Legal Counselling

Determining providers of cross-border insurance and insurance brokerage services

11:22, 03/11/2019

Decree No. 73/2016/NĐ-CP of Vietnam’s Government.

According to Clause 11 Article 1 of Decree No. 80/2019/NĐ-CP of Vietnam’s Government amending and supplementing Clause 1 Article 90 of Decree No. 73/2016/NĐ-CP, providers of cross-border insurance and insurance brokerage services are specified as follows:

xac dinh doi tuong cung cap dich vu bao hiem moi gioi bao hiem qua bien gioi, Nghi dinh 80/2019/NĐ-CP

- Providers of cross-border insurance and insurance brokerage services are foreign insurance enterprises and insurance broker enterprises whose home countries and Vietnam have entered international trade agreements on provision of cross-border insurance services (hereinafter referred to as “cross-border insurance service provision”) in Vietnam.

- Providers of cross-border auxiliary insurance services are foreign individuals providing cross-border insurance consultancy, foreign organizations providing cross-border auxiliary insurance services (insurance enterprises, insurance broker enterprises and other juridical persons) according to regulations on provision of cross-border auxiliary insurance services in international conventions to which Vietnam is a signatory.

Moreover, Decree No. 80/2019/NĐ-CP also specifies that provision of reinsurance, international maritime insurance, international aviation insurance and international reinsurance brokerage services shall be governed by current laws and best practices.

View more relevant provisions at Decree No. 80/2019/NĐ-CP of Vietnam’s Government, effective from November 01, 2019.

Thu Ba

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