The following insurance enterprises may, through their head offices, apply to the competent authorities for a license to establish an offshore insurance branch within the ROC with independent accounting to conduct offshore insurance business:
1.Insurance enterprises approved by the FSC to engage in insurance business within the ROC.
2.Foreign insurance enterprises approved by the FSC to engage in insurance business within the ROC.
The term “insurance enterprises” referred to in the preceding paragraph shall mean non-life insurance enterprises, life insurance enterprises and professional reinsurance enterprises.
An offshore insurance branch established pursuant to paragraph 1 hereof shall allocate working capital for its operations. The minimum amount of the working capital shall be set by the FSC.