Insurance Business Organizations in Accordance with Current Law

20:45, 11/07/2024

The amended Law on Insurance Business 2010 was promulgated on November 24, 2010. The law amends and supplements several provisions of the Law on Insurance Business 2000, notably the revisions to the regulations on the organization of insurance business operations.

According to the provisions of Clause 7, Article 1 of the amended 2010 Insurance Business Law, amending and supplementing Article 59 of the 2000 Insurance Business Law, insurance business organizations include:

- Joint-stock insurance company;- Limited liability insurance company;- Insurance cooperative;- Mutual insurance organization.

In addition, this law also amends and supplements regulations on the forms of operation of insurers and insurance brokerage enterprises with foreign investment. Foreign insurers and insurance brokerage enterprises are permitted to operate in Vietnam in the following forms:

- Limited liability insurance company, limited liability insurance brokerage company;- Branch of a foreign non-life insurance enterprise.

Foreign insurers and insurance brokerage enterprises are allowed to provide cross-border insurance services as regulated by the Government.

Foreign insurers and insurance brokerage enterprises are permitted to establish representative offices in Vietnam. Representative offices are not allowed to conduct insurance business in Vietnam.

More details can be found in: 2010 Amended Insurance Business Law effective from July 1, 2011.

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