Vietnam: Shall a Certificate of Insurance Agent issued by a non-life insurance training institution be converted into a Certificate of Basic Non-Life Insurance Agent?
- Shall a Certificate of Insurance Agent issued by a non-life insurance training institution in Vietnam be converted into a Certificate of Basic Non-Life Insurance Agent?
- What does the application for conversion of a Certificate of Insurance Agent issued by a non-life insurance training institution into a Certificate of Basic Non-Life Insurance Agent in Vietnam include?
- What are the types of Certificates of Insurance Agent in Vietnam and regulations on use therefor?
Shall a Certificate of Insurance Agent issued by a non-life insurance training institution in Vietnam be converted into a Certificate of Basic Non-Life Insurance Agent?
Under Article 28 of Circular 69/2022/TT-BTC on the principles of conversion of the Certificate of Insurance Agent:
Conversion Principles
Conversion of the Certificate of Insurance Agent issued before January 1, 2023 into the Certificate of Insurance Agent defined in this Circular shall adhere to the following principles:
1. Certificate of Insurance Agent issued by life insurance training institutions may be converted into the Certificate of Basic Life Insurance Agent.
2. Certificate of Unit-linked Insurance Agent issued by life insurance training institutions may be converted into the Certificate of Unit-linked Insurance Agent.
3. Certificate of Insurance Agent issued by non-life insurance training institutions shall be converted into the Certificate of Basic Non-Life Insurance Agent.
4. Conversion of the Certificate of Insurance Agent will be completed by December 31, 2025 at the latest. Certificate of Insurance Agent issued before January 1, 2023 shall be invalid as from the date of conversion into the Certificate of Insurance Agent defined herein or January 1, 2026, whichever occurs first.
5. Certificate of Insurance Agent shall be electrically converted and the electronic version thereof shall be deposited on CEMS.
According to the above provisions, the certificate of Insurance Agent issued by a non-life insurance training institution shall be converted into the Certificate of Basic Non-Life Insurance Agent.
What does the application for conversion of a Certificate of Insurance Agent issued by a non-life insurance training institution into a Certificate of Basic Non-Life Insurance Agent in Vietnam include?
Under Clause 2, Article 29 of Circular 69/2022/TT-BTC:
Application and procedures for conversion of Certificate of Insurance Agent
...
2. An application for conversion of a Certificate of Insurance Agent specified in Clause 1 of this Article comprises:
a) Written request form for conversion (enclosing the list of insurance agents that send the request for conversion of their certificates) defined in Appendix 10 hereto;
b) Authenticated copy of the Certificate of Insurance Agent issued before January 1, 2023 of the insurance agent in question;
c) Authenticated copy of Citizen ID card/ID card/Passport number of the insurance agent in question. Where the information system for handling of administrative formalities of the Ministry of Finance has successfully connected and shared citizen information with the national population database, the Department of Insurance Management and Supervision shall obtain such information from that database in accordance with law.
...
Thus, the application for conversion of a Certificate of Insurance Agent issued by a non-life insurance training institution into a Certificate of Basic Non-Life Insurance Agent in Vietnam includes:
(1) Written request form for conversion (enclosing the list of insurance agents that send the request for conversion of their certificates) defined in Appendix 10 issued together with Circular 69/2022/TT-BTC ;
(2) Authenticated copy of the Certificate of Insurance Agent issued before January 1, 2023 of the insurance agent in question;
(3) Authenticated copy of Citizen ID card/ID card/Passport number of the insurance agent in question.
Where the information system for handling of administrative formalities of the Ministry of Finance has successfully connected and shared citizen information with the national population database, the Department of Insurance Management and Supervision shall obtain such information from that database in accordance with law.
What are the types of Certificates of Insurance Agent in Vietnam and regulations on use therefor?
Under Clause 1, Article 19 of Circular 69/2022/TT-BTC, the types of Certificates of Insurance Agent in Vietnam 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.
Under Clause 3, Article 19 of Circular 69/2022/TT-BTC, those Certificates of Insurance Agent defined above may be used 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, and 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 as an agent for health insurance products and casualty insurance products, each of which has a maximum insurance term of 01 year.
LawNet