What is insurance broker in Vietnam? What are content of Courses on Certificate of Insurance Broker in Vietnam?

What are regulations on insurance broker in Vietnam?

Pursuant to Clause 1 Article 4 of the Law on Insurance Business in 2022 (effective from 01/01/2023) stipulating as follows:

Interpretation

For the purposes of this Law, terms used herein are construed as follows:

1. Insurance business industry (also insurance industry) covers a range of such sectors as insurance, reinsurance, cession and others related to insurance business, including insurance agent, broker and insurance ancillary services.

As regulations above, insurance broker is one sector of insurance business industry.

Pursuant to Clause 6 Article 4 of the Law on Insurance Business in 2022 (effective from 01/01/2023) stipulating as follows:

Interpretation

For the purposes of this Law, terms used herein are construed as follows:

...

6. Insurance brokerage refers to the practice of providing a policyholder with information and advice or counsel on type of insurance, line of insurance business, insurance product, insurance schemes, terms and conditions, insurance premium, insurer, reinsurer, foreign insurance branch in Vietnam; other service activities related to the negotiation, arrangement for conclusion and execution of insurance or reinsurance contracts or policies.

As regulations above, insurance brokerage refers to the practice of providing a policyholder with information and advice or counsel on type of insurance, line of insurance business, insurance product, insurance schemes, terms and conditions, insurance premium, insurer, reinsurer, foreign insurance branch in Vietnam; other service activities related to the negotiation, arrangement for conclusion and execution of insurance or reinsurance contracts or policies.

What are content of Courses on Certificate of Insurance Broker in Vietnam?

Pursuant to Article 10 of the Circular 69/2022/TT-BTC (effective from 01/01/2023) stipulating content of Courses on Certificate of Insurance Broker in Vietnam as follows:

Content of Courses on Certificate of Insurance Broker

A course on the Certificate of Insurance Broker provided by a domestic insurance training institution should contain the following:

1. General knowledge about insurance and lines of insurance:

a) Concepts of insurance and reinsurance;

b) Basic knowledge about lines or sublines of life, non-life and health insurance.

2. Vietnam’s domestic law on insurance business and insurance brokerage.

3. Rules, responsibilities and code of ethics for practising as an insurance broker.

4. Professional skills and practising as an insurance broker.

As regulations above, content of Courses on Certificate of Insurance Broker in Vietnam are :

- General knowledge about insurance and lines of insurance.

- Vietnam’s domestic law on insurance business and insurance brokerage.

- Rules, responsibilities and code of ethics for practising as an insurance broker.

- Professional skills and practising as an insurance broker.

What are content of Courses on Certificate in Insurance Auxiliary Services in Vietnam?

Pursuant to Article 11 of the Circular 69/2022/TT-BTC (effective from 01/01/2023) stipulating content of Courses on Certificate in Insurance Auxiliary Services in Vietnam as follows:

Content of Courses on Certificate in Insurance Auxiliary Services

1. A course on the Certificate in Insurance Auxiliary Services provided by a domestic insurance training institution should contain the following:

a) Vietnam’s domestic law on insurance and insurance auxiliary service business;

b) Fundamentals of insurance;

c) Knowledge about lines of insurance;

d) Procedures for conduct of insurance auxiliary services.

2. Those courses defined in clause 1 of this Article in lines and sublines of insurance shall be designed for training in certificates in insurance auxiliary services specified in Article 6 herein.

As regulations above, a course on the Certificate in Insurance Auxiliary Services provided by a domestic insurance training institution should contain the following:

- Vietnam’s domestic law on insurance and insurance auxiliary service business;

- Fundamentals of insurance;

- Knowledge about lines of insurance;

- Procedures for conduct of insurance auxiliary services.

Those courses shall be designed for training in certificates in insurance auxiliary services.

Best regards!