This Decree announces the Law Amending and Supplementing Certain Provisions of the Insurance Business Law which was approved by the National Assembly on November 24, 2010.
Key points
- The Law applies to insurance business organizations and individuals participating in insurance business activities.
- Insurance businesses are permitted to provide insurance services in accordance with the provisions of the law.
- Organizations and individuals must comply with capital, personnel, and physical infrastructure conditions to engage in insurance business.
- The Law stipulates a fine of VND 50 million to VND 100 million for violations of laws related to insurance business.
- Insurance business organizations must comply with reporting and information disclosure requirements as requested by state management agencies.
🌐 Social impact of this document
- Creating favorable conditions for insurance business activities, enhancing benefits for insurance participants.
- A fine of VND 50 million to VND 100 million for violations of laws related to insurance business, limiting fraudulent behavior.
❓ Frequently asked questions
Who does this Law apply to?
The Law applies to insurance business organizations and individuals participating in insurance business activities.
What conditions are required to be allowed to conduct insurance business?
Organizations and individuals must comply with capital, personnel, and physical infrastructure conditions as prescribed by law to be permitted to conduct insurance business.
What is the amount of the fine for violating laws related to insurance business?
The Law stipulates a fine of VND 50 million to VND 100 million for violations of laws related to insurance business.
What regulations must insurance business organizations comply with?
Insurance business organizations must comply with reporting and information disclosure requirements as requested by state management agencies.
Full text
ORDER
Regarding the promulgation of the Law
_________
CHAIRMAN
SOCIALIST REPUBLIC OF VIET NAM
Pursuant to Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth Session of the Xth National Assembly;
Pursuant to Article 91 of the Law on the Organization of the National Assembly;
On the basis of Article 57 of the Law on Enacting Regulatory Legal Documents;
NOW PROMULGATE
Law Amending and Supplementing Certain Provisions of the Insurance Business Law
Was adopted by the National Assembly of the Socialist Republic of Vietnam, the Eighth Session of the XIIth Term, on November 24, 2010./.
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