06 Insurance Agency Activities of Credit Institutions for Insurers

Pursuant to the provisions of Article 4 of Circular 37/2019/TT-NHNN, the insurance agency activities of Credit Institutions (excluding policy banks), branches of foreign banks (hereinafter collectively referred to as credit institutions) for insurers include one or some of the following activities:

Illustration (source: internet)

- Credit institutions introduce customers who need to buy insurance for the insurer to carry out the insurance offering.

- Credit institutions directly offer, explain the terms and conditions of insurance products to customers who need to buy insurance; or offer insurance through electronic methods, online insurance, or other methods in accordance with the provisions of the law.

- Credit institutions guide and support customers in drafting insurance contracts, receiving insurance application dossiers, and arranging the signing of insurance contracts according to the agreement in the insurance agency contract and the provisions of the law on insurance business.

- Credit institutions collect insurance premiums from customers as agreed in the insurance agency contract.

- Credit institutions support and guide customers on the procedures for claiming insurance benefits, receiving claim applications, collecting insurance payouts from customers and transferring them to the insurer for appraisal, making compensation decisions, and paying insurance benefits. In case of authorization by the insurer, credit institutions will compensate and pay insurance benefits to the customers.

- Carry out other activities related to the execution of insurance agency contracts in compliance with the law on insurance business and under the authorization of the insurer.

See more regulations at Circular 37/2019/TT-NHNN effective from March 2, 2020.

Thu Ba

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