Vietnam: Supplementing auxiliary insurance service standards

11:27, 03/11/2019

Decree No. 73/2016/NĐ-CP of Vietnam’s Government.

According to Clause 11 Article 1 of Decree No. 80/2019/NĐ-CP of Vietnam’s Government, organizations providing auxiliary insurance services must formulate and implement standards for auxiliary insurance service provision and monitor the compliance with such standards.

Any insurance enterprise, foreign branch or insurance broker enterprise employing auxiliary insurance services must formulate and implement standards for selection and use of auxiliary insurance services and monitor the compliance with such standards.

bo sung tieu chuan linh vuc phu tro bao hiem, Nghi dinh 80/2019/NĐ-CP

Notably, insurance enterprises, foreign branches and insurance broker enterprises may only employ foreign organizations providing cross-border auxiliary insurance services in Vietnam that meet the following standards:

- The foreign organization is permitted to provide cross-border auxiliary insurance services according to the law of its home country;

- The foreign organization has been operating legally for at least 10 years;

- The foreign organization committed no violation against regulations of laws on auxiliary insurance service provision of its home country within the last 03 years;

- The foreign organization has had a profitable business over the last 03 fiscal years.

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

Thu Ba

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