Guidelines on Determining Revenue for Insurance Brokerage Enterprises

14:01, 11/07/2024

Circular 50/2017/TT-BTC was issued by the Ministry of Finance to provide guidance on the implementation of Decree 73/2016/ND-CP, which delineates detailed regulations for the execution of the Law on Insurance Business and the Law amending and supplementing a number of articles of the Law on Insurance Business. Circular 50 replaces Circular 194/2014/TT-BTC.

According to Circular 50, the determination of revenue for insurance brokerage enterprises is based on the following principles:

- Revenue from insurance brokerage activities:- Insurance brokerage commission revenue: The insurance brokerage commission is recorded in the revenue corresponding to the insurance premium and the time of revenue recognition.- For expenses to reduce revenue, such as reducing insurance brokerage commissions or refunding insurance brokerage commissions, they are recorded as a reduction in income, regardless of whether the money has been spent or not.- Revenue from activities stipulated in Clauses 1, 2, and 4 of Article 90 of the Insurance Business Law.- Revenue from financial activities.- Other operating income.

See the method for determining expenses for insurance enterprises in Circular 50/2017/TT-BTC, effective from July 1, 2017.

- Thanh Lam -

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