Vietnam: What are Domestic and Foreign Insurance Training Institutions?

Vietnam: What are Domestic and Foreign Insurance Training Institutions? (Internet image)

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

1. What are Domestic Insurance Training Institutions?

According to Article 7 of Circular 69/2022/TT-BTC, domestic insurance training institution(s) referred to herein shall be the entity(ies) having competence in providing insurance training courses, including:

- Training institutions established by state agencies, such as Institutes, academies or higher education institutions;

- Training institutions directly or indirectly under entities instituted by state agencies;

- Other training institutions having legal personality that are set up and operated legally in Vietnam.

2. What are Foreign Insurance Training Institutions?

According to Article 8 of Circular 69/2022/TT-BTC, foreign insurance training institution(s) referred to herein may be the entity(ies) having competence in providing insurance training courses, including:

- Training institutions put under the direct or indirect control of an insurance management and supervision agency; or training institutions authorized to provide insurance training courses and award certificates in insurance by an insurance management and supervision agency;

- ASEAN Insurance Training and Research Institute (AITRI); Societies of Actuaries that are official members of the International Society of Actuaries;

- Training organizations of countries entering into agreements on mutual recognition of certificates in insurance with Vietnam;

- Training institutions under foreign insurance groups and foreign reinsurance groups;

- Other international training organizations, including: Australian and New Zealand Institute of Insurance and Finance (ANZIIF); Chartered Insurance Institute (CII); Insurance Institute of Canada (IIC);

Institute of Risk Management (IRM); Risk Management Institute of Australia (RMIA); Chartered Institute of Loss Adjusters (CILA); Australian Institute of Chartered Loss Adjusters (AICLA); Lloyd's Maritime Institute; Life Office Management Association (LOMA); Life Insurance Marketing and Research Association (LIMRA).

3. Content of Courses on Certificate in Insurance in Vietnam

According to Article 9 of Circular 69/2022/TT-BTC, a course on the Certificate in Insurance provided by a domestic insurance training institution should contain the following:

- For the courses on the Certificate in Life Insurance:

+ General knowledge about insurance and reinsurance;

+ Basic knowledge about lines or sublines of life and health insurance;

+ Vietnam’s domestic law on life and health insurance business.

- For the courses on the Certificate in Non-life Insurance:

+ General knowledge about insurance and reinsurance;

+ Basic knowledge about lines or sublines of non-life and health insurance;

+ Vietnam’s domestic law on non-life and health insurance business.

- For the courses on Certificate in Life Insurance:

+ General knowledge about insurance and reinsurance;

+ Basic knowledge about lines or sublines of health insurance;

+ Vietnam’s domestic law on health insurance business.

4. Content of Courses on Certificate of Insurance Broker in Vietnam

According to Article 10 of Circular 69/2022/TT-BTC, a course on the Certificate of Insurance Broker provided by a domestic insurance training institution should contain the following:

- General knowledge about insurance and lines of insurance:

+ Concepts of insurance and reinsurance;

+ Basic knowledge about lines or sublines of life, non-life and health insurance.

- Vietnam’s domestic law on insurance business and insurance brokerage.

- Rules, responsibilities and code of ethics for practising as an insurance broker.

- Professional skills and practising as an insurance broker.

5. Content of Courses on Certificate in Insurance Auxiliary Services in Vietnam

Content of Courses on Certificate in Insurance Auxiliary Services according to Article 11 of Circular 69/2022/TT-BTC are as follows:

- A course on the Certificate in Insurance Auxiliary Services provided by a domestic insurance training institution should contain the following:

+ Vietnam’s domestic law on insurance and insurance auxiliary service business;

+ Fundamentals of insurance;

+ Knowledge about lines of insurance;

+ Procedures for conduct of insurance auxiliary services.

- Those courses defined in clause 1 of Article 11 of Circular 69/2022/TT-BTC in lines and sublines of insurance shall be designed for training in certificates in insurance auxiliary services specified in Article 6 of Circular 69/2022/TT-BTC.

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