PROHIBITION OF CONCURRENT OFFICES OF RESPONSIBLE PERSONS OF INSURANCE ENTERPRISES

11/01/2010

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On October 5, 2010, Articles 4, 5-1 and 9 of the Regulations Governing Required Qualifications for Responsible Persons of Insurance Enterprises (the "Regulations") were amended to strengthen the corporate governance of insurance companies. The amendments are summarized as follows:
l	Unless otherwise approved by the competent authority, the chairman of an insurance company may not concurrently act as the general manager (Article 5-1).
l	An insurance company may have only one general manager to oversee the overall business of the insurance company and no other persons may hold a position that has similar powers or authorities as the general manager (Article 4).
l	For an insurance company whose chairman is concurrently acting as the general manager, the chairman/general manager must resign from either office within one year of the effective date of the amendments. Any insurance company that has more than one general manager must make necessary arrangements within six months of the effective date of the amendments (Article 9).