What are the regulations on notification of online insurance provision in Vietnam under the Circular 67/2023/TT-BCT?
What are the regulations on notification of online insurance provision in Vietnam?
Pursuant to Article 6 of Circular 67/2023/TT-BCT, notification of online insurance provision is regulated as follows:
Notification of online insurance provision
1. Insurers, branches of foreign non-life insurers, mutual microinsurers, and insurance brokers must notify the Ministry of Finance of the commencement of online insurance services within 7 working days of their implementation. This notification must encompass details pertaining to their business, offered services, insurance products, provision methods, and other relevant information related to online insurance provision, adhering to the form outlined in Appendix II of this Circular.
2. If insurers, branches of foreign non-life insurers, mutual microinsurers, insurance brokers have provided online insurance services and products before the effective date of this Circular, they must notify the Ministry of Finance of their current online insurance provision within 90 days after the effective date of this Circular, using the form specified in Appendix II.
Thus, insurers, branches of foreign non-life insurers, mutual microinsurers, and insurance brokers must notify the Ministry of Finance of the commencement of online insurance services within 7 working days of their implementation. This notification must encompass details pertaining to their business, offered services, insurance products, provision methods, and other relevant information related to online insurance provision, adhering to the form outlined in Appendix II of Circular 67/2023/TT-BCT.
If insurers, branches of foreign non-life insurers, mutual microinsurers, insurance brokers have provided online insurance services and products before the effective date of this Circular, they must notify the Ministry of Finance of their current online insurance provision within 90 days after the effective date of this Circular, using the form specified in Appendix II of Circular 67/2023/TT-BCT.
What are the regulations on notification of online insurance provision in Vietnam under the Circular 67/2023/TT-BCT? (Picture from internet)
What are the forms of provision of insurance services and products online in Vietnam?
Pursuant to Article 5 of Circular 67/2023/TT-BCT, there are regulations on the form of providing insurance services and products in the online environment as follows:
Forms of provision of insurance services and products online
Forms of provision of insurance services and products online include:
1. A portal/website with registered domain name as per applicable legal regulations, e-commerce selling website, or networked applications that enable service users or policyholder to access the portal/website, e-commerce selling website or applications installed on the portal/website, e-commerce selling website or e-commerce applications created by insurers, branches of foreign non-life insurers, and mutual microinsurers for online insurance provision purpose.
2. Portals/websites with registered domain names as per applicable legal regulations, e-commerce selling websites, e-commerce service websites, or networked applications that enable service users or policyholders access the portals/websites, e-commerce selling websites, or e-commerce service websites that are created by insurance brokers or insurance agents for providing online insurance. E-commerce service websites include the following types:
a) E-commerce trading floor;
b) Other types of websites prescribed by the Ministry of Industry and Trade.
Thus, the provision of insurance services and products online is carried out in the two forms mentioned above.
Which entities and persons are licensed or permitted to provide insurance services and products online in Vietnam?
Pursuant to the provisions of Article 14 of the Law on Insurance Business 2022, it is stipulated as follows:
Provision of insurance services and products online
1. Entities and persons licensed or permitted to provide insurance services and products online, including:
a) Insurance companies, branches of foreign non-life insurance companies, mutuals providing microinsurance products;
b) Insurance agents;
c) Insurance brokerage companies.
Thus, according to regulations, Entities and persons licensed or permitted to provide insurance services and products online, including:
- Insurance companies, branches of foreign non-life insurance companies, mutuals providing microinsurance products;
- Insurance agents;
- Insurance brokerage companies.
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