The government has implemented various incentive measures including deregulation and tax preferences, aiming to encourage insurance firms to develop innovative products and provide a platform for potential overseas customers of the R.O.C. to purchase foreign currency insurance products in Taiwan. Targeted for overseas purchasers, the businesses opened include insurance products to be settled in foreign currencies, reassurance business, as well as other insurance-related business approved by the competent authority.
The Offshore Insurance Unit (OIU) is also part of the government’s plan to forge Taiwan into the Asia Pacific Finance Center, following the opening of the Offshore Banking Unit (OBU) and Offshore Securities Unit (OSU) Business. The ultimate purpose is to encourage potential overseas customers to participate in Taiwan’s financial market through the one-stop financial services.