Issuing the Circular guiding some regulations of the Law on Insurance Business and Decree 46 in 2023 in Vietnam
Which Circular guides some regulations of the Law on Insurance Business and Decree 46 in 2023 in Vietnam? - Ms. Nhi (HCMC)
Issuing the Circular guiding some regulations of the Law on Insurance Business and Decree 46 in 2023 in Vietnam
On November 2, 2023, the Minister of Finance issued Circular 67/2023/TT-BTC guiding the Law on Insurance Business in 2022 and Decree 46/2023/NĐ-CP.
As prescribed, the scope of application of Circular 67/2023/TT-BTC includes:
- Non-life insurance companies, life insurance companies, health insurance companies (hereinafter referred to as insurance companies), reinsurance companies, insurance agents, insurance brokers, organizations and individuals providing insurance ancillary services, mutual organizations providing micro insurance.
- Foreign non-life insurance company branches, foreign reinsurance company branches (hereinafter referred to as foreign branches in Vietnam).
- Representative offices of foreign insurance companies, foreign reinsurance companies, foreign insurance brokers, foreign financial conglomerates, and insurance conglomerates in Vietnam (hereinafter referred to as foreign representative offices in Vietnam).
- Insured, insured person, beneficiary
- State management agency for insurance business activities.
- Organizations and individuals related to insurance business activities.
Issuing the Circular guiding some regulations of the Law on Insurance Business and Decree 46 in 2023 in Vietnam - Source: Internet
What insurance products are micro insurance companies allowed to fully provide on the online environment in Vietnam?
Pursuan to Article 4 of Circular 67/2023/TT-BTC stipulating insurance services and products on the online environment states as follows:
Providing insurance services and products on the online environment
...
2. The implementation of the entire process of providing insurance services and products under the provisions of Clause 1 of this Article is the implementation of all activities of introducing, consulting, providing services or consulting, introducing, promoting insurance products, authenticating the required information, assessing, confirming the proposal to conclude an insurance contract, arranging the conclusion of an insurance contract, payment, issuance of an insurance contract or insurance certificate, on the online environment.
3. Insurance companies, foreign non-life insurance company branches, and mutual organizations providing micro insurance are allowed to fully implement the entire process of providing insurance services and products on the online environment for one or more of the following insurance products:
a) Micro insurance, health insurance, term life insurance with a term of more than 1 year and other insurance products with a term of 1 year or less that do not require direct risk assessment and evaluation before the contract is concluded, provided in the form specified in Clause 1 of Article 5 of this Circular;
b) Health insurance, term life insurance with a term of 1 year or less, motor vehicle insurance, travel insurance, and tourism insurance provided in the form specified in Article 5 of this Circular.
...
Therefore, insurance companies that provide micro insurance are allowed to fully implement the entire process of providing on the online environment for the following insurance products:
- Micro insurance, health insurance, term life insurance with a term of more than 1 year and other insurance products with a term of 1 year or less that do not require direct risk assessment and evaluation before the contract is concluded, provided in the form specified in Clause 1 of Article 5 of Circular 67/2023/TT-BTC.
- Health insurance, term life insurance with a term of 1 year or less, motor vehicle insurance, travel insurance, and tourism insurance provided in the form specified in Article 5 of Circular 67/2023/TT-BTC.
When will Circular 67/2023/TT-BTC take effect in Vietnam?
Pursuan to Article 62 of Circular 67/2023/TT-BTC stipulating the effective date of implementation as follows:
Circular 67/2023/TT-BTC takes effect on November 2, 2023, except for the following:
- The provisions of Clause 1, Points a, b, c, d, dd, i, Clauses 2, Points b, d, Clauses 3, Points a, b of Article 20, Clauses 1, Points a, b of Article 29, Articles 33, 34, 45, 46, 47, 48, 51, Clause 1 of Article 52, Article 55, Sections 3 and 4 of Chapter IV of Circular 67/2023/TT-BTC take effect on January 1, 2023.
- Clauses 2 and 3 of Article 29 of Circular 67/2023/TT-BTC will take effect on July 1, 2024. The sales brochure of the universal insurance product must contain the minimum information in Appendix I attached to Circular 52/2016/TT-BTC;
- The sales brochure of the unit-linked insurance product must contain the minimum information in Appendix II attached to Circular 135/2012/TT-BTC;
- The sales brochure of the retirement insurance product must contain the minimum information in Appendix IV attached to Circular 115/2013/TT-BTC.
Best regards!
