What are policies for development of the insurance industry in Vietnam?

What are policies for development of the insurance industry in Vietnam? 

Pursuant to Article 5 of the Law on Insurance Business in 2022 (takes effect from 01/01/2023) stipulating policies for development of the insurance industry in Vietnam as follows:

1. The Government shall provide protection for legitimate rights and interests of entities and persons participating in insurance and organizations rendering insurance services.

2. The Government shall provide insurers, reinsurers, foreign insurance branches in Vietnam and mutuals providing microinsurance product with incentive and facilitation measures for research and development of products, services, application of advanced technologies in the insurance industry.

3. The Government shall provide insurers, reinsurers, foreign insurance branches in Vietnam and mutuals providing microinsurance product with incentive and facilitation measures for resumption of investment in the economy, re-investment and development of the insurance market.

4. The Government shall provide incentive and facilitation measures for launching, offering and participating in agricultural, forestry, fishery or aquaculture insurance, microinsurance and other insurance products serving social welfare and security purposes.

What are principles of provision and use of insurance services in Vietnam?

Pursuant to Article 6 of the Law on Insurance Business in 2022 (takes effect from 01/01/2023) stipulating principles of provision and use of insurance services in Vietnam as follows:

1. Entities and persons in Vietnam wishing to participate in insurance schemes can only participate in insurance with insurers, foreign non-life insurers’ branches or mutuals providing microinsurance products obtaining establishment permits or business licenses in Vietnam, except in case of using cross-border insurance services under the international treaties to which the Socialist Republic of Vietnam is a signatory.

2. The Government shall provide detailed regulations on provision and use of cross-border insurance, insurance brokerage and insurance ancillary services in conformity with the international treaties to which the Socialist Republic of Vietnam is a signatory.

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