What is an insurance agent in Vietnam? What are content of courses on Certificate of Insurance Agent in Vietnam?

What is an insurance agent in Vietnam? What are licensing conditions of insurance agents in Vietnam?

Pursuant to Article 124 of the Law on Insurance Business in 2022 stipulating insurance agents in Vietnam as follows:

Insurance agents

Insurance agent is an entity or person authorized under an insurance agent agreement to render insurance agent services by an insurance company, branch of a non-life insurance company or mutual providing microinsurance products.

As regulations above, insurance agent is an entity or person authorized under an insurance agent agreement to render insurance agent services by an insurance company, branch of a non-life insurance company or mutual providing microinsurance products.

Pursuant to Article 125 of the Law on Insurance Business in 2022 stipulating licensing conditions of insurance agents in Vietnam as follows:

Licensing conditions of insurance agents

1. A person rendering insurance agent services must:

a) be a Vietnamese citizen permanently residing in Vietnam;

b) have full civil capacity;

c) hold the certificate of practising as an insurance agent conforming to Article 130 herein.

2. An entity rendering insurance agent services must:

a) be licensed or permitted for their establishment and operation in Vietnam;

b) obtain registration for their scope of insurance agent services under the regulatory provisions of the Corporate Law. As for any entity engaged in conditional business sectors and industries, a license, certificate and other approval or certification document (if any) containing information about permission for insurance agent services that is issued by a competent agency shall be needed;

c) be staffed by employees directly rendering insurance agent services that meet the conditions specified in clause 1 of this Article;

d) meet personnel and other conditions under the Government’s regulations.

3. Any entity or person shall be prohibited from concluding and executing an insurance agent agreement when:

a) The entity is a commercial legal entity facing the criminal prosecution process; an entity that is subject to the temporary suspension, perpetual termination or prohibition of their business or the prohibition of their engagement in the insurance-related sectors;

b) The person is facing criminal prosecution actions; is serving a prison sentence; is serving the sentence of prohibition of practising in the insurance-related sectors.

Above are licensing conditions of insurance agents in Vietnam.

What are content of courses on Certificate of Insurance Agent in Vietnam?

Pursuant to Article 20 of the Circular 69/2022/TT-BTC stipulating content of Courses on Certificate of Insurance Agent in Vietnam as follows:

Content of Courses on Certificate of Insurance Agent

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.

As regulations above, content of courses on Certificate of Insurance Agent in Vietnam are:

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

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

- 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.

- 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.

- Professional skills and practicing as insurance agents.

- 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.

- 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.

- 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.

What are general knowledge about insurance; principles of professional insurance practising specific to types of Certificate of Insurance Agent in Vietnam?

Pursuant to Clause 1 Article 20 of the Circular 69/2022/TT-BTC stipulating general knowledge about insurance; principles of professional insurance practising specific to types of Certificate of Insurance Agent in Vietnam as follows:

Content of Courses on Certificate of Insurance Agent

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.

Above are general knowledge about insurance; principles of professional insurance practising specific to types of Certificate of Insurance Agent in Vietnam.

Best regards!