What is the application for the establishment and operation license of an insurance joint-stock company or a reinsurance joint-stock company in Vietnam?
- What is the application for the establishment and operation license of an insurance joint-stock company or a reinsurance joint-stock company in Vietnam?
- Vietnam: What is the profile of a shareholder of an insurance joint-stock company or a reinsurance joint-stock company contributing 10% or more of charter capital as organizations?
- What is the profile of a shareholder contributing capital to establish an insurance joint-stock company or an individual reinsurance joint-stock company in Vietnam?
What is the application for the establishment and operation license of an insurance joint-stock company or a reinsurance joint-stock company in Vietnam?
Pursuant to the provisions of Article 13 of Decree 46/2023/ND-CP stipulating the application file for the establishment and operation license of an insurance joint-stock company, a joint-stock reinsurance company includes:
- License application form
- Draft of the company's charter according to the provisions of the Law on Enterprise 2020
- Operation plan for the first 5 years suitable to the business field for which the license is requested, clearly stating the insurance operations to be deployed, target market, distribution channel, and method of operations, reinsurance program, capital investment, business efficiency, solvency, internal control, internal audit, risk management, information technology of insurers, enterprises reinsurance.
- A copy of the citizen's identity card or identity card or passport; judicial record card according to the form or equivalent document of a foreigner as prescribed by foreign law; curriculum vitae, copies of diplomas, certificates and other documents proving the satisfaction of conditions and standards of the person to be appointed as Chairman of the Board of Directors, Director or General Director, Representative legally represented, actuaries of insurance enterprises, reinsurance enterprises.
- Profile of individual founding shareholders:
- Profile of shareholders contributing 10% or more of charter capital as organizations
- Profile of shareholders contributing less than 10% of charter capital as organizations
- List of beneficial owners, including full name, date of birth, identity card number or citizen identification number or passport number, nationality (in case of multiple nationalities, it must be filled in all nationalities and registered addresses of residence in the countries of nationality), residential addresses in Vietnam (if any), direct and indirect ownership rates in insurance enterprises, enterprises reinsurance is expected to be established.
- Confirmation by the bank licensed to operate in Vietnam that the charter capital deposited in the escrow account opened at the bank is not lower than the minimum charter capital level specified in Article 35 of Decree 46/2023/ND-CP. In which, clearly state the capital contribution amount of each shareholder, blockade amount, blockade purpose, blockade duration and conditions for opening blockade.
- Minutes of the meeting of shareholders on the
- A document authorizing an individual or organization on behalf of the shareholders to carry out the procedures for applying for the License for establishment and operation.
- A document issued by a competent state agency on the Vietnamese organization's capital contribution meeting the conditions for financial safety and being allowed to contribute capital to establish an insurance enterprise or reinsurance enterprise in accordance with law.
Where the relevant law does not require a written approval, the capital contributing organization must have a written certification of this.
- A document from the competent authority of the country where the insurance enterprise, reinsurance enterprise, financial group or foreign insurance company is located, certifying that
- A written commitment of the shareholders to the satisfaction of the conditions to be granted the License as prescribed in Clause 1, Article 11 of Decree 46/2023/ND-CP and Article 66 of the Law on Insurance Business 2022.
- A document proving that the organization participating in the capital contribution operates in the business lines that require the minimum legal capital or charter capital or the minimum capital that meets the requirements specified at Point a, Clause 1, Article 11 of Decree 46/2023/ND-CP.
What is the application for the establishment and operation license of an insurance joint-stock company or a reinsurance joint-stock company in Vietnam?
Vietnam: What is the profile of a shareholder of an insurance joint-stock company or a reinsurance joint-stock company contributing 10% or more of charter capital as organizations?
Pursuant to the provisions of Clause 6, Article 13 of Decree 46/2023/ND-CP stipulating that the dossier of shareholders contributing 10% or more of charter capital is an organization, including:
- A copy of the establishment decision or business registration certificate or other equivalent document;
- A copy of the company's charter;
- A document issued by the competent authority of the capital contributing organization on the decision on capital contribution to establish the insurance enterprise or reinsurance enterprise;
- A written authorization, a copy of the citizen's identity card or people's identity card or passport of the authorized representative of the capital contributing organization;
- A copy of the audited financial statement for the three consecutive financial years preceding the year of submitting the application for a license. In case an insurance enterprise, reinsurance enterprise, foreign financial group or insurance company authorizes a subsidiary to contribute capital to establish an insurance enterprise or reinsurance enterprise in Vietnam, additional information must be provided. a copy of the audited financial statement of that subsidiary for the three consecutive fiscal years preceding the year in which the application for the establishment and operation license is submitted.
Audited financial statements of insurance enterprises, reinsurance enterprises, financial groups, foreign insurance and subsidiaries of insurance enterprises, reinsurance enterprises, financial groups, All foreign insurance companies must meet the requirements at Point d, Clause 1, Article 11 of Decree 46/2023/ND-CP .
- Authorization letter from insurance enterprises, reinsurance enterprises, financial groups and foreign insurance companies for subsidiaries specializing in performing the function of offshore investment and committing to jointly take responsibility with subsidiaries. for capital contribution and obligations of subsidiaries in the establishment of insurance enterprises and reinsurance enterprises in Vietnam (in the case of insurance enterprises, reinsurance enterprises, financial groups, foreign insurance companies authorize subsidiaries specializing in performing the function of offshore investment to establish insurance enterprises or reinsurance enterprises in Vietnam);
- A written commitment of the insurer, reinsurer, financial group, or foreign insurance company to provide financial, technological, corporate governance, risk management, operational and operational support. for insurance enterprises, reinsurance enterprises to be established in Vietnam; ensure that this insurer and reinsurer comply with regulations on financial safety and risk management in accordance with the Law on Insurance Business 2022.
- Documents proving that this organization's participation in capital contribution meets the requirements at Point b, Clause 1, Article 66 of the Law on Insurance Business 2022.
What is the profile of a shareholder contributing capital to establish an insurance joint-stock company or an individual reinsurance joint-stock company in Vietnam?
Pursuant to the provisions of Clause 5, Article 13 of Decree 46/2023/ND-CP stipulating that the profile of the founding shareholder being an individual includes:
- A copy of the citizen's identity card or identity card or passport; judicial record card according to the form or equivalent document of a foreigner as prescribed by foreign law;
- Bank's confirmation of the balance of Vietnam Dong or freely convertible foreign currency deposited at the bank.
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