Latest certificate in Insurance Auxiliary Services in Vietnam 2023

Latest certificate in Insurance Auxiliary Services in Vietnam 2023 (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Latest certificate in Insurance Auxiliary Services in Vietnam 2023

According to Article 6 of Circular 69/2022/TT-BTC, the Certificate in Insurance Auxiliary Services defined in point b of clause 1, point b of clause 2 of Article 143 in the Law on Insurance Business may be one of the following certificates:

(1) A domestic insurance training institution may confer the following types of Certificate in Insurance Consulting:

- Certificate in Life Insurance Consulting;

- Certificate in Non-life Insurance Consulting;

- Certificate in Health Insurance Consulting.

(2) A domestic insurance training institution may confer the following types of Certificate in Insurance Underwriting:

- Certificate in Life Insurance Underwriting;

- Certificate in Non-life Insurance Underwriting;

- Certificate in Health Insurance Underwriting.

(3) A domestic insurance training institution may confer the following types of Certificate in Loss Adjusting:

- Certificate in Adjusting or Assessment of Ship Loss or Damage or Ship Owner’s Civil Liability, Marine and Inland Transit Cargo Insurance (hereinafter referred to as Certificate in Loss Adjusting in Marine Insurance);

- Certificate in Loss Adjusting in Aviation Insurance;

- Certificate in Loss Adjusting in Non-life Insurance (except Marine Insurance, Aviation Insurance).

(4) A domestic insurance training institution may confer the following types of Certificate in Insurance Claims Assistance:

- Certificate in Life Insurance Claims Assistance;

- Certificate in Non-life Insurance Claims Assistance;

- Certificate in Health Insurance Claims Assistance.

(5) Certificates of this sort awarded by foreign insurance training institutions shall be prescribed as follows:

- The Certificate in Insurance specified in point a of clause 2 of Article 4 of Circular 69/2022/TT-BTC shall have the same validity as those Certificates specified in point a of clause 1, point a of clause 2 and point a of clause 4 of Article 6 of Circular 69/2022/TT-BTC;

- The Certificate in Insurance specified in point b of clause 2 of Article 4 of Circular 69/2022/TT-BTC shall have the same validity as those Certificates specified in point b of clause 1, point b of clause 2 and point b of clause 4 of Article 6 of Circular 69/2022/TT-BTC;

- The Certificate in Insurance specified in point c of clause 2 of Article 4 of Circular 69/2022/TT-BTC shall have the same validity as those Certificates specified in point c of clause 1, point c of clause 2 and point c of clause 4 of Article 6 of Circular 69/2022/TT-BTC;

- The Certificate in Loss Adjusting in Non-life Insurance awarded by foreign insurance training institutions shall have the same validity as those Certificates defined in clause 3 of Article 6 of Circular 69/2022/TT-BTC;

2. Licensing conditions of insurance ancillary services in Vietnam

Specifically, in Clauses 1 and 2, Article 143 of the Law on Insurance Business 2022, licensing conditions of insurance ancillary services in Vietnam inclyde:

- In order to be licensed to render insurance ancillary services, a person providing consulting services must meet the following conditions:

+ He/she has full civil capacity;

+ He/she holds at least an undergraduate decree on the insurance major. If not, he/she must hold at least an undergraduate degree on any other major and must complete the practicing certificate in the insurance ancillary service, including the consulting activity, issued by legally-licensed domestic or foreign training institutions.

- In order to be licensed to render insurance ancillary services, an entity providing insurance ancillary services must meet the following conditions:

+ They must have legal personality; be legally permitted or licensed for their establishment and operation;

+ Their staff members directly involved in insurance ancillary services must have full civil capacity; must hold certificate or qualification of insurance ancillary service relevant to specific types of insurance ancillary service awarded by legally-licensed domestic or foreign training institutions;

+ Their staff members directly involved in loss assessment services must meet the conditions prescribed in point b of this clause and other credentials as assessors in accordance with law on commerce;

+ Their staff members directly involved in actuarial services must meet the conditions prescribed in point b of this clause and other credentials as actuaries.

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