03 things you know about Insurance Association of Vietnam

03 things you know about Insurance Association of Vietnam (Internet image)

1. Name, principles, and purpose of Insurance Association of Vietnam

- The Association takes the name Insurance Association of Vietnam (hereinafter referred to as the Association), the international transaction name in English: Association of Vietnamese Insurers, abbreviated as A.V.I.

- The Association is a voluntary socio-professional organization of insurance enterprises lawfully operating in the Vietnamese territory (hereinafter referred to as members). The purpose of the Association is to represent and protect the legitimate interests of its members, to associate, support, cooperate, and promote each other for healthy development in the Vietnamese insurance market according to the legal framework of Vietnam.

- The Association operates under the laws of the State of Vietnam, has legal status, a seal, an account, assets, and its own logo. In terms of its activities, the association is under the unified management of the Ministry of Home Affairs and the Ministry of Finance.

The headquarters of the Association is located in Hanoi.

If there is a need, the Association will open representative offices or branches in provinces and cities in the country and abroad in accordance with the law.

(Articles 1, 2, 3 of the Charter of Insurance Association of Vietnam are issued together with Decision 34/2005/QD-BNV)

2. Duties and powers of Insurance Association of Vietnam

The Insurance Association of Vietnam has the following duties and powers:

- Representing members to comment on draft documents of the State's legal guidelines and policies on insurance and related issues; giving opinions to state management agencies in studying and formulating development strategies for Vietnam's insurance industry; collecting and reflecting to competent state agencies the opinions of members on issues of policies and regimes applicable to the insurance industry;

- Organizing a training forum to disseminate knowledge, laws, and policies of the State; through practical implementation, giving comments to improve current legal documents on insurance and related issues;

- Developing and approving general principles on the content of cooperation activities among members, self-management regulations in order to create a healthy competitive environment in insurance business activities;

- Representing members to give opinions or appraise and critique the rules, terms, and premium schedule of insurance operations promulgated by the Ministry of Finance. Organize research, develop, appraise, and review rules, terms, and fee schedules of other insurance operations at the request of members or the Ministry of Finance. To be consulted and critiqued on issues within the scope of the association's activities at the request of organizations and individuals;

- Organizing the Association's Information Center in accordance with the law; conducting statistics on insurance operations within the framework of the Association;

- Evaluating the performance of the insurance market; proposing the direction of the insurance industry;

- Organizing training centers and insurance consulting services in accordance with the law. Coordinating activities among members in training and retraining, insurance professional seminars, agent training for collaborators;

- Advising members on operation organization, business development, and other related issues;

- Researching, proposing, or giving opinions on general loss prevention measures related to member insurance enterprises; coordinating with members and related agencies to organize the implementation. ;

- Organizing propaganda on insurance activities at home and abroad; issuing internal newsletters, insurance magazines, and documents to disseminate professional knowledge about insurance in accordance with the law.

- Establishing relationships with agencies, units, economic organizations, and mass organizations related to the Association's activities. Cooperation with insurance associations of other countries and participation in international organizations according to the State's regulations;

- Mediation of disputes between members; making recommendations to the State's functional agencies on the handling of cases of violations of the law in the field of insurance.

- Performing a number of public administrative operations or participating in activities in the field of management authorized by the Ministry of Finance or a state agency.

- Receiving legal funding sources from organizations and individuals at home and abroad according to the provisions of law.

(Article 4 of the Charter of the Association of Vietnam Insurance is issued together with Decision 34/2005/QD-BNV)

3. Who can become a member of Insurance Association of Vietnam?

Insurance enterprises that are legal Vietnamese legal entities, licensed to operate insurance in Vietnam, accept the Charter, voluntarily apply can join the Association.

The representative for members at the Association must be a member of the leadership (Board of Directors) or an authorized person of the member enterprise and must be a Vietnamese citizen.

(Article 5 Charter of Insurance Association of Vietnam is issued together with Decision 34/2005/QD-BNV)

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