Circular No. 27/1998/TT-BTC guides the operation of insurance exploitation and management of insurance fees for insurance enterprises and insurance brokerage organizations in Vietnam. This circular stipulates procedures and principles regarding publicity, advertising, direct sales, and through agents and collaborators; as well as the management of insurance fee schedules according to each type of insurance business.
적용 범위
Insurance enterprises, insurance brokerage organizations, insurance agents, and collaborators are permitted to operate in Vietnam.
핵심 사항
- Insurance enterprises and insurance brokerage organizations have the right to conduct forms of publicity and advertising in accordance with legal regulations; they may not provide inaccurate information about their financial situation, content, and scope of operations.
- During the process of direct insurance sales, insurance enterprises may not compel customers to purchase insurance under any form. Insurance agents and collaborators have the responsibility to explain product information to customers.
- Insurance enterprises must comply with the rules, terms, fee schedules, or fee ranges issued by the Ministry of Finance for mandatory insurance businesses; submit insurance fee schedules and obtain approval before implementation.
- Insurance fees must be commensurate with domestic economic and social conditions, corresponding to the conditions and responsibilities of insurance coverage, ensuring full and accurate coverage of operating costs.
- Insurance enterprises, insurance agents, insurance collaborators, and insurance brokerage organizations must comply with the submitted or registered fee schedules with the Ministry of Finance.
🌐 이 문서의 사회적 영향
- Positive impact: Enhances transparency and fair competition in the insurance market, helping people better understand insurance products.
- Negative impact: May cause difficulties for small and newly established insurance enterprises when complying with complex regulations on insurance fee management.
❓ 자주 묻는 질문
What forms of publicity and advertising can insurance enterprises conduct?
Insurance enterprises and insurance brokerage organizations have the right to conduct forms of publicity and advertising in accordance with legal regulations, without providing inaccurate information about their financial situation, content, and scope of operations.
Can insurance enterprises compel customers to purchase insurance during the process of direct insurance sales?
Not allowed. Insurance enterprises may not compel customers to purchase insurance through any organization or individual under any form that affects the legitimate rights of policyholders.
How must insurance enterprises comply with the rules, terms, and fee schedules for mandatory insurance businesses?
For mandatory insurance businesses, insurance enterprises must comply with the rules, terms, and fee schedules or fee ranges issued by the Ministry of Finance.
How can insurance enterprises calculate insurance fees independently when determining the insurance fee rate?
For other insurance businesses, except those specified in Point a Clause 2.1 Section 2, insurance enterprises may independently calculate insurance fees or base them on international insurance market fee schedules after adjusting them to fit Vietnam's actual situation and the enterprise's own circumstances.
How is the management of insurance fees conducted?
Insurance enterprises must register insurance fee schedules with the Ministry of Finance before implementation. When submitting or registering, insurance enterprises must provide statistical data on loss situations, compensation, and management and operating costs.
전문
CIRCULAR
Guidelines for Insurance Business Operations and Premium Management
Pursuant to Decree No. 100/CP dated December 18, 1993 of the Government on insurance business operations and Decree No. 74/CP dated June 14, 1997 amending and supplementing certain provisions of Decree No. 100/CP dated December 18, 1993 of the Government on insurance business operations;
To ensure that insurance business operations are conducted in a fair competitive environment, enhance cooperation and collaboration among insurance enterprises and insurance brokerage organizations, promote the development of the insurance market, and better serve the insurance needs of the economy and society, the Ministry of Finance hereby issues guidelines for insurance business operations and premium management as follows:
I. GENERAL PROVISIONS:
The subjects to which this Circular applies include insurance enterprises and insurance brokerage organizations permitted to be established and operate legally in Vietnam, agents, and insurance collaborators who have signed agency or collaboration contracts with insurance enterprises.
Insurance business operations under this Circular refer to activities of promoting, advertising, soliciting, and inviting customers to participate in insurance, selling insurance products directly by insurance enterprises or through agents, collaborators, and insurance brokerage organizations.
The scope of premium management stipulated in this Circular includes premium rates and ratios applied directly by insurance enterprises or indirectly through agents, collaborators, and insurance brokerage organizations in all insurance services generated and carried out in Vietnam. II. SPECIFIC REGULATIONS:
II. SPECIFIC PROVISIONS:
1. Specific regulations on insurance business operations:
1.1. Promotion and advertising activities:
Insurance enterprises and insurance brokerage organizations have the right to conduct promotion and advertising activities in accordance with current laws to enable the public to understand the functions and benefits of participating in insurance, knowledge about insurance enterprises and insurance brokerage organizations, and related insurance products and services provided by insurance enterprises.
Promotional and advertising information must be truthful and accurately reflect the situation of insurance enterprises and insurance brokerage organizations such as financial status, business operations, organizational structure, management machinery, types of insurance products provided... It strictly prohibits inaccurate information aimed at gaining services and exploiting the trust of insurance participants.
Insurance enterprises, agents, collaborators, and insurance brokerage organizations are not allowed to promote or advertise any information related to other insurance enterprises or insurance brokerage organizations without written consent from those enterprises or organizations.
Strictly prohibit insurance enterprises, insurance brokerage organizations, agents, and collaborators from providing inaccurate information regarding financial status; the content, scope, and areas of permitted operations of insurance enterprises and insurance brokerage organizations; rules, terms, premium schedules, and insurance commissions.
In cases where promotional and advertising content does not comply with legal regulations, does not match the content of insurance rules and terms, leading to disputes with insured parties, the insured party will be resolved according to the most favorable terms.
1.2. Direct sales cases:
Within their business scope, insurance enterprises actively invite customers to participate in insurance. Solicitation activities to invite customers to participate in insurance can be conducted directly with customers or their representatives.
Strictly prohibit insurance enterprises from coercing customers to purchase insurance through organizations or individuals in any form that affects the legitimate rights of insurance participants.
Strictly prohibit joint-stock insurance companies from compelling shareholders to purchase insurance from their own company.
1.3. Sales through agents, collaborators, and insurance brokerage organizations:
Insurance enterprises may authorize agents and collaborators to sell insurance products within the types of insurance businesses they are permitted to conduct. The rights and obligations of insurance enterprises, agents, and collaborators are stipulated in the agency or collaboration contracts signed between the insurance enterprise and the agent or collaborator. Insurance brokerage organizations represent customers, guide, and advise customers to participate in insurance to ensure the best insurance benefits. Agents, collaborators, and insurance brokerage organizations are not allowed to obstruct or influence insurance participants from failing to report or misreporting necessary information to insurance enterprises.
Agents, collaborators, and insurance brokerage organizations are responsible for explaining all information about insurance products so that insurance participants fully understand the insurance products they intend to purchase or have already purchased.
Insurance brokerage organizations must keep confidential all information provided by customers related to insurance transactions. 1.4. Cases of selling insurance through
bidding methods:of The basis for tendering is the tender invitation document, the premium quotation, and related service offerings.
Insurance brokerage organizations must keep confidential all information provided by customers related to insurance transactions. Bidding organization must ensure transparency, and bidding conditions must be uniformly applied to all participating insurance enterprises.
Insurance enterprises' bidding participation documents must clearly state insurance conditions, insurance duration, insurance rules, premium schedules, and other requirements specified in the tender invitation document. through insurance bidding: The basis for evaluating bids is the tender invitation document, the premium quotation, and related services.
The conditions for bidding must be transparent, and all insurance companies participating in the bidding must be subject to the same bidding conditions.
The bidding participation documents of insurance companies must clearly state the insurance conditions, insurance period, insurance rules, premium schedule, and other requirements stipulated in the tender invitation document.
The bidding participation dossier of insurance enterprises must clearly state the insurance conditions, insurance period, insurance rules, premium schedule, and other provisions as required by the tender documentation.
2. Specific regulations on premium management:
2.1. During business operations, insurance enterprises must implement the following regulations on premium management:
a. For compulsory insurance business, insurance enterprises must comply with the rules, terms, or premium schedules issued by the Ministry of Finance.
b. For insurance business related to human beings, insurance enterprises must submit premium schedules and obtain approval from the Ministry of Finance before implementation.
c. For other types of insurance business, insurance enterprises must register with the Ministry of Finance prior to implementation.
2.2. When determining the insurance premium rate, in addition to the mandatory insurance businesses specified in Point a Clause 2.1 Section 2 above, the insurance company may calculate the insurance premium on its own or base it on international insurance market premium tables after adjusting them to suit the actual situation in Vietnam and the company itself, in accordance with the premium calculation principles stipulated in Clause 2.3 below.
2.3. When calculating the insurance premium, the insurance company must ensure the following principles:
The insurance premium must be commensurate with the domestic economic and social conditions and take into account the customers' ability to participate.
The insurance premium must correspond to the insurance conditions and liabilities.
The insurance premium must cover all operating costs, provisions established according to regulations, and consider the business results of the insurance company.
2.4. Procedures for submitting and registering the insurance premium table with the Ministry of Finance:
When submitting or registering the insurance premium table with the Ministry of Finance, the insurance company must provide the proposed insurance premium table and related information as follows:
Statistical data on loss and compensation situations in at least the last three years (For newly established insurance companies, there must be a business plan for this type of business in the next three years) and future loss trends taking into account large loss cycles (if any);
Management and business expenses;
Tax amounts payable.
Within thirty days from the date of receipt of complete and valid documents, the Ministry of Finance will respond in writing regarding the application of the submitted or registered insurance premium table.
2.5. Insurance companies, insurance agents, insurance brokers, and organizations must comply with the insurance premium table issued by the Ministry of Finance, the insurance premium table submitted or registered by the insurance company and approved by the Ministry of Finance.
2.6. The Ministry of Finance ensures the confidentiality of all information related to the insurance premium table submitted or registered by the insurance company with the Ministry of Finance.
III. IMPLEMENTATION PROVISIONS:
This Circular takes effect fifteen days from the date of issuance.
Insurance companies, insurance agents, insurance brokers, and organizations violating the provisions of this Circular will be subject to administrative penalties or criminal liability depending on the severity of the violation.
In the course of implementation, if there are any difficulties, they should be promptly reported to the Ministry of Finance for consideration and supplementation or amendment./.
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