Conor, can you walk us through the forms of investment and market entry requirements? Yeah, absolutely,

Rob.

So the regulatory environment is designed to ensure both market stability and openness to international participation.

The sector is split between life and non-life insurers.

Composite licenses aren't available for direct insurers, but are omitted for reinsurers.

Taiwan is open to both domestic and foreign investment in insurance, with no formal restrictions on foreign direct investment.

Both subsidiaries and branches of foreign insurers can operate in Taiwan, subject to strict entry requirements and ongoing supervision from the FSC.

The insurance enterprise shall submit the minutes of its board meeting for the appointment of its general manager and the documents to prove his or her qualifications act as a general manager with FSC's review and approval before he or she can take up the position.