Three Principles of Insurance Agency Operations of Credit Institutions

08:45, 10/07/2024

Circular 37/2019/TT-NHNN providing guidance on insurance agency activities of credit institutions and foreign bank branches for insurers was issued on December 31, 2019.

This Circular stipulates 03 principles for insurance agency operations of credit institutions, specifically including:

- Credit institutions must meet the conditions and comply with the regulations on insurance agency operations for insurers as stipulated by insurance business law;- Credit institutions shall not use the collected insurance premiums for purposes other than those agreed upon in the insurance agency contract;- The insurance agency operations of credit institutions must be recorded in the License issued by the State Bank of Vietnam to the credit institution.

Additionally, according to this Circular, the insurance agency activities of credit institutions for insurers include one or several actions such as customer introduction; insurance offer; arranging the conclusion of insurance contracts; collecting insurance premiums; arranging the settlement of claims, payment of insurance money when the insured event occurs, and carrying out other activities related to the performance of the insurance agency contract.

More details can be found in: Circular 37/2019/TT-NHNN, effective from March 2, 2020.

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