Vietnam: Requirements regarding degrees, certificates of individuals providing auxiliary insurance services

11:10, 04/11/2019

This is a featured content of Decree No. 80/2019/NĐ-CP of Vietnam’s Government amending a number of Articles of Decree No. 73/2016/NĐ-CP on details of implementation of the Law on Insurance Business and the Law on Amendments to a number of Articles of the Law on Insurance Business; Decree No. 98/2013/NĐ-CP and Decree No. 48/2018/NĐ-CP of Vietnam’s Government.

Decree No. 80/2019/NĐ-CP of Vietnam’s Government supplements requirements regarding degrees, certificates and standards of individuals providing auxiliary insurance services in organizations providing auxiliary insurance services, specifically as follows:

dieu kien van bang chung chi ca nhan hoat dong phu tro bao hiem, nghi dinh 80/2019/NĐ-CP

Subject	Requirements regarding degrees, certificates and standards
Insurance consultant	- A bachelor degree or higher in insurance; or - A bachelor degree or higher in another major and an insurance consultant certificate.
Insurance underwriter	- A bachelor degree or higher in insurance; or - A bachelor degree or higher in another major and an insurance underwriting certificate.
Actuary	- An actuary of an enterprise providing life insurance or health insurance must meet the requirements and standards specified in Clause 2 and Clause 3 Article 31 of Decree No. 73/2016/NĐ-CP of Vietnam’s Government. - An actuary of an enterprise providing non-life insurance or reinsurance or a foreign branch must meet the requirements and standards specified in Point b and Point d Clause 1 Article 32 of Decree No. 73/2016/NĐ-CP.
Damage assessor	- A college degree or higher in a major suitable with the scope of his/her assessment tasks; - A certificate in damage assessment; and - At least 3 years’ experience in assessment work.
Claim settlement assistant	- A college degree or higher; and - A certificate in claim settlement assistance.

Decree No. 80/2019/NĐ-CP also stipulates that individuals and organizations providing auxiliary insurance services must purchase professional liability insurance for such provision. Coverage of the professional liability insurance shall vary according to the auxiliary insurance services and be specified in the auxiliary insurance service contract.

View other provisions at Decree No. 80/2019/NĐ-CP of Vietnam’s Government, effective from November 01, 2019.

Thu Ba

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