On December 31, 2019, the FSC amended the aforementioned Regulations. The amended provisions: (a) allow insurers to invest in Sukuk certificates issued by foreign issuers on the international bonds professional board in Taiwan; (b) allow insurers to invest in privately placed corporate bonds that have been issued by foreign listed companies and are not traded on any foreign centralized securities market or OTC market; (c) allow to replace the credit ratings of the issuer or guarantor with bond issuance ratings; (d) specify the scope of “major sanctions and penalties”; and (e) clarify the restrictions on the redemption period of international bonds. These amendments will help improve insurers'' risk management on their international bond positions, will provide insurers a greater variety of investment channels, and will afford insurers greater efficiency and flexibility in their investments.