What do types of Certificate of Insurance Agent in Vietnam comprise? What are uses of Certificate of Insurance Agent in Vietnam?

What do types of Certificate of Insurance Agent in Vietnam comprise?

Pursuant to Clause 1, Article 19 of Circular 69/2022/TT-BTC (effective from January 1, 2023) regulations on insurance Certificate of Insurance Agent include:

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.

What are uses of Certificate of Insurance Agent in Vietnam?

According to Clause 2, Clause 3, Article 19 of Circular 69/2022/TT-BTC (effective from January 1, 2023) stipulating those Certificates of Insurance Agent may be used as follows:

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;

a) 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.

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.

What is content of Courses on Certificate of Insurance Agent in Vietnam?

Article 20 of Circular 69/2022/TT-BTC (effective from January 1, 2023) stipulates content of Courses on Certificate of Insurance Agent as follows:

Each course on the Certificate of Insurance Agent shall cover the following:

1. General knowledge about insurance; principles of professional insurance practising specific to types of Certificate of Insurance Agent:

a) For Certificate of Basic Life Insurance Agent: General knowledge about insurance, fundamentals, basic concepts and professional knowledge about lines or sublines of life insurance (except unit-linked insurance), health insurance;

b) For Certificate of Unit-linked Life Insurance Agent: General knowledge about financial market; basic knowledge about investment; general knowledge about insurance, principles, basic professional knowledge about lines or sublines of unit-linked insurance;

c) For Certificate of Basic Non-Life Insurance Agent: General knowledge about insurance, fundamentals, basic concepts and professional knowledge about lines or sublines of non-life insurance (except marine insurance, aviation insurance), products classified into lines of health insurance, 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) For Certificate of Marine Insurance Agent: General knowledge about insurance, fundamentals, basic concepts and professional knowledge about lines or sublines of marine insurance;

dd) For Certificate of Aviation Insurance Agent: General knowledge about insurance, fundamentals, basic concepts and professional knowledge about lines or sublines of aviation insurance;

e) For Certificate of Health Insurance Agent: General knowledge about insurance, fundamentals, basic concepts and professional knowledge about lines or sublines of health insurance.

2. Professional ethics or standards of conduct of insurance agents shall be published by socio-professional organizations.

3. Rights and obligations of insurance companies, branches of foreign non-life insurance companies, mutuals providing microinsurance and insurance agents to be exercised and undertaken when carrying out insurance agent activities.

4. Domestic or national law of Vietnam on insurance business that relevantly governs types of insurance, lines or sublines of insurance coverage with respect to specific courses on Certificates of Insurance Agent.

5. Professional skills and practicing as insurance agents.

6. Content of courses on the Certificate of Unit-linked Insurance Agent to be taught to trainees who have held the Certificate of Basic Life Insurance Agent, including those specified in point b of clause 1 and 4 of this Article.

7. Content of courses on the Certificate of Marine Insurance Agent to be taught to trainees who have held the Certificate of Basic Non-Life Insurance Agent, including those specified in point d of clause 1 and 4 of this Article.

8. Content of courses on the Certificate of Marine Insurance Agent to be taught to trainees who have held the Certificate of Basic Non-Life Insurance Agent, including those specified in point d of clause 1 and 4 of this Article.

Best Regards!