global insurance principles, standards, and guidance. It also provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The organization 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 (as amended in February 2015)

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Taiwan Insurance Industry - Compulsory Insurance

A few of the key compulsory insurance required within the Taiwan insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance. Motor liability insurance is compulsory in Taiwan and is governed by the regulation governing Compulsory Automobile Liability Insurance.

Taiwan Insurance Industry Analysis by Compulsory Insurances

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 (Insurance Bureau). Guidelines for establishing insurance companies in the country are outlined in the Insurance Act 1929. General provisions for the establishment of insurance companies are provided in Articles 136–142. According to Article 138, if an insurance company tries to engage in a business other than insurance, it has to 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.

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Taiwan Insurance Industry – Taxation

The taxes imposed in the Taiwan insurance industry are corporate income tax, corporate capital gains tax, and value-added tax.

Corporate income tax rate: 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. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Taiwan.

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Scope

The 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.

Key Highlights

  • 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 products.

Table of Contents

Taiwan

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

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Table

Taiwan – Corporate Tax Rates for the Financial Year 2024

Frequently asked questions

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