Types of life insurance and non-life insurance in Vietnam

Types of life insurance and non-life insurance in Vietnam (Internet image)

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

1. Types of life insurance in Vietnam

According to Article 3 of Decree 46/2023/ND-CP, types of life insurance include:

- Whole life insurance.

- Pure endowment insurance.

- Term life insurance.

- Endowment insurance.

- Annuities.

- Investment-linked insurance (including universal life insurance and unit-linked insurance) prescribed in Chapter VII of Decree 46/2023/ND-CP.

- Retirement insurance specified in Chapter VII of Decree 46/2023/ND-CP.

2. Types of non-life insurance in Vietnam

According to Article 4 of Decree 46/2023/ND-CP, the types of non-life insurance include:

- Property insurance.

- Cargo insurance.

- Aviation insurance.

- Motor vehicle insurance.

- Fire insurance.

- Marine hull and liability insurance.

- Liability insurance.

- Trade credit risk insurance.

- Agriculture insurance.

- Guarantee insurance.

- Other types of damage insurance.

3. Types of health insurance in Vietnam

According to Article 5 of Decree 46/2023/ND-CP, the types of health insurance include:

- Health insurance and personal injury insurance.

- Medical cost insurance.

4. Rules for creation, management, utilization, and use of database on insurance business in Vietnam

Rules for creation, management, utilization, and use of database on insurance business according to Article 6 of Decree 46/2023/ND-CP are as follows:

- Database on insurance business means database specialized in insurance management, which is developed and supervised by the Ministry of Finance.

- A database on insurance business is a collection of documents, data, and information about insurance business and related activities. It is collected, processed, digitized, integrated, and stored on information technology systems to meet the requirements of policy making, statistics, forecasting, management, and supervision of insurance business activities.

The database also creates an environment for the application of basic data analysis models to serve insurance business management and supervision.

- The creation, management, utilization, and use of database on insurance business must follow the principles below:

+ The database on insurance business must be kept up-to-date and maintained on a regular basis to ensure that it promptly serves the state management of insurance business;

The database on insurance business must be maintained in a continuous, stable, and smooth operation. It must show the history of information updates and revisions, and the information must be stored securely and confidentially;

The creation, management, utilization, and use of the database on insurance business must comply with the provisions of the Law on Insurance Business, the Law on Information Technology, the Law on Electronic Transactions;

Regulations on management, connection and sharing of digital data by state regulatory agencies; regulations on ensuring protection of private life, personal secrets, family secrets, protection of business confidentiality and other relevant laws.

5. Regulations on use of information from the database on insurance business in Vietnam

Regulations on the use of information from the database on insurance business according to Article 9 of Decree 46/2023/ND-CP are as follows:

- The use of information from the database on insurance business must satisfy the following requirements:

+ The Ministry of Finance uses the database on insurance business to support the state's supervision of the insurance business;

+ State regulatory agencies, according to their functions and tasks, use information to support their public administration;

+ Agencies, organizations, and individuals may use information from the database on insurance business, including: their own information, personal information of individuals with their consent, or general information and statistics on insurance business and the insurance market, which are made public by the Ministry of Finance from time to time.

- Agencies, organizations and individuals utilize and use information from the database on insurance business through the web portal of the Ministry of Finance.

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