The 921 Chi-Chi Earthquake in 1999 was the worst century disaster in Taiwan and caused severe damage. It prompted the government to plan and promote Taiwan Residential Earthquake Insurance Program (TREIP). Starting from April 1, 2002, TREIP provides basic insurance protection against the earthquake. Homeowners who suffered from earthquake damage can acquire financial supports promptly for the resilience of their homes.

To implement TREIP and provide homeowners with basic earthquake insurance protection, the government established Taiwan Residential Earthquake Insurance Fund (TREIF) and designated it as the pivotal organization of this statutory insurance program and the managing entity for the Risk Spreading Mechanism of Residential Earthquake Insurance.

In addition to risk spreading and assumption, TREIF is also responsible for the improvement of underwriting and claims settlement mechanism research, trainings, reinsurance arrangements, the Insurance Program R&D, business promotion, information technology and statistics, fund utilization and financing plans and other functions related.