What are regulations on conferral of Certificate of Insurance Agent in Vietnam? What are revocation (or withdrawal) and replacement (or reissuance) of Certificate of Insurance Agent in Vietnam?

What are regulations on conferral of Certificate of Insurance Agent in Vietnam?

Pursuant to Article 26 of Circular 69/2022/TT-BTC (effective from January 1, 2023) stipulating conferral of Certificate of Insurance Agent as follows:

1. Within the duration of 02 working days after issuing the Decision on approval of exam results, the Department of Insurance Management and Supervision shall confer the Certificate of Insurance Agent upon candidates passing certification exams.

2. Certificate of Insurance Agent shall be electrically awarded via CEMS. The Form of the Certificate of Insurance Agent is displayed in the Appendix No. 9 hereto.

3. Insurance companies, branches of foreign non-life insurance companies, or mutuals providing microinsurance shall receive the list of Certificates of Insurance Agent via CEMS by logging in the accounts that they have been granted when registering the plans to conduct exams in the Certificate of Insurance Agent.

4. Persons and entities may examine the Certificate of Insurance Agent via CEMS by entering the certificate reference number or personal information of the certificate holder, including: Full name, birth date, Citizen ID card/ID card/Passport number.

What are revocation (or withdrawal) and replacement (or reissuance) of Certificate of Insurance Agent in Vietnam?

According to Article 27 of Circular 69/2022/TT-BTC (effective from January 1, 2023), regulations on revocation (or withdrawal) and replacement (or reissuance) of Certificate of Insurance Agent are as follows:

Department of Insurance Management and Supervision may carry out the certificate revocation or replacement process subject to the following regulations:

1. A Certificate of Insurance Agent shall be revoked or withdrawn if

a) despite the fact that a person does not participate or fails in the exam in the Certificate of Insurance Agent held at the venues specified in point b of clause 1 of Article 21 herein, an insurance company, branches of foreign non-life insurance company or mutual providing microinsurance has reported that he/she passes that exam;

b) exam post-check results prove that a candidate does not satisfy the conditions for passing the exam in the Certificate of Insurance Agent as set forth in this Circular;

c) a candidate provides falsified, fake or fraudulent personal identity papers (including Citizen ID/ID card/Passport) to be eligible to take the certification exam;

d) a candidate is impersonated to pass the certification exam;

dd) an insurance company, branch of foreign non-life insurance company, mutual providing microinsurance or person has cheated at the conversion of the Certificate of Insurance Agent;

e) Such withdrawal or revocation is requested by competent state authorities in accordance with law.

2. A Certificate of Insurance Agent may be reissued or replaced as prescribed in clause 2 of Article 18 herein.

3. Within 03 working days after the training institution has established that the awarded certificate falls into the situations prescribed in clause 1 or 2 of this Article, the Department of Insurance Management and Supervision shall carry out the process of revoking and reissuing the awarded certificate by removing information shown in the electronic certificate (in case of withdrawal or revocation), or rectifying information shown in the electronic certificate (in case of reissuance or replacement) on CEMS.

4. Within 03 working days after withdrawing or revoking the Certificate of Insurance Agent, the Department of Insurance Management and Supervision shall make the list of certificates subject to the withdrawal or revocation requirement as prescribed in clause 1 of this Article available to the public on CEMS.

5. Persons whose certificates are revoked or withdrawn as stipulated in point c, d, dd and e of clause 1 of this Article shall be disqualified from participating in exams in the Certificate of Insurance Agent in the next 12 months after revocation or withdrawal.

What are Conversion Principles of Certificate of Insurance Agent in Vietnam? 

In Article 28 of Circular 69/2022/TT-BTC (effective from January 1, 2023), conversion Principles are as follows:

Conversion of the Certificate of Insurance Agent issued before January 1, 2023 into the Certificate of Insurance Agent defined in this Circular shall adhere to the following principles:

1. Certificate of Insurance Agent awarded by life insurance training institutions may be converted into the Certificate of Basic Life Insurance Agent.

2. Certificate of Unit-linked Insurance Agent awarded by life insurance training institutions may be converted into the Certificate of Unit-linked Insurance Agent.

3. Certificate of Insurance Agent awarded by non-life insurance training institutions shall be converted into the Certificate of Basic Non-Life Insurance Agent.

4. Conversion of the Certificate of Insurance Agent will be completed by December 31, 2025 at the latest. Certificate of Insurance Agent issued before January 1, 2023 shall be invalid as from the date of conversion into the Certificate of Insurance Agent defined herein or January 1, 2026, whichever occurs first.

5. Certificate of Insurance Agent shall be electrically converted and the electronic version thereof shall be deposited on CEMS.

Best Regards!