What are conditions for branch of non-life insurance companies in Vietnam?
What are conditions for branch of non-life insurance companies in Vietnam? What is percentage of ownership interests owned by foreign investors in insurance companies in Vietnam?
Please advsie according to latesst regulations.
1. What are conditions for branch of non-life insurance companies in Vietnam?
According to Clause 2, Article 67 of the Law on Insurance Business 2022 (effective from January 1, 2023), conditions for branch of non-life insurance companies must meet:
2. The branch of a foreign non-life insurance company or a foreign reinsurance company to be established and operate in Vietnam must meet the following conditions:
a) The minimum allocated amount of Vietnamese-dong funds must not be less than the minimum limit prescribed in the Government’s regulations;
b) Funding for establishment of the branch must be legitimate and not include borrowed funds or investment funds held in trust in any form;
c) The branch’s nominated Director and actuaries must meet managerial competency and professional qualification conditions and standards specified in Article 81 herein.
3. After obtaining the license or permit for their establishment and operation in Vietnam, the foreign branch in Vietnam can run like an insurance company or reinsurance company established and operated in Vietnam under this Law.
2. What is percentage of ownership interests owned by foreign investors in insurance companies in Vietnam?
In Article 68 of the Law on Insurance Business 2022 (effective from January 1, 2023), percentage of ownership interests owned by foreign investors in insurance companies is as follows:
Foreign investors may have the ownership interest in shares or contributed capital that makes up as high as 100% of the charter capital of an insurance company or reinsurance company.
Best Regards!
