Vietnam: Supplementing requirements for provision of cross-border auxiliary insurance services

15:18, 03/11/2019

This is a notable 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 providing for the sanctioning of administrative violations against regulations on insurance business and lottery business amended by Decree No. 48/2018/NĐ-CP of Vietnam’s Government.

According to Vietnam’s current regulations, a foreign insurance broker enterprise or insurance enterprise providing cross-border insurance services in Vietnam must meet the requirements specified in Decree No. 73/2016/NĐ-CP of Vietnam’s Government.

bo sung dieu kien dich vu phu tro bao hiem qua bien gioi, Nghi dinh 80/2019/NĐ-CP

Decree No. 80/2019/NĐ-CP of Vietnam’s Government supplements requirements for provision of cross-border auxiliary insurance services for foreign individuals and foreign organizations from November 01, 2019 as follows:

- Foreign individuals providing cross-border insurance consultancy in Vietnam must meet the requirements specified in Clause 1 Article 93b added via Clause 4 Article 1 of the Law on Amendments to some Articles of the Law on Insurance Business and Law on Intellectual Property.

- Foreign organizations providing cross-border auxiliary insurance services in Vietnam must meet the requirements specified in Clause 2 Article 93b added via Clause 4 Article 1 of the Law on Amendments to some Articles of the Law on Insurance Business and Law on Intellectual Property.

Besides, Decree No. 80/2019/NĐ-CP also stipulates methods for provision of cross-border insurance services and cross-border auxiliary insurance services in Vietnam as follows:

- Foreign insurance enterprises shall provide cross-border insurance services in Vietnam through an insurance broker enterprise issued with License for establishment and operation in Vietnam.

- Foreign insurance broker enterprises providing cross-border insurance services in Vietnam shall broker services provided by foreign non-life branches or insurance enterprises issued with License for establishment and operation in Vietnam.

- Foreign individuals and organizations may provide cross-border auxiliary insurance services for insurance enterprises, foreign branches and insurance broker enterprises in Vietnam. Foreign individuals and organizations providing cross-border auxiliary insurance services to other individuals and organizations besides insurance enterprises, foreign branches and insurance broker enterprises in Vietnam shall cooperate with organizations providing auxiliary insurance services legally established and operating in Vietnam.

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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