Information in the database on insurance business in Vietnam

Information in the database on insurance business in Vietnam (Internet image)

Decree 46/2023/ND-CP guiding the Law on Insurance Business, effective as of July 1, 2023.

Information in the database on insurance business in Vietnam

The database on insurance business in Vietnam includes the following information:

(1) Category regarding insurers, reinsurers, foreign branches in Vietnam, insurance brokers, mutuals providing microinsurance products, representative offices in Vietnam:

- Details about Establishment and Operation Licenses, representative office licenses;

- Details about financial positions and professional operations in reports:

Financial statements, operational reports, reports on separate management of equity and premiums, reports on assessment of solvency and risk management, other reports of insurers, reinsurers, foreign branches in Vietnam as per Article 106 of the  Law on Insurance Business;

Financial statements, regular operational reports, ad-hoc reports, disclosure of information or data by insurance brokers as per clause 5 Article 138 of the  Law on Insurance Business;

Financial statements, operational reports, and other reports of mutuals providing microinsurance products as per the law.

- Details about: Managers and controllers of insurers, reinsurers and foreign branches in Vietnam; members of the Board of Directors, members of the Board of Members, the Directors, General Directors, legal representatives, Vice Directors or Deputy General Directors, Chief Accountants, heads of operation department of insurance brokers (hereinafter referred to as managers of insurance broker); Presidents of the Board of Directors, General Directors or Directors, Appointed Actuaries of mutual providing microinsurance products.

Details about: Date of appointment, date of termination of employment (if any); degrees, certificates, working experience in the fields of insurance, finance, banking, or other fields corresponding to each post specified in Article 80, Clause 1, Article 138 and Clause 3, Article 149 of the  Law on Insurance Business.

(2) Category regarding policyholders, insured people, subjects insured under insurance policies which are made and effective in a reporting period, including:

- With respect to life insurance: The number of insured people (classified by the type of risk covered, age, insurance period, year of insurance policy when the risk occurs, gender, health-related lifestyle choices), the survival probability of the insured person by year, and other factors that may be used to assess insurance risk;

- With respect to health insurance: The number of insurance policies, the number of insured people, the number of health insurance claims, total payout amount (classified by ages, insurance benefits) and other factors that may be used to assess insurance risk;

- With respect to non-life insurance: The number of insurance policies, sum insured, the number of health insurance claims, total payout amount -classified by subject insured; category and intended use) and other factors that may be used to assess insurance risk.

(3) Category regarding insurance agents: Reports on training and engagement of insurance agents by insurers, branches of foreign non-life insurers, and mutuals providing microinsurance products as prescribed at Point k, Clause 2, Article 128 of the  Law on Insurance Business.

(4) Category regarding exam, insurance of insurance certificates, insurance auxiliary certificates, insurance brokerage certificates, including: Identity of the certificate holder; certificate type; the name of the training institution; exam code; decision on approval for exam results.

(5) Category regarding supervision and penalties for administrative violations against insurance business regulations: Name of penalized entity, penalty decision number and date, violation, penalty type and degree, remedial measure (if any).

(6) The Minister of Finance shall elaborate forms related to the information in point c Clause 1 and Clause 2 of Article 7 of Decree 46/2023/ND-CP.

Duong Chau Thanh

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