Legal Counselling

Types of insurance operation according to Vietnam’s current regulations

Tuyết Hoan

10:07, 25/01/2002

The Law on insurance business 2000 of Vietnam shall govern the organization and operation of insurance business and define the rights and obligations of organizations as well as individuals participating in insurance.

According to the Law on insurance business 2000 of Vietnam, types of insurance operation include:

- Life insurance shall include:

+ Whole life insurance;

+ Endowment insurance;

+ Term insurance;

+ Combined insurance;

+ Annuity;

+ Other life insurance operations prescribed by the Government.

- Non-life insurance shall include:

+ Health insurance and human accident insurance;

+ Property insurance and damage insurance;

+ Land, marine, river, railway and air cargo transport insurance;

+ Aviation insurance;

+ Motorized vehicle insurance;

+ Fire and explosion insurance;

+ Hull insurance and ship-owners’ civil liability insurance;

+ Common liability insurance;

+ Credit insurance and financial risks insurance;

+ Business loss insurance;

+ Agricultural insurance;

+ Other non-life insurance operations prescribed by the Government.

View more: The Law on insurance business 2000 of Vietnam was issued on December 09, 2000 and effective from April 01, 2001.

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