Hanoi, Vietnam: Forms of provision of insurance services and products online

Forms of provision of insurance services and products online in Vietnam (Internet image)

1. Guidance on online insurance provision in Vietnam

Pursuant to Article 4 of Circular 67/2023/TT-BTC, the guidance on Online insurance provision in Vietnam is as follows:

- Insurance companies, branches of foreign non-life insurers, mutual organizations providing micro-insurance, insurance brokerage enterprises, and insurance agents are permitted to perform all or part of the process of providing insurance services and products via electronic means connected to the internet, mobile telecommunications networks, or other open networks in order to provide insurance services and products online.

- The implementation of the entire process of providing insurance services and products as stipulated in Clause 1, Article 4 of Circular 67/2023/TT-BTC involves conducting all activities online such as introducing, consulting on the provision of services, or consulting, introducing, and offering insurance products. It also includes authenticating required information, underwriting, approving insurance contract proposals, arranging for contract conclusion, payment, and issuance of contracts or insurance certificates.

- Insurance companies, branches of foreign non-life insurers, mutual organizations providing micro-insurance are permitted to implement the entire process of Online insurance provision for one or several insurance products as follows:

+ Micro-insurance, health insurance, term life insurance with a duration of more than 01 year, and other insurance products with a duration of up to 01 year that according to the process of the enterprise, branch, mutual providing micro-insurance organization, do not require direct risk assessment before contract conclusion are provided in the form defined in Clause 1, Article 5 of Circular 67/2023/TT-BTC;

+ Health insurance, term life insurance products with a duration up to 01 year, motor vehicle insurance, travel insurance are provided in the form defined in Article 5 of Circular 67/2023/TT-BTC.

- The partial implementation of the process of Online insurance provision involves insurance companies, branches of foreign non-life insurers, mutual organizations providing micro-insurance, insurance brokerage enterprises, insurance agents applying one or several activities specified in Clause 2, Article 4 of Circular 67/2023/TT-BTC online in the forms defined in Article 5 of Circular 67/2023/TT-BTC.

In case of partial implementation of the process of Online insurance provision not stipulated in Clause 3, Article 4 of Circular 67/2023/TT-BTC, consultation activities must be conducted directly or via recorded connected calls between the insurer or branch of the foreign non-life insurer or mutual providing micro-insurance organization or insurance brokerage enterprise or insurance agents with the policyholder.

2. Forms of provision of insurance services and products online in Vietnam

Pursuant to Article 5 of Circular 67/2023/TT-BTC, the Forms of provision of insurance services and products online include:

- Portals/Websites with domain names registered according to current legal regulations, e-commerce websites, or applications installed on networked electronic devices allowing service users or policyholders to access portals/websites, e-commerce websites, or applications installed on such portals/websites or e-commerce applications established by insurers, branches of foreign non-life insurers, mutual organizations providing micro-insurance to serve the provision of insurance services and products online.

- Portals/Websites with domain names registered according to current legal regulations, e-commerce websites, e-commerce service websites, or applications installed on networked electronic devices allowing service users or policyholders to access portals/websites, e-commerce websites or e-commerce service websites established by insurance brokerage enterprises, insurance agents to serve the provision of insurance services and products online. E-commerce service websites include:

+ E-commerce trading floors;

+ Other types of websites as prescribed by the Ministry of Industry and Trade.

3. Guidance on Notification of Online insurance provision in Vietnam

Pursuant to Article 6 of Circular 67/2023/TT-BTC, the notification on Online insurance provision in Vietnam is as follows:

- Insurance companies, branches of foreign non-life insurers, mutual organizations providing micro-insurance, insurance brokerage enterprises must notify the Ministry of Finance about the provision of insurance services and products online within 07 working days from the date of Online insurance provision. The notification must include information about the enterprise, insurance services, insurance products, the form of service provision, and other related information as specified in Appendix II attached to Circular 67/2023/TT-BTC.

Appendix II

- Within 90 days from the effective date of Circular 67/2023/TT-BTC, insurers, branches of foreign non-life insurers, mutual organizations providing micro-insurance, insurance brokerage enterprises must notify the Ministry of Finance of the information specified in Appendix II regarding insurance services and products being provided online prior to the effective date of Circular 67/2023/TT-BTC.

To Quoc Trinh

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