Vietnam: Supplementing responsibilities of providers of cross-border insurance services

According to Clause 14 Article 1 of Decree No. 80/2019/NĐ-CP of Vietnam’s Government amending and supplementing Article 93 of Decree No. 73/2016/NĐ-CP, responsibilities of providers of cross-border insurance services and cross-border auxiliary insurance services from November 01, 2019 are specified as follows:

- Provide written evidence of the satisfaction of requirements for providing cross-border insurance services as defined in Article 92 herein to insurance enterprises, foreign branches and insurance broker enterprises licensed to operate in Vietnam and participating in cross-border insurance service provision as stated in Article 91 herein.

Provide written evidence of the satisfaction of requirements as defined in Article 91 herein to insurance enterprises, foreign branches and insurance broker enterprises in Vietnam that employ cross-border auxiliary insurance services, and domestic organizations participating in the provision of cross-border auxiliary insurance services.

- Foreign individuals and organizations providing cross-border auxiliary insurance services in Vietnam shall comply with regulations on auxiliary insurance service provision as specified in Article 93a 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.

- Within 120 days from the end of a fiscal year, a foreign insurance broker enterprise or insurance enterprise providing cross-border insurance services shall submit the financial statement of the preceding year to the Ministry of Finance. Such financial statement must contain an endorsement of an independent audit organization and a written verification by state authorities managing overseas insurance in the home country of the enterprise of its abidance by the law.

- Foreign insurance broker enterprises and insurance enterprises providing cross-border insurance services; and foreign individuals and organizations providing cross-border auxiliary insurance services shall pay tax and fulfill other financial liabilities related to provision of cross-border insurance services and cross-border auxiliary insurance services in Vietnam in accordance with regulations of tax laws.

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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