Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

The Bank may revoke or cancel all or part of its approval of an insurance enterprise engaging in foreign exchange business in the event of any of the following, depending on the seriousness of the violation:

1.The insurance enterprise fails to commence operation within six months after being issued a letter of approval. The applicant may request for an extension with appropriate reasons. If approved, the insurance enterprise may have an extension of no more than three months. An institution may apply for an extension only once;

2.The insurance enterprise has seriously violated Paragraph 3, Article 4 or other provisions of these Regulations or has failed to improve within the period specified by the Bank;

3.After being approved to engage in various foreign exchange business, the insurance enterprise is found to have provided false information in its application that constitutes a serious violation;

4.The insurance enterprise suspends operations, is dissolved, or declares bankruptcy; or

5.There is evidence indicating that the applicant may hinder sound operations of the business, or that the applicant is unable to meet financial policy requirements.