What is conduct of exams to be taken to get the Certificate in Insurance, the Certificate of Insurance Agent, the Certificate of Insurance Broker in Vietnam?

What is conduct of exams to be taken to get the Certificate in Insurance, the Certificate of Insurance Agent, the Certificate of Insurance Broker in Vietnam?

Pursuant to Article 3 of Circular 69/2022/TT-BTC (effective from January 1, 2023) stipulating conduct of exams to be taken to get the Certificate in Insurance, the Certificate of Insurance Agent, the Certificate of Insurance Broker and the Certificate in Insurance Auxiliary Services (briefly referred to as Certification Exam(s)); conferral, withdrawal or revocation and conversion of the Certificate of Insurance Agent as follows: :

1. Procedures for applications for certification exams, approval or review of exam results; procedures for conferral, revocation or withdrawal, replacement and conversion of the Certificate of Insurance Agent shall be carried out via the Certification Exam Management System under the Department of Insurance Management and Supervision (hereinafter referred to as CEMS).

2. Certification exams shall be held in the computer-based or paper-based multiple-choice format. When a computer-based exam is held, all computers used in the exam must be connected to CEMS.

3. Department of Insurance Management and Supervision shall develop the question bank and design exam questions with the aim of ensuring that these questions are aligned with training contents or programs specific to certification types defined herein.

What are regulations on Certificate in Insurance on domestic and foreign insurance training institutions in Vietnam?

According to Article 4 of Circular 69/2022/TT-BTC (effective from 01/01/2023) regulations on Certificates in Insurance are as follows:

The Certificate in Insurance defined in point b of clause 3, point b of clause 4 of Article 81 in the Law on Insurance Business dated June 16, 2022 may be one of the following certificates:

1. A domestic insurance training institution may confer:

a) Certificate in Life Insurance;

b) Certificate in Non-life Insurance;

c) Certificate in Health Insurance.

2. A foreign insurance training institution may confer:

a) Professional/Practising Certificate in Life Insurance;

b) Professional/Practising Certificate in Non-life Insurance;

c) Professional/Practising Certificate in Health Insurance.

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;

What does Certificate of Insurance Broker in Vietnam comprise?

In Article 5 of Circular 69/2022/TT-BTC (effective from January 1, 2023), Certificates of Insurance Broker are as follows:

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.

Specifically, Clause 2, Article 138 of the Law on Insurance Business 2022 (effective from January 1, 2023) stipulates personnel, capital, finance, accounting regimes and financial reporting of insurance brokerage companies as follows:

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.

Best Regards!