Non-Life Insurance Association
The Non-Life Insurance Association of the R.O.C
Motor Vehicle Accident Compensation Fund
Taiwan Insurance Institude
The Non-Life Insurance Association of the R.O.C. (NLIA) was founded on June 17, 1998. The Taipei Insurance Association, after completing its gradual duty, merged with NLIA on August 1, 1999, following the approval by the Ministry of the Interior. The origin of the Taipei Insurance Association can be traced back to its establishment on April 1, 1949. Formerly known as the Insurance Association of Taiwan Province, Taipei Insurance Association's missions were to foster a good operation foundation for insurance companies, to conduct research development of insurance business, to set up regulations in regards to development of new insurance products, and through the consolidated power of organization to serve as a bridge to liaison and mediate between the government and insurers, and between insurer and insurer.
Prior to 1960, there were only five non-life insurance companies in Taiwan. They were Chung Kuo Insurance, Taiwan Fire & Marine Insurance Company, the Tai Ping Insurance Company, and China Mariners' Assurance Corporation, and Non-Life Insurance Department of the Central Trust of China. In the fall 1960, the government lifted the restriction on establishing new insurance companies. In addition to the above mentioned four insurance companies (Non-Life Insurance Department of the Central Trust of China merged with Chung Kuo Insurance), 10 additional insurers were formed: Fubon Insurance Company (originally named Cathay Insurance Company), Zurich Insurance (Taiwan) Ltd. (originally named the Overseas Insurance Corporation), Taian Insurance Company, Mintai Fire & Marine Insurance Company, Central Insurance Company, The First Insurance Company, Kuo Hua Insurance Company, Union Insurance Company, ShinKong Insurance Company, South China Insurance Company. Between 1993 - 1999, three more insurers were added. They were: Cathay Century Insurance (formerly called Tong Tai Insurance Company), Allianz President General Insurance Company, and Newa Insurance Company. On October 11, 2002, Union Insurance Company acquired China Mariners' Assurance Company. In August 2004, Millea Asia Plc. bought the shares of Allianz President General Insurance Company; then, in April 2005, merged with Newa Insurance Company to form Tokyo Marine Newa Insurance Company. On November 18, 2005, a suspension of business operation and provisional liquidation was ordered against Kuo Hua Insurance. In May 2006, Dragon Insurance Company was formed. On June 16, 2006, Chung Kuo Insurance changed its Chinese brand name to "兆豐產物保險公司" while maintaining its English name the same. On March 1, 2007, The Tai Ping Insurance Company changed its company name to Walsun Insurance Limited. On June 1, 2007, Central Insurance Company changed its name to AIG Insurance Company. And on October 1, 2007, AIU Insurance Company Taiwan Branch merges into AIG Insurance Company. On November 19, 2007, Union Insurance changed its Chinese brand name to "旺旺友聯產物保險公司" while keeping the English brand name unchanged. On November 2, 2008, Dragon Insurance Company changed its name to TLG Insurance Company. Finally, on January 1, 2009, Mitsui Sumitomo Insurance Company Taipei Branch merged into Mingtai Insurance Company. Currently, there are a total of 14 non-life insurance companies in Taiwan. In 1981, due to the signing of the Taiwan - US bilateral trade agreement, "Directions for Review of Establishment of Branch Office by US Insurance Institutions" was implemented, allowing US insurance companies to establish branches in Taiwan. In 1994, the promulgation of the "Admission Standards and Administrative Regulations Governing Foreign Insurers" opened the door for foreign companies to form branch offices in Taiwan. Currently, there are five foreign insurance companies with branch offices in Taiwan. They are Insurance Company of North America, Federal Insurance Company, Asia Insurance Company, Cardif Risques Divers Insurance Company, AIG United Guaranty, and Coface Services Taiwan.
In 1981, due to the signing of the Taiwan - US bilateral trade agreement, "Directions for Review of Establishment of Branch Office by US Insurance Institutions" was implemented, allowing US insurance companies to establish branches in Taiwan. In 1994, the promulgation of the "Admission Standards and Administrative Regulations Governing Foreign Insurers" opened the door for foreign companies to form branch offices in Taiwan. Currently, there are six foreign insurance companies with branch offices in Taiwan. They are Insurance Company of North America, Federal Insurance Company, Asia Insurance Company, Cardif Risques Divers Insurance Company, AIG United Guaranty, and Coface Services Taiwan.
In alignment with article 165.1 of the Insurance Act, a stipulation that forbids insurance companies to operate without joining the NLIA, the Article of NLIA has been amended. NLIA is formed by non-life insurance companies and reinsurance companies. Subsequently, Central Reinsurance Company, Cologne Reinsurance Company plc Taiwan Branch, and Reinsurance Group of America, Incorporated joined NLIA as members in February, March, and April 2009, respectively.
The General Assembly of NLIA is comprised of representatives appointed by each member company, within which 21 are elected to form the Board of Directors and five are elected to form the Board of Supervisors. Seven Managing Directors are elected from the BOD. Amongst the seven, one is elected to be the Chairperson of the BOD. The Chairperson represents the NLIA externally. One person is elected from the five Supervisors to be the Standing Supervisor.
A Secretariat is appointed to work with the Chairperson, to follow the order of the Chairperson, and to coordinate and manage all affairs of NLIA. A General Secretary is established under the Secretariat to be in charge of the general affairs. In response to the business development needs, several committees are established. Currently, there are 11 Committees: Fire Insurance Committee, Marine Insurance Committee, Accidental Insurance Committee, Motor Insurance Committee, Accounting & Finance Committee, Comprehensive Insurance Committee, Management Information System Committee, Insurance Solicitor Committee, International Affairs Committee, Casualty & Health Insurance Committee, and Actuarial Committee.