What are insurance agent practising certificates in Vietnam? According to the Law on Insurance Business, what are obligations of insurance agents in Vietnam?

According to the Law on Insurance Business, what are obligations of insurance agents in Vietnam?

Pursuant to Clause 2 Article 129 of the Law on Insurance Business in 2022 stipulating obligations of insurance agents in Vietnam:

- Discharge their contractual obligations;

- Provide security deposit or collateral on behalf of insurance companies, branches of non-life insurance companies and mutuals providing microinsurance products if this obligation is prescribed in an insurance agent agreement;

- Fulfill financial obligations in accordance with law;

- Provide insurance product consulting, offering and marketing services; provide full and accurate information about insurance products, insurance companies, branches of non-life insurance companies or mutuals providing microinsurance products to policyholders and give clear and comprehensive explanations about insurance benefits, disclaimer clauses, rights and obligations of policyholders; avoid providing information for policyholders without approval from policyholders; implement other obligations falling within the scope of authorization specified in insurance agent agreements;

- Participate in training and knowledge updating sessions designed for insurance companies, branches of non-life insurance companies and mutuals providing microinsurance products;

- Submit to the inspection and supervision by insurance companies, branches of non-life insurance companies or mutuals providing microinsurance products;

- Refund insurance companies, branches of foreign non-life insurance companies or mutuals providing microinsurance products sums that they have paid as insurance indemnities or coverage to insured persons or policyholders in the event that insurance agents or staff members of entities rendering insurance agent services are in breach of insurance agent agreements, causing loss or damage to legitimate rights and interests of these insured persons or policyholders;

- Adhere to eligibility standards for operation of insurance agents that are set by insurance companies, branches of non-life insurance companies and mutuals providing microinsurance products;

- Protect client privacy and personal information of clients; use client’s information to serve permitted purposes; avoid providing information for any third party without client's consent, except as provided in law;

- Take on other obligations prescribed by law.

What are insurance agent practising certificates in Vietnam? According to the Law on Insurance Business, what are obligations of insurance agents in Vietnam? - image from internet

What are rights of insurance agents in Vietnam?

Pursuant to Clause 1 Article 129 of the Law on Insurance Business in 2022 stipulating rights of insurance agents in Vietnam:

- Decide on and conclude insurance agent agreements. This right is intended for insurance companies, branches of non-life insurance companies or mutuals providing microinsurance products in accordance with law;

- Have access to information and preconditions for successful execution of insurance agent agreements;

- Receive insurance agent commissions, rewards and grants for insurance agents and other interests from insurance agent services according to insurance agent agreements;

- Request insurance companies, branches of non-life insurance companies and mutuals providing microinsurance products to return security deposit or collateral under contractual terms and conditions of insurance agent agreements;

- Exercise other rights in accordance with law.

What are insurance agent practising certificates in Vietnam?

Pursuant to Clause 1 Article 130 of the Law on Insurance Business in 2022 stipulating insurance agent practising certificates in Vietnam:

Insurance agent practising certificates

1. Insurance agent practising certificates are classified into the followings:

a) Life insurance agent practising certificate;

b) Non-life insurance agent practising certificate;

c) Health insurance agent practising certificate.

2. Each training course or program that a trainee must take to graduate an insurance agent practising certificate must comprise:

a) General knowledge about insurance; principles of rendering of insurance services that vary depending on types of insurance agent practicing certificate;

b) Code of professional ethics and conduct in the insurance agent business;

c) Rights and obligations of insurance companies, branches of non-life insurance companies, mutuals providing microinsurance products and insurance agents in the insurance agent business sector;

d) Domestic law of Vietnam applicable in the insurance industry;

dd) Insurance agent skills and practising as an insurance agent.

3. The Minister of Finance shall impose detailed regulations on types of insurance agent practising certificate; content of training curriculum or program, documentation requirements, application procedures and processes for certification testing, issuance, revocation and reissuance of insurance agent practising certificates.

As regulated above, insurance agent practising certificates are classified into the followings:

- Life insurance agent practising certificate;

- Non-life insurance agent practising certificate;

- Health insurance agent practising certificate.

Best regards!