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Interpretative Letter Issued for the Regulations Governing Use of Insurance Enterprise’s Funds in Special Projects, Public Utilities and Social Welfare Enterprises


C. T. Chang/Peng-Ying Chen

The Financial Supervisory Commission of Taiwan (the "FSC") issued an Interpretative Letter for the Regulations Governing Use of Insurance Enterprise's Funds in Special Projects, Public Utilities and Social Welfare Enterprises (Ref. No. Jin-Guan-Bao-Cai-Zi No. 11104902763) on January 28, 2022 (the "Letter"). The main points are as follows:

1.    According to Subparagraph 2 of Article 2 of the Regulations Governing Use of Insurance Enterprise's Funds in Special Projects, Public Utilities and Social Welfare Enterprises (the "Regulations") and the letter issued by the FSC Ref. No. Jin-Guan-Bao-Cai-Zi No. 11004365982 dated January 28, 2022, an insurance enterprise's investment in domestic private equity fund denominated in New Taiwan Dollar with the qualification letter obtained in accordance with the National Development Council Directions for Guiding and Managing the Promotion of Industrial Investment by Private Equity Funds (國家發展委員會促進私募股權基金投資產業輔導管理要點) stipulated by the National Development Council ("NDC") and the investment portfolio in foreign countries exceeding 50% according to the plan approved by the NDC shall be handled pursuant to the following regulations:

(1)   Regulations of the Management of Special Project (專案運用管理辦法)

(2)   The amount of investment made according to Subparagraph 8 of Paragraph 1 of Article 3 of the Regulations Governing Foreign Investments by Insurance Companies shall be included in the total foreign investment amount calculated according to Paragraph 2 of Article 146-4 of the Insurance Act.

2.      This Letter shall be effective from January 31, 2022.

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