Approval for providing insurance services and products online in Vietnam

Approval for providing insurance services and products online in Vietnam
Diễm My

 Law Insurance business 2022a> was approved at the 3rd Session of the XV National Assembly of Vietnam, which allows the online business of insurance services and products.

According to the law in Vietnam, organizations and individuals in Vietnam are allowed to provide insurance services and products online, including:

- Insurance enterprises, branches of foreign non-life insurance enterprises, mutual organizations providing microinsurance;

- Insurance agent;

- Insurance brokerage enterprises.

Organizations and individuals in Vietnam offering insurance services and products online must follow the following rules:

- Insurance enterprises, branches of foreign non-life insurance enterprises, insurance brokerage enterprises, and mutual organizations providing microinsurance may actively choose forms of providing insurance services and products through social networks;

- Insurance agents may only provide insurance services and products through social networks within the scope of the insurance agency contract;

- Insurance enterprises, branches of foreign non-life insurance enterprises, insurance agents, insurance broker enterprises, and mutual organizations providing microinsurance provide insurance services and products. Insurers in the network environment must be accountable to the insurance buyer if the provision of such insurance products or services jeopardizes the insurance buyer's legitimate rights and interests.

- Organizations and individuals that enter into insurance contracts in the online environment are responsible for providing truthful and accurate information as prescribed in Article 22 of Vietnam's Law on Insurance Business 2022.

The Law on Insurance Business 2022 takes effect from January 1, 2023, except for Clauses 3, Article 86, Clauses 4 and 5, Article 94, Article 95, Clauses 3 and 4, Article 99, and Articles 109, 110, 111, 112. , 113, 114 and 116 of the Law, which take effect from January 1, 2028.


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