What are regulations on validity of certificates in insurance awarded by domestic or foreign insurance training institutions prior to January 1, 2023 in Vietnam?

What are regulations on validity of certificates in insurance awarded by domestic or foreign insurance training institutions prior to January 1, 2023 in Vietnam?

Pursuant to Clause 3 Article 4 of the Circular 69/2022/TT-BTC stipulating validity of certificates in insurance awarded by domestic or foreign insurance training institutions prior to January 1, 2023 in Vietnam as follows:

Certificate in Insurance

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3. Continued use of certificates in insurance awarded by domestic or foreign insurance training institutions prior to January 1, 2023 shall be allowed as follows:

a) The Certificate in Basic Life Insurance; the Professional/Practising Certificate in Life Insurance shall have the same value as the Certificate in Insurance defined in point a of clause 1 of this Article;

b) The Certificate in Basic Non-life Insurance; the Professional/Practising Certificate in Non-life Insurance shall have the same value as the Certificate in Insurance defined in point b of clause 1 of this Article;

c) The Certificate in Basic Health Insurance; the Professional/Practising Certificate in Life Insurance shall have the same value as the Certificate in Insurance defined in point c of clause 1 of this Article;

As regulations above, continued use of certificates in insurance awarded by domestic or foreign insurance training institutions prior to January 1, 2023 shall be allowed as follows:

- The Certificate in Basic Life Insurance; the Professional/Practising Certificate in Life Insurance shall have the same value as the Certificate in Insurance defined in point a of clause 1 of this Article;

- The Certificate in Basic Non-life Insurance; the Professional/Practising Certificate in Non-life Insurance shall have the same value as the Certificate in Insurance defined in point b of clause 1 of this Article;

- The Certificate in Basic Health Insurance; the Professional/Practising Certificate in Life Insurance shall have the same value as the Certificate in Insurance defined in point c of clause 1 of this Article; 

What are regulations on personnel, capital, finance, accounting regimes and financial reporting of insurance brokerage companies in Vietnam?

Pursuant to Article 138 of the Law on Insurance Business in 2022 stipulating personnel, capital, finance, accounting regimes and financial reporting of insurance brokerage companies in Vietnam as follows:

Personnel, capital, finance, accounting regimes and financial reporting of insurance brokerage companies

1. Chairpersons of the Managing Boards, Chairpersons of the Boards of Members, members of the Managing Boards, members of the Boards of Members, Directors or General Directors, legal representatives, Vice Directors or Deputy General Directors, Chief Accountants, heads of operations departments of insurance brokerage companies must satisfy qualification, experience and other requirements and credentials under the Government’s regulations.

2. Persons directly involved in the insurance brokerage sector must hold at least undergraduate degrees in the insurance major or insurance practicing certificates appropriate for the types of insurance or insurance brokerage practicing certificates conferred by legally-licensed domestic or foreign training institutions according to the Ministry of Finance’s regulations.

3. Insurance brokerage companies must maintain the rate or amount of their charter capital and equity that is not less than the required minimum requirement of charter capital and must carry out insurance regimes under the Government's regulations.

4. Insurance brokerage companies shall follow instructions about the fiscal year and accounting regime given in Article 103 and 104 herein and carry out annual independent audits of financial statements.

5. Insurance brokerage companies shall follow the instructions on reporting regime of the Minister of Finance with respect to the following reports:

a) Financial report;

b) Periodic operations report; irregular, information or other data report.

6. Foreign-invested insurance brokerage companies may remit or transfer earnings and property abroad as per Article 107 herein.

7. Insurance brokerage companies shall follow financial management regulations laid down in Article 108 herein.

8. Insurance brokerage companies shall post information about financial statements that have been audited and any changes relying upon the Ministry of Finance’s approval or consent as prescribed in clause 1 of Article 136 herein and the information prescribed in point a, b and e of clause 1 of Article 120 herein on their websites. Responsibilities for information disclosure shall be subject to Article 117 herein.

As regulations above, persons directly involved in the insurance brokerage sector must hold at least undergraduate degrees in the insurance major or insurance practicing certificates appropriate for the types of insurance or insurance brokerage practicing certificates conferred by legally-licensed domestic or foreign training institutions according to the Ministry of Finance’s regulations.

Which certificate must be obtained by person who directly conducts insurance brokerage activities in Vietnam?

Pursuant to Article 5 of the Circular 69/2022/TT-BTC stipulating Certificate of Insurance Broker in Vietnam as follows:

Certificate of Insurance Broker

The Certificate of Insurance Broker defined in clause 2 of Article 138 in the Law on Insurance Business dated June 16, 2022 may be one of the following certificates:

1. Certificate of Insurance Broker conferred by domestic insurance training institutions;

2. Certificate of Insurance Broker conferred by foreign insurance training institutions.

As regulations above, the certificate that must be obtained by person who directly conducts insurance brokerage activities in Vietnam are:

- Certificate of Insurance Broker conferred by domestic insurance training institutions;

- Certificate of Insurance Broker conferred by foreign insurance training institutions.

Best regards!