Vietnam: Shall a Certificate of Insurance Agent issued before January 1, 2023 be valid in 2023?
- Shall a Certificate of Insurance Agent issued before January 1, 2023 be valid in 2023?
- When the transition or conversion to the Certificate of Insurance Agent is pending, how is the Certificate of Insurance Agent converted?
- How many types of Certificate of Insurance Agent in Vietnam are there?
- Documentation Requirements, Procedures and Processes for Conversion of Certificate of Insurance Agent
Shall a Certificate of Insurance Agent issued before January 1, 2023 be valid in 2023?
Pursuant to Clause 2, Article 19 of Circular 69/2022/TT-BTC of Vietnam stipulating as follows:
Certificate of Insurance Agent in Vietnam
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2. The Certificate of Insurance Agent issued before January 1, 2023 shall remain in use by December 31, 2025 at the latest.
Thus, the Certificate of Insurance Agent issued before January 1, 2023 shall remain in use by December 31, 2025 at the latest.
Therefore, the Certificate of Insurance Agent needs to be converted before December 31, 2025, otherwise the Certificate of Insurance Agent will expire from January 1, 2026.
Vietnam: Shall a Certificate of Insurance Agent issued before January 1, 2023 be valid in 2023?
When the transition or conversion to the Certificate of Insurance Agent is pending, how is the Certificate of Insurance Agent converted?
Pursuant to Clause 2, Article 19 of Circular 69/2022/TT-BTC of Vietnam stipulating as follows:
Certificate of Insurance Agent in Vietnam
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2. 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:
a) 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;
b) 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;
c) 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.
Thus, when the transition or conversion to the Certificate of Insurance Agent defined herein is pending, the Certificate of Insurance Agent may be converted as follows:
- The Certificate of Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate of Basic Life Insurance Agent.
- The Certificate of Unit-linked Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate of Unit-linked Life Insurance Agent.
How many types of Certificate of Insurance Agent in Vietnam are there?
Certificates of Insurance Agent include 6 types of certificates specified in Clause 1, Article 19 of Circular 69/2022/TT-BTC of Vietnam as follows:
Certificate of Insurance Agent in Vietnam
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.
Thus, Certificates of Insurance Agent include:
- Certificate of Basic Life Insurance Agent;
- Certificate of Unit-linked Life Insurance Agent;
- Certificate of Basic Non-Life Insurance Agent;
- Certificate of Marine Insurance Agent;
- Certificate of Aviation Insurance Agent;
- Certificate of Health Insurance Agent.
Documentation Requirements, Procedures and Processes for Conversion of Certificate of Insurance Agent
Pursuant to Clause 1, Article 29 of Circular 69/2022/TT-BTC of Vietnam stipulating as follows:
Documentation Requirements, Procedures and Processes for Conversion of Certificate of Insurance Agent
1. By June 30, 2025 at the latest, insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall send the Department of Insurance Management and Supervision (via CEMS) the request for conversion of the Certificate of Insurance Agent issued before January 1, 2023 into the Certificate of Insurance Agent specified in this Circular to be held by their insurance agents that remain active.
Thus, in order to timely convert insurance agent certificates before January 1, 2026, insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance must send the application for conversion of the Certificate of insurance agent before June 30, 2023 to the Department of Insurance Management and Supervision.
Pursuant to Clause 3, Article 29 of Circular 69/2022/TT-BTC of Vietnam stipulating as follows:
Documentation Requirements, Procedures and Processes for Conversion of Certificate of Insurance Agent
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3. Within 15 days of receipt of the request package for conversion of the certificate, where that request package is not adequate and valid, the Department of Insurance Management and Supervision shall send insurance companies, branches of foreign non-life insurance companies or mutuals providing microinsurance the written request for modification and perfection of their request package for conversion.
With 60 days of receipt of the adequate and valid request package, the Department of Insurance Management and Supervision shall carry out the conversion of the certificate issued January 1, 2023 into the certificate defined in this Circular. The Form of the converted Certificate of Insurance Agent shall be as specified in Appendix No. 9 hereto.
Thus, within 15 days of receipt of the request package for conversion of the certificate, where that request package is not adequate and valid, the Department of Insurance Management and Supervision shall send insurance companies, branches of foreign non-life insurance companies or mutuals providing microinsurance the written request for modification and perfection of their request package for conversion.
With 60 days of receipt of the adequate and valid request package, the Department of Insurance Management and Supervision shall carry out the conversion of the certificate issued January 1, 2023 into the certificate defined in this Circular.
In summary, it is necessary to convert a Certificate of Insurance Agent issued before January 1, 2023, the application for conversion of an insurance agent certificate must be fully submitted before June 30, 2023 to the Department of Insurance Management and Supervision. After 60 days from the date of receipt of a complete and valid dossier, the Department of Insurance Management and Supervision shall convert the certificate.
Circular 69/2022/TT-BTC of Vietnam takes effect from January 1, 2023.
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