Decision No. 288/QD-BTC on the functions, tasks, powers, and organizational structure of the Insurance Supervision and Management Department

DECISION

Regulations on functions, tasks, powers and organizational structure of the Insurance Supervision and Management Department

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THE MINISTER OF FINANCE

Pursuant to Decree No. 178/2007/ND-CP dated December 3, 2007 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;

Pursuant to Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Considering the proposal of the Director of the Insurance Supervision and Management Department and the Head of the Organization and Cadres Department,

DECISION:

Article 1. Position and Functions

The Insurance Supervision and Management Department is an entity within the State management machinery of the Ministry of Finance, with the function of assisting the Minister of Finance in exercising state management over the insurance business throughout the country; directly managing and supervising insurance business activities and related service activities under the provisions of the law.

The Insurance Supervision and Management Department has legal personality, its own seal, and is entitled to open accounts at the National Treasury and banks in accordance with the law.

Article 2. Tasks and Powers

1. To submit to the Minister of Finance for issuance within his/her authority or to submit to the Minister of Finance for submission to the competent authority for issuance of legal documents and policies on insurance business operations; strategies, plans, and long-term, medium-term, and annual plans on insurance business operations.

2. To organize implementation, disseminate, guide, and inspect the implementation of strategies, plans, and legal documents on insurance business operations.

3. To receive and examine files to submit to the Minister of Finance for issuing, extending, suspending, or revoking licenses for establishment and operation, representative offices related to insurance business operations, including cases of foreign investment by insurance companies and insurance brokerage firms; to approve changes related to insurance business operations.

4. To inspect and supervise the activities of insurance companies and insurance brokerage firms operating in Vietnam; to inspect and supervise the activities of representative offices of foreign insurance companies and foreign insurance brokerage firms in Vietnam.

5. To handle complaints, denunciations, and administrative violations in the field of insurance business operations in accordance with the law.

6. To propose and implement international cooperation in the field of insurance business operations in accordance with the law.

7. To propose and implement state management over the activities of associations and non-governmental organizations operating in the field of insurance business operations.

8. To assist relevant ministries and sectors in directing and supervising the implementation of compulsory civil liability insurance for motor vehicles (National Agency implementing the compulsory motor vehicle insurance program).

9. To organize statistical work, analysis, forecasting, interim review, summary, and evaluation of the situation of the insurance market; to implement the statistical reporting system on the insurance market in accordance with the law.

10. To organize scientific research or cooperate in scientific research with units inside and outside the sector.

11. To organize training and capacity building for organizations and individuals participating in insurance business operations.

12. To perform other tasks and powers assigned by the Minister of Finance.

Article 3. Organizational Structure

a. Staff supporting the Director of the Insurance Supervision and Management Department:

1. Office of the Department

2. Market Development Division

3. Non-life Insurance Management and Supervision Division

4. Life Insurance Management and Supervision Division

5. Insurance Intermediary Management and Supervision Division

6. Inspection Division

b. Public Service Units:

Insurance Research and Training Center.

The regulations on organization and operation of the Insurance Research and Training Center shall be stipulated by the Minister of Finance.

Specific tasks of the Office and Divisions shall be stipulated by the Director of the Insurance Management and Supervision Department.

The staffing of the Insurance Management and Supervision Department shall be decided by the Minister of Finance.

Article 4. Leadership of the Department

The Insurance Supervision and Management Department has a Director and several Deputy Directors.

The Director of the Insurance Supervision and Management Department is responsible before the Minister of Finance for all activities of the Department; manages cadres and civil servants and assets allocated according to the provisions of the Law.

The Deputy Director of the Insurance Management and Supervision Department is responsible to the Director for the tasks assigned.

Article 5. Effectiveness and Responsibility for Implementation

This Decision takes effect from the date of signature. Abolishes Decision No. 134/2003/QD-BTC dated August 20, 2003 of the Minister of Finance stipulating the functions, tasks, powers, and organizational structure of the Insurance Department.

The Director of the Insurance Management and Supervision Department, the Head of the Cadre and Civil Servant Organization Department, the Director of the Ministry of Finance's Office, and the Heads of units and organizations under the Ministry are responsible for implementing this decision./.