What are types of Certificate of Insurance Agent in Vietnam? What are regulations on use of Certificate of Insurance Agent in Vietnam?

What are types of Certificate of Insurance Agent in Vietnam?

Pursuant to Clause 1 Article 19 of the Circular 69/2022/TT-BTC stipulating types of Certificate of Insurance Agent in Vietnam as follows:

Certificate of Insurance Agent

1. This type of certificate is classified into the followings:

a) Certificate of Basic Life Insurance Agent;

b) Certificate of Unit-linked Life Insurance Agent;

c) Certificate of Basic Non-Life Insurance Agent;

d) Certificate of Marine Insurance Agent;

dd) Certificate of Aviation Insurance Agent;

e) Certificate of Health Insurance Agent.

As regulations above, types of Certificate of Insurance Agent in Vietnam are:

- Certificate of Basic Life Insurance Agent;

- Certificate of Unit-linked Life Insurance Agent;

- Certificate of Basic Non-Life Insurance Agent;

- Certificate of Marine Insurance Agent;

- Certificate of Aviation Insurance Agent;

- Certificate of Health Insurance Agent.

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

Pursuant to Clause 3 Article 19 of the Circular 69/2022/TT-BTC stipulating use of Certificate of Insurance Agent in Vietnam as follows:

Certificate of Insurance Agent

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3. Those Certificates of Insurance Agent defined in clause 1 of this Article may be used as follows:

a) The Certificate of Basic Life Insurance Agent may be used for representing as an agent for life insurance products (except unit-linked insurance product) and health insurance products;

b) The Certificate of Unit-linked Insurance Agent may be used for representing as an agent for unit-linked insurance products;

c) The Certificate of Basic Non-Life Insurance Agent may be used for representing as an agent for non-life insurance products (except marine insurance products, aviation insurance products), products classified into health insurance lines, each of which has the maximum insurance term of 01 year; and casualty insurance products, each of which has the maximum insurance term of 01 year;

d) The Certificate of Marine Insurance Agent may be used for representing as an agent for marine insurance products;

d) The Certificate of Aviation Insurance Agent may be used for representing as an agent for aviation insurance products;

e) The Certificate of Life Insurance Agent may be used for representing as an agent for health insurance products and casualty insurance products, each of which has the maximum insurance term of 01 year.

As regulations above,

- The Certificate of Basic Life Insurance Agent may be used for representing as an agent for life insurance products (except unit-linked insurance product) and health insurance products;

- The Certificate of Unit-linked Insurance Agent may be used for representing as an agent for unit-linked insurance products;

- The Certificate of Basic Non-Life Insurance Agent may be used for representing as an agent for non-life insurance products (except marine insurance products, aviation insurance products), products classified into health insurance lines, each of which has the maximum insurance term of 01 year; and casualty insurance products, each of which has the maximum insurance term of 01 year;

- The Certificate of Marine Insurance Agent may be used for representing as an agent for marine insurance products;

- The Certificate of Aviation Insurance Agent may be used for representing as an agent for aviation insurance products;

- The Certificate of Life Insurance Agent may be used for representing as an agent for health insurance products and casualty insurance products, each of which has the maximum insurance term of 01 year.

What are regulations on validity of Certificate of Insurance Agent issued before January 1, 2023 in Vietnam?

Pursuant to Clause 2 Article 19 of the Circular 69/2022/TT-BTC stipulating validity of Certificate of Insurance Agent issued before January 1, 2023 in Vietnam as follows:

Certificate of Insurance Agent

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2. The Certificate of Insurance Agent issued before January 1, 2023 shall remain in use by December 31, 2025 at the latest. When the transition or conversion to the Certificate of Insurance Agent defined herein is pending, the Certificate of Insurance Agent issued before January 1, 2023 may be converted as follows:

a) The Certificate of Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate defined in point a of clause 1 of this Article;

b) The Certificate of Unit-linked Insurance Agent awarded by life insurance training institutions shall have the same validity as the Certificate defined in point b of clause 1 of this Article;

c) The Certificate of Insurance Agent awarded by non-life insurance training institutions shall have the same validity as the Certificate defined in point c, d and dd of clause 1 of this Article.

As regulations above, the Certificate of Insurance Agent issued before January 1, 2023 shall remain in use by December 31, 2025 at the latest.

Best regards!