When the competent authority dispatches officers or mandates appropriate institutions or experienced professionals to inspect the business and financial conditions of an offshore insurance branch, or order an offshore insurance branch to report its business conditions within a specified time limit, a fine of not less than One Million and Eight Hundred Thousand New Taiwan Dollars (NT$1,800,000) but not more than Nine Million New Taiwan Dollars (NT$9,000,000) will be imposed if an responsible person or employee of the insurance branch has any of the following situations:
1.Refusing to allow inspection or to open the vault or other storage rooms.
2.Concealing or destroying account books or documents related to the business or financial conditions of the insurance branch.
3.Refusing to respond to, or making false representation in response to the queries of inspector without cause.
4.Missing the deadline for submission of financial reports, property list, or other related information and reports, or making false or incomplete representations, or missing the deadline for payment of inspection fees.