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SOCIALIST REPUBLIC OF
VIET NAM Independence - Freedom -
Happiness Hà Nội , November 24,
2010 |
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THE NATIONAL ASSEMBLY Number: 61/2010/QH12 |
LAW
ADMENDING AND
SUPPLEMENTING A NUMBER OF ARTICLE OF THE INSURANCE BUSINESS LAW
Pursuant to the Constitution of the Socialist Republic of Vietnam in 1992
amended and supplemented a number of articles under the Resolution No.51/2001/QH10;
The National Assembly promulgates the Law on amending and supplementing a
number of articles of Law on insurance business No. 24/2000/QH10.
Article 1. Amending and
supplementing a number of articles of Law on insurance business.
1. Amend Clause 19 and
Clause 20, Article 3 as follows:
'19. Pension insurance
means a class of insurance in case where the insured person reaches a
determined age shall be paid insurance money by insurance enterprise as agreed
in the insurance contract.
20. Health insurance means
a class of insurance in case the insured person is injured, in an accident,
illness, disease or health-care is paid insurance by insurance enterprise as
agreed in the insurance contract.
2. Clause 1, Article 6 is
amended and supplemented as follows:
"1. Organizations and
individuals having demands for insurance may only participate in insurance in
the insurance enterprise operating in Vietnam, foreign-invested enterprises,
foreigners working in Vietnam having demands for insurance may choose to
participate in insurance in the insurance enterprise operating in Vietnam or
use cross border insurance services. "
3. Article 7 is amended
and supplemented as follows:
"Article 7. The types
of insurance operation
1. Life insurance
includes:
a) Whole life insurance;
b) Endowment insurance;
c) Term insurance;
d) Combined insurance;
e) Recurring paid
Insurance;
f) investment-linked
insurance;
g) Pension insurance.
2. Non-life insurance
includes:
a) Property insurance and
damage insurance;
b) Land, marine, river,
railway and air cargo transport insurance;
c) Aviation insurance;
d) Motor vehicle
insurance;
e) Fire and explosion
Insurance;
e) Hull insurance and
ship-owners ‘civil liability insurance;
g) Liability Insurance;
h) Credit and financial
risk insurance;
i) Business loss
insurance;
k) Agriculture insurance.
3. Health insurance
includes:
a) Human accident
insurance;
b) Medical insurance;
c) Health-care insurance.
4. Other insurance
operations regulated by the Government.
5. The Ministry of Finance
shall issue a list of insurance products. "
4. Article 9 is amended
and supplemented as follows
"Article 9.
Reinsurance
Insurance enterprises may
provide reinsurance for other insurance enterprises, including foreign
insurance enterprises; foreign organizations getting reinsurance. Foreign
insurance enterprises, foreign organizations getting reinsurance have to reach
trust coefficient in accordance with rank of the international trust assessment
company as prescribed by the Ministry of Finance. “
5. Article 10 is amended
and supplemented as follows:
"Article 10.
Cooperation, competition and bidding in insurance business
1. Insurance enterprises,
insurance brokerage enterprise may engage in cooperate in reinsurance,
co-insurance, damage assessment, settlement of insurance’s benefits ,
precaution and loss limit, human resource development, insurance product
development, training and management of insurance agents, sharing information
for risk management.
2. Insurance enterprises
are able to compete on the conditions, scope, level of responsibility, cost,
service quality, and insurance capacity and financial capability.
The competition must be
complied with provisions of law on competition and finance safety guarantee of
insurance enterprise; the premium rates must be in accordance with the
conditions, scope and level of liability insurance.
3. Projects using State
capital and assets of State-owned or of State enterprises must make tender on
conditions, scope, level of responsibility, cost, service quality, insurance
capacity and financial capacity of insurance enterprises.
The bidding must be open
and transparent in accordance with this Law and the law on bidding.
4. Strictly prohibit the
following acts:
a) Collusion between
insurance enterprises or between insurance enterprise and insurance buyer to
divide insurance market, close insurance services;
b) Unlawful intervention
in the selection of insurance enterprises;
c) Abusing positions and
powers in order to assign, require, force, and prevent organizations and
individuals engaged in insurance;
d) Providing untruthful
information or advertisement on insurance contents, operation scope and terms,
which cause harms to the legitimate rights and interests of the insurance
buyers;
e) Competing for customers
by means of obstructing, inducing, buying off or intimidating employees or
customers of other insurance enterprises, agents or brokerage enterprises;
f) Illegal sales
promotion;
g) Other illegal acts in
cooperation, competition and bidding"
6. Article 15 is amended
and supplemented as follows:
"Article 15. The time
of arising insurance liability
Liability of insurance
arises when having one of the following cases:
1. Insurance contract has
been concluded and the insurance buyer has fully paid premiums;
2. Insurance contract has
been signed, including agreements between an insurance enterprise and insurance
buyer on insurance buyer owes insurance premiums;
3. Having evidence of the
insurance contract concluded and the insurance buyer has fully paid insurance
premiums. “
7. Article 59 is amended
and supplemented as follows:
"Article 59. The
insurance business organizations
The insurance business
organizations including:
1. Insurance Joint stock;
2. Insurance limited
Liability Company;
3. Insurance Cooperative;
4. Mutual insurance
organization. "
8. Amend paragraph 5 of
Article 63 as follows:
"5. Organizations and
individuals contributing capital to found the insurance enterprise, insurance
brokerage enterprise must have sufficient financial capacity and an evidence to
prove the legal sources of finance when contributing capital to establish
Insurance enterprises.”
9. Point g and h, Clause
1, Article 69 is amended and supplemented as follows:
"G) Chairman of the
Managing Board, General Director (Director), and calculating expert;
h) Division, separation,
merger, consolidation, dissolution, and transform of enterprise, investment
abroad. “
10. Point c, Clause 1,
Article 86 is amended and supplemented as follows:
c) Having certificate of
Insurance agent issued by training institutions that the Ministry of Finance
has approved.
The Ministry of Finance
regulates on program, content, training form, issuing of insurance agent
certificate. “
11. Article 97 is amended
and supplemented as follows:
"Article 97. Reserve
Fund and insured person protection fund
1. Insurance enterprises,
insurance brokerage enterprises must make a mandatory reserve fund to
supplement the charter capital and ensure their solvency in cash. Mandatory
reserve fund required to be deducted each year by 5% after tax profit. Maximum
rate of this fund will be regulated by the Government.
2. In addition to
mandatory reserve fund regulated in paragraph 1 of this article, insurance
enterprise, and insurance agent can set up the reserve fund from profit after
tax of financial year as stipulated in the charter of insurance enterprise,
insurance brokerage enterprise.
3. Insured person
protection fund was set up to protect the interests of insured person in case
of insurance enterprise’s bankruptcy or illiquidity.
The resource to set up
insured person protection fund is established by the percentage on the premium
applicable to all insurance contracts.
The Government provides
for the establishment, management, and use of insured person protection fund.”
12. Article 105 is amended
and supplemented as follows:
"Article 105. Form of
operation
1. Insurance enterprises,
foreign insurance brokerage enterprise are permitted to operate in Vietnam
under the following forms:
a) Limited liability
insurance company, limited liability insurance brokerage company;
b) Branch of foreign
non-life insurance enterprise.
2. Insurance enterprises,
foreign insurance brokerage enterprise provides cross border insurance services
as stipulated by the Government.
3. Insurance enterprises,
foreign insurance brokerage enterprise is able to locate representative office
in Vietnam. Representative office is not allowed to make insurance business in
Vietnam. "
13. Article 108 is amended
and supplemented as follows:
"Article 108.
Competence for licensing
The Ministry of Finance
grant establishment and operation licenses for insurance enterprises, insurance
brokerage enterprise with foreign capital investment, branch of foreign
non-life insurance enterprise, licenses for locating representative offices of
insurance enterprises, and foreign insurance brokerage enterprises in Vietnam.
“
14. Paragraph 4 of Article
120 is amended and supplemented as follows:
"4.To supervise
insurance business activities through professional activities, financial
status, enterprise administration, risk management and the law observance of
insurance enterprises, insurance brokerage enterprises; to apply measures so
that insurance enterprise ensure financial requirements and perform commitments
to insurance buyer; "
15. Article 122 is amended
and supplemented as follows:
"Article 122.
Specialized inspection for insurance business
1. State management agency
on insurance business shall perform the function of specialized inspection for
insurance business.
2. Organization and
operation of specialized inspection for insurance business in accordance with
provisions of this Law and laws on inspection. "
16. Supplement of Clause 3
Article 127 as follows:
"3. Training
certificate of insurance agent have been issued before the effective date of
this Law is still valid for use, it is not to make procedures to converter into
certificate of insurance agent.”
Article 2
1. This Law takes effect
from July 01, 2011.
2. The Government shall
detail and guide the articles and clauses in Law assigned; guide other
necessary content of this law to meet requirements of state management.
This law was adopted by
the seventh National Assembly of Socialist Republic of Vietnam, at its session
8, on November 24, 2010.
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CHỦ
TỊCH QUỐC HỘI |
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(Signed) |
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Nguyen Phu Trong |
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