Vietnam: How many the types of Certificate of Insurance Agent are there? What are the regulations on organizing exams for issuing the Certificate of Insurance Agent?
What are the types of Certificate of Insurance Agent in Vietnam?
According to the provisions of Clause 1, Article 19 of Circular 69/2022/TT-BTC as follows:
Certificate of Insurance Agent (or Certificate of Practicing as Insurance Agent)
1. This type of certificate is classified into the followings:
a) Certificate of Basic Life Insurance Agent;
b) Certificate of Unit-linked Life Insurance Agent;
c) Certificate of Basic Non-Life Insurance Agent;
d) Certificate of Marine Insurance Agent;
dd) Certificate of Aviation Insurance Agent;
e) Certificate of Health Insurance Agent.
At the same time, the types of Certificate of Insurance Agent in Vietnam shall be used according to the provisions of Clause 3, Article 19 of Circular 69/2022/TT-BTC as follows:
- The Certificate of Basic Life Insurance Agent may be used for representing as an agent for life insurance products (except unit-linked insurance product) and health insurance products;
- The Certificate of Unit-linked Insurance Agent may be used for representing as an agent for unit-linked insurance products;
- The Certificate of Basic Non-Life Insurance Agent may be used for representing as an agent for non-life insurance products (except marine insurance products, aviation insurance products), products classified into health insurance lines, each of which has the maximum insurance term of 01 year; and casualty insurance products, each of which has the maximum insurance term of 01 year;
- The Certificate of Marine Insurance Agent may be used for representing as an agent for marine insurance products;
- The Certificate of Aviation Insurance Agent may be used for representing as an agent for aviation insurance products;
- The Certificate of Life Insurance Agent may be used for representing health insurance products and casualty insurance products, each of which has the maximum insurance term of 01 year.
Is it allowed to continue using the Certificate of Insurance Agent issued before January 1, 2023 in Vietnam?
According to the provisions of Clause 2, Article 19 of Circular 69/2022/TT-BTC as follows:
- The Certificate of Insurance Agent issued before January 1, 2023 shall remain in use by December 31, 2025 at the latest. When the transition or conversion to the Certificate of Insurance Agent defined herein is pending, the Certificate of Insurance Agent issued before January 1, 2023 may be converted as follows:
+ The Certificate of Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate defined in point a of clause 1 of this Article;
+ The Certificate of Unit-linked Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate defined in point b of clause 1 of this Article;
+ The Certificate of Insurance Agent awarded by non-life insurance training institutions shall have the same validity as the Certificate defined in point c, d and dd of clause 1 of this Article.
What are the regulations on organizing exams for issuing the Certificate of Insurance Agent in Vietnam?
According to the provisions of Article 21 of Circular 69/2022 / TT-BTC on conducting the Certification Exam as follows:
Exam venue:
Certification exams shall take place at the following venues:
- at designated exam centers in provinces or cities informed by the Department of Insurance Management and Supervision;
- Exam venues other than those prescribed in point a of clause 1 of this Article not in provinces or cities. In order to conduct exams in these venues, insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall be required to get them registered;
- Exam venues that are offices located in provincial-level administrative divisions of organizations providing insurance agent services; socio-political organizations entering into agreements on cooperation in insurance agent services with insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance.
Organizing units:
- When exams take place in provinces and cities, the Department of Insurance Management and Supervision shall hold the role of an exam organizer.
- When exams take place at the venues outside in provinces and cities where the Department of Insurance Management and Supervision shall hold the role of an exam organizer, insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall conduct an exam as follows:
+ No more than one exam shall be allowed to take place in each province or city, and shall be attended by at least 10 candidates;
+ The adequate number of facilities and separate rooms used for each exam shall be kept in place. Each exam room must be equipped with at least 02 sets of technical equipment used for audio-visual recording of exam activities and Internet network lines in good working condition needed for technological app-based proctoring purposes. For computer-based exams, computers must be in good condition and connected to CEMS, and can accommodate the needs of the minimum of 25% of total candidate;
+ Nominating proctors and markers;
+ Bearing responsibility for protecting confidentiality and security of exam papers and answer sheets during the entire period from receipt and use. Having the burden of complying with rules and regulations imposed during the exam conducting process;
+ Reporting on exam results as provided in clause 1 of Article 24 herein;
+ Depositing the original paper-based answer sheets and exam files with Insurance companies, branches of foreign non-life insurance companies and mutuals providing microinsurance in at least 05 years; audio and/or visual records in at least 03 years following the exam date;
+ By reason of failing to comply with point b, d, dd or e of this clause, insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall be prohibited from registering plans to conduct their certification exams within 01 month (for first violation) or 03 months (for recurring violation).
- Where exams are held at the venues that are offices located in provincial-level administrative divisions of organizations providing insurance agent services; socio-political organizations entering into agreements on cooperation in insurance agent services with insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance, the Department of Insurance Management and Supervision shall be responsible for organizing them subject to the following regulations:
+ These exams shall be conducted on a quarterly basis; in each city or province, no more than 01 exam shall be held in each quarter and attended by at least 70 candidates;
+ Insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall provide technical infrastructure meeting exam conducting requirements as prescribed in point b of clause 3 of this Article (except requirements imposed on technical equipment used for IT app-based proctoring purposes and audio and/or visual recording of each exam).
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