What reports must insurance companies in Vietnam submit to the Ministry of Finance? How to determine the fiscal year of insurance companies in Vietnam?
How to determine the fiscal year of insurance companies in Vietnam?
Pursuant to the provisions of Article 103 of the 2022 Law on Insurance Business in Vietnam stipulating as follows:
Fiscal year
1. The fiscal year of insurance companies, reinsurance companies and foreign branches in Vietnam shall start on January 1 and end on December 31 in the same calendar year.
2. The first fiscal year of insurance companies, reinsurance companies and foreign branches in Vietnam shall start from the date of issuance of their license or permit and end on the last day of the year in question.
According to the above regulations, the fiscal year of insurance companies in Vietnam shall start on January 1 and end on December 31 in the same calendar year.
At the same time, the first fiscal year of insurance companies in Vietnam shall start from the date of issuance of their license or permit and end on the last day of the year in question.
What reports must insurance companies in Vietnam submit to the Ministry of Finance? How to determine the fiscal year of insurance companies in Vietnam?
What reports must insurance companies in Vietnam submit to the Ministry of Finance?
Pursuant to the provisions of Article 106 of the 2022 Law on Insurance Business in Vietnam stipulating as follows:
Reporting and information provision
1. Insurance companies, reinsurance companies and foreign branches in Vietnam shall have the burden of submitting the following reports and statements to the Ministry of Finance:
a) Financial statements; when getting opinions or conclusions that are not unqualified from independent audit bodies towards any reports or operations that are audited, insurance companies, reinsurance companies and foreign branches in Vietnam are required to report to the Ministry of Finance on causes and current state;
b) Operational reports;
c) Reports on separate management of equity and insurance premiums;
d) Reports on assessment of solvency and risk management capabilities;
dd) Reports on changes in capital and assets associated with specific types of risk.
2. In addition to those reports specified in clause 1 of this Article, insurance companies, reinsurance companies and foreign branches in Vietnam shall be obliged to report to the Ministry of Finance when:
a) there is any unusual event or emergency situation that causes impacts on solvency and reputation of a company or branch during their insurance business;
b) they fail to meet financial and other regulatory requirements.
3. The Minister of Finance shall impose detailed regulation on reporting and provision of information prescribed in clause 1 and 2 of this Article.
According to the above provisions, insurance companies in Vietnam must submit the following reports to the Ministry of Finance:
- Financial statements:
When getting opinions or conclusions that are not unqualified from independent audit bodies towards any reports or operations that are audited, insurance companies, reinsurance companies and foreign branches in Vietnam are required to report to the Ministry of Finance on causes and current state;
- Operational reports;
- Reports on separate management of equity and insurance premiums;
- Reports on assessment of solvency and risk management capabilities;
- Reports on changes in capital and assets associated with specific types of risk.
What are the financial regimes of insurance companies in Vietnam?
Pursuant to the provisions of Article 102 of the 2022 Law on Insurance Business in Vietnam stipulating as follows:
Financial regime
1. Financial regimes of insurance companies, reinsurance companies and foreign branches in Vietnam shall be subject to regulatory provisions of this Law and others of relevant law.
2. The Government shall impose detailed regulations on financial regimes of insurance companies, reinsurance companies and foreign branches in Vietnam.
According to the above provisions, the financial regimes of insurance companies in Vietnam shall be subject to regulatory provisions of the 2022 Law on Insurance Business in Vietnam and others of relevant laws.
How is the financial management of insurance companies in Vietnam?
Pursuant to the provisions of Article 108 of the 2022 Law on Insurance Business in Vietnam stipulating as follows:
Financial management
1. Insurance companies, reinsurance companies and foreign branches in Vietnam may adopt financial autonomy and self-responsibility practices towards effective management and supervision of their operations and business; carry out the obligations and commitments to policyholders, interested entities or persons and the Government in accordance with law.
2. Insurance companies, reinsurance companies and foreign branches in Vietnam shall be obliged to formulate strategies, procedures, regulations, procedures and organization structures as prerequisites to financial management and supervision, ensuring safety, effectiveness and compliance with law; actively prevent, control and minimize risks.
According to the above regulations, insurance companies in Vietnam may adopt financial autonomy and self-responsibility practices towards effective management and supervision of their operations and business; carry out the obligations and commitments to policyholders, interested entities or persons and the Government in accordance with law.
At the same time, they shall be obliged to formulate strategies, procedures, regulations, procedures and organization structures as prerequisites to financial management and supervision, ensuring safety, effectiveness and compliance with law; actively prevent, control and minimize risks.
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