Legal Counselling

Vietnam: Amending subjects of application of penalties for administrative violations in insurance business and lottery business

14:10, 19/06/2018

On May 10, 2018, the Government of Vietnam issued Decree No. 48/2018/NĐ-CP on amendments to Decree No. 98/2013/NĐ-CP dated August 28, 2013 of Vietnam’s Government on penalties for administrative violations in insurance business and lottery business.

According to Decree No. 98/2013/NĐ-CP of Vietnam, subjects of application of penalties for administrative violations in insurance business and lottery business are Vietnamese, foreign organizations and individuals that commit administrative violations in domains of insurance business and lottery business. Decree No. 48/2018/NĐ-CP of Vietnam’s Government amends these subjects as follows:

Organizations subject to penalties for administrative violations in insurance business and lottery business prescribed in this Decree include:

- Life insurers, non-life insurers;

- Health insurers;

- Reinsurers;

- Insurance brokerages;

- Branches of foreign non-life insurers;

- Representative offices of foreign insurers;

- Representative offices of foreign reinsurers;

- Representative offices of insurance brokerages;

- Insurance agencies which are lottery business firms;

- Lottery agencies and other relevant organizations.

View relevant provisions at Decree No. 48/2018/NĐ-CP of Vietnam’s Government, effective from May 10, 2018.

-Thao Uyen-

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