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Duties and Responsibilities of the Fund
The Fund shall handle the following matters :
(1) Extend loans to insurance enterprises experiencing business difficulties
(2) The Fund may provide low-interest loans or subsidies to insurance enterprises that incur loss by merging with troubled insurance enterprises or assuming their contracts.
  (3) When, in accordance with the provisions of Article 149, paragraph 4, an insurance enterprise is placed into receivership, ordered to suspend business and undergo rehabilitation, or ordered to dissolve, or when a receiver applies to a court for reorganization in accordance with the provisions of Article 149-2, paragraph 3, the Fund shall, as necessary, advance funds on behalf of the insurance enterprises to settle claims which proposers, insured parties, and beneficiaries are entitled to make under in-force contracts, and with respect to the amount thus advanced shall succeed to and exercise the rights of claim of those proposers, insured parties, and beneficiaries against the insurance enterprise.
(4) In order to safeguard the interests of insured parties and help expedite reorganization proceedings, when an insurance enterprise undergoes reorganization in accordance with the provisions of the Insurance Act, proposers, insured parties, and beneficiaries shall, unless they object in writing, be deemed to have granted consent for the Fund to act as their agent in attending meetings of related parties and exercising rights related to the reorganization. The Fund shall adopt procedures for actions they take when serving as agent, as well as other compliance matters, and shall file them with the competent authority for recordation.
(5) Act as receiver, rehabilitator or liquidator upon appointment by the competent authority.
(6) Assume, upon approval by the competent authority, the insurance contracts of insolvent insurance companies.
(7) Undertake other matters, as approved by the competent authority, to stabilize the insurance market or safeguard the interests of insured parties.
The Fund shall adopt rules governing the timing, scope, and dollar amount of their drawdown of funds to handle the matters set out in subparagraphs 1 to 3 and subparagraph 7 of the preceding paragraph, and shall file them with the competent authority for approval.
Where an insurance enterprise applies to the Fund in accordance with paragraph 1, subparagraph 2 for subsidization of losses incurred upon merging with a troubled insurer or assuming such an insurer's contracts, the dollar amount may not exceed the total amount of funds advanced by the Fund pursuant to subparagraph 3 of the same paragraph.

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Latest Update : 2020-07-01