What are the regulations on the change of name and head office of an insurer or reinsurer in Vietnam?
- What are the regulations on the change of name and head office of an insurer or reinsurer in Vietnam?
- What is the application for change of name, location of head office of insurance broker in Vietnam?
- What are the rules for creation, management, utilization, and use of database on insurance business in Vietnam?
What are the regulations on the change of name and head office of an insurer or reinsurer in Vietnam?
Change of name, head office of an insurer or reinsurer in Vietnam is stipulated in Article 18 of Decree 46/2023/ND-CP as follows:
- Application for change of name, head office of an insurer or reinsurer in Vietnam includes:
+ An application form for change of name or head office, provided in Appendix III to Decree 46/2023/ND-CP;
+ A competent authority's document as prescribed in the company's charter (for insurer or reinsurer) or Regulation on organization and operation (for foreign branch in Vietnam) on the change of name, head office;
+ Documentation showing the right to use the head office (for the change of head office).
- Within 7 working days of receiving a complete and valid application, the Ministry of Finance shall issue a written approval. If the application is rejected, the Ministry of Finance shall provide an explanation in writing.
What are the regulations on the change of name and head office of an insurer or reinsurer in Vietnam?
What is the application for change of name, location of head office of insurance broker in Vietnam?
Pursuant to Article 66 of Decree 46/2023/ND-CP stipulates as follows:
Change of name, location of head office of insurance broker
1. Application for change of name, location of head office of insurance broker includes:
a) An application form for change of name or head office, provided in Appendix III to this Decree;
b) A document of the competent authority, as prescribed in the company's charter, on change of name, location of head office;
c) Documentation showing the right to use the head office (for the change of head office).
2. Within 7 working days of receiving a complete and valid application, the Ministry of Finance shall issue a written approval. If the application is rejected, the Ministry of Finance shall provide an explanation in writing.
Thus, the application for change of name, location of head office of insurance broker includes the following documents:
- An application form for change of name or head office, provided in Appendix III to Decree 46/2023/ND-CP;
- A document of the competent authority, as prescribed in the company's charter, on change of name, location of head office;
- Documentation showing the right to use the head office (for the change of head office).
What are the rules for creation, management, utilization, and use of database on insurance business in Vietnam?
Based on Article 6 of Decree 46/2023/ND-CP stipulates as follows:
Rules for creation, management, utilization, and use of database on insurance business
1. Database on insurance business means database specialized in insurance management, which is developed and supervised by the Ministry of Finance.
2. A database on insurance business is a collection of documents, data, and information about insurance business and related activities. It is collected, processed, digitized, integrated, and stored on information technology systems to meet the requirements of policy making, statistics, forecasting, management, and supervision of insurance business activities. The database also creates an environment for the application of basic data analysis models to serve insurance business management and supervision.
3. The creation, management, utilization, and use of database on insurance business must follow the principles below:
a) The database on insurance business must be kept up-to-date and maintained on a regular basis to ensure that it promptly serves the state management of insurance business;
b) The database on insurance business must be maintained in a continuous, stable, and smooth operation. It must show the history of information updates and revisions, and the information must be stored securely and confidentially;
c) The creation, management, utilization, and use of the database on insurance business must comply with the provisions of the Law on Insurance Business, the Law on Information Technology, the Law on Electronic Transactions; regulations on management, connection and sharing of digital data by state regulatory agencies; regulations on ensuring protection of private life, personal secrets, family secrets, protection of business confidentiality and other relevant laws.
Thus, the rules for creation, management, utilization, and use of database on insurance business are implemented according to the content of the regulations mentioned above.
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