Cases of Reinsurance Assignment as Directed by the Insured

14:02, 11/07/2024

Circular 50/2017/TT-BTC has been issued by the Ministry of Finance providing guidelines for the implementation of Decree 73/2016/ND-CP detailing the implementation of the Law on Insurance Business and the Law amending and supplementing a number of articles of the Law on Insurance Business.

To be specific, according to the guidelines in Circular 50, the reinsurance assignment under Clause 3, Article 42 of Decree 73 falls into the following cases:

- The insured designates one or multiple reinsurance companies and requests the insurer to assign reinsurance to one or multiple of those companies;- The insured designates one or multiple insurance brokerage companies and requests the insurer to arrange reinsurance through one or multiple of those brokerage companies.

Note:

- Foreign reinsurance companies must comply with the regulations in Article 43 of Decree 73/2016/ND-CP.- The reinsurance assignment must not discriminate between insurers, foreign branches in Vietnam, and foreign reinsurance companies.

More details can be found in Circular 50/2017/TT-BTC, effective from July 1, 2017.

- Thanh Lam -

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