Promulgating fees for management and supervision of insurance activities in Vietnam in 2020

10:20, 06/01/2020

This is a notable content of Circular No. 01/2020/TT-BTC issued by the Minister of Finance of Vietnam on fees for management and supervision of insurance activities, collection, transfer and management thereof.

According to Circular No. 01/2020/TT-BTC of the Ministry of Finance of Vietnam, from February 20, 2020, amounts of fees for management and supervision of insurance activities are as follows:

muc thu phi quan ly, giam sat hoat dong bao hiem 2020, thong tu 01/2020/TT-BTC

- Insurance enterprises and branches of foreign insurance enterprises in Vietnam: 0.03% of insurance premiums (after deducting refund and reduction of insurance premiums).

- Reinsurance enterprises: 0.03% of reinsurance premium (after deducting refund and reduction of reinsurance premium).

- Insurance brokerage enterprises: 0.03% of insurance broker revenues.

Fee payers shall be insurance organizations licensed for establishment and operation in Vietnam, including:

- Insurance enterprises and branches of foreign insurance enterprises in Vietnam.

- Reinsurance enterprises.

- Insurance brokerage enterprises.

When managing and supervising insurance activities, the Agency for Insurance Supervisory and Management (Ministry of Finance) may retain 48% of the fees for management and supervision of insurance activities to serve fee supervision and collection as specified in Article 5 of Decree No. 120/2016/NĐ-CP dated August 23, 2016 of Government on elaborating to a number of Articles of Law on Fee and Charges of Vietnam.

View details at Circular No. 01/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from February 20, 2020.

Thu Ba

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