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Article NO. Content

Title:

Offshore Banking Act  CH

Amended Date: 2016.12.28 
Article 22-18 If an offshore insurance branch commits any of the following acts, the competent authorities shall order the branch to take corrective action within a specified time period, or in addition thereto, impose a fine not less than Nine Hundred Thousand New Taiwan Dollars (NT$900,000) but not more than Forty Million and Fifty Hundred Thousand New Taiwan Dollars (NT$4,500,000); where the offense is deemed severe, or the branch fails to take corrective action during the time period set out by the competent authorities, the competent authorities may restrict the scope of its business or fund utilization, order the suspension of sale of insurance products or restrict the offering of new insurance products, or order it to dismiss its manager or employee, or void or revoke its business license:
1.Conducting any business other than that specified in Article 22-13.
2.Violating provisions of the regulations adopted under Article 22-15, paragraph 2 concerning finances, businesses, utilization of funds, and risk management.
3.Violating Article 8 applied mutatis mutandis under the preceding Article.