Circular No. 46/TC-CĐTC guiding the implementation of Decree No. 100/CP dated December 18, 1993 of the Government on insurance business.

CIRCULAR

OF THE MINISTRY OF FINANCE

Guidelines for Implementing Decree No. 100/CP

dated December 18, 1993 of the Government on Insurance Business

Pursuant to Decree No. 100/CP dated December 18, 1993 of the Government on insurance business;

The Ministry of Finance hereby provides guidance as follows:

 

I. GENERAL PROVISIONS

1. According to Article 1 of Decree No. 100/CP dated December 18, 1993 of the Government, the scope of application of this Decree is insurance activities of a business nature. Health insurance issued pursuant to Decree No. 229/HĐBT dated August 15, 1992 of the Council of Ministers (now the Government) and social insurance issued pursuant to Decree No. 43/CP dated June 22, 1993 of the Government are not within the scope of application of this Decree.

2. The objects regulated by this Decree are insurance companies, insurance brokerage organizations, and insurance agents.

An insurance company is solely responsible towards the insured party, even when the insurance company has reinsured the risks it has accepted and the insurance contracts arranged by its agents. The insured party is responsible for paying the full insurance premium on time, and the insurance company is responsible for compensating or paying out insurance benefits when an insured event occurs.

3. The Ministry of Finance is the agency implementing state management functions over insurance business activities. Insurance companies and insurance brokerage organizations wishing to conduct insurance business operations must be granted a certificate of qualification and eligibility for conducting insurance business by the Minister of Finance after being certified as meeting the standards and conditions for conducting insurance business by the Ministry of Finance. After obtaining such certification, insurance companies and insurance brokerage organizations must complete procedures for establishing a business and registering for business, and applying for investment permits (if they are foreign organizations) in accordance with the provisions of the law.

Economic organizations inside and outside Vietnam are not permitted to engage in insurance business activities in Vietnam without being granted a certificate of qualification and eligibility for conducting insurance business and without having obtained a business registration or investment permit (if they are foreign organizations).

During their operations, insurance companies and insurance brokerage organizations must comply with financial management regulations under current laws.

 

II. CONTENT AND SCOPE OF INSURANCE BUSINESS ACTIVITIES

1. The content and scope of insurance business activities of insurance companies and insurance brokerage organizations must be carried out in accordance with the provisions of Decree No. 100/CP, which are specifically recorded in the certificate of qualification and eligibility for conducting insurance business that has been issued. Annually, insurance companies must register the number and list of their agents with the Ministry of Finance.

Any changes to the content and scope of insurance business activities of insurance companies and insurance brokerage organizations must be approved in writing by the Ministry of Finance after obtaining permission.

Insurance companies and insurance brokerage organizations may invest capital in accordance with current laws and according to the guidelines issued by the Ministry of Finance regarding the financial management system for insurance companies.

2. In addition to the provisions stated in Section 1 above, the entities engaged in insurance business must also ensure compliance with the following specific provisions:

2.1. For insurance companies

Must submit and obtain approval from the Ministry of Finance:

Article ||| Provisions and insurance fees applicable to mandatory insurance operations;

Insurance terms for insurance operations related to human beings such as life insurance, voluntary health insurance, personal accident insurance, compensation for workers...

Insurance business activities must be commensurate with the ability to pay and must always demonstrate sufficient ability to pay for all such activities.

Sufficient reserves must be established to fulfill commitments to insured parties.

The ability to pay and reserve requirements are detailed in the financial management regulations for insurance companies issued by the Ministry of Finance.

Carry out reinsurance for other domestic insurance companies when necessary.

When reinsuring foreign insurance organizations, a portion of the liability must be reinsured with the National Reinsurance Company of Vietnam at the level specified by the Ministry of Finance.

The National Reinsurance Company of Vietnam has the responsibility to accept reinsurance from insurance companies at a minimum level as prescribed by the Ministry of Finance.

If it is determined that the risks accepted by the insurance company are not in line with international insurance market practices regarding terms, fees, etc., the National Reinsurance Company of Vietnam may refuse part or all of those insurance risks.

2.2. For insurance brokerage organizations

Must arrange for the signing of insurance and reinsurance contracts for insurance companies permitted to operate in Vietnam.

May only transfer services abroad after proving that domestic insurance companies permitted to operate in Vietnam do not accept such services.

2.3. For insurance agents

Must comply with the terms stipulated in the agency contract signed with the insurance company.

Shall not simultaneously act as an agent for another insurance company without the consent of the current insurance company they represent.

Shall not engage in other activities that conflict with the interests of the insurance company being represented.

 

III. ISSUANCE OF CERTIFICATE OF ELIGIBILITY FOR INSURANCE BUSINESS OPERATIONS

1. Conditions for issuance of certificate of eligibility for insurance business operations

Founders wishing to establish insurance companies or insurance brokerage organizations to conduct insurance business operations in Vietnam must request the Ministry of Finance to issue a certificate of eligibility for insurance business operations (hereinafter referred to as the certificate).

Issuance of certificates for foreign insurance and brokerage organizations will be gradually implemented after domestic insurance companies have been organized and stabilized.

Conditions for the Ministry of Finance to issue certificates are specified as follows:

1.1. For Vietnamese economic organizations

Clear objectives and scope of insurance business operations: specify the scope of operations, duration, types of operations planned.

Registered capital of at least the statutory capital level as stipulated in Article 22 of Decree No. 100/CP.

Business organization form in compliance with the provisions of Article 2 of Decree No. 100/CP.

Suitable office premises for business operations: clear address, ensuring the legality of the premises, office scale meeting business requirements.

Management personnel with managerial capabilities, specialized expertise in insurance, graduated from a regular university economics program and having at least three years of practical experience in business management or state administration.

The national economy truly requires the type of insurance business operation requested by the economic organization, the area requesting permission to operate requires additional insurance companies, planned insurance operations are suitable for the economic and social life and target audience in the operating area.

1.2. For joint venture insurance companies and joint venture insurance brokerage companies, in addition to applying the provisions for Vietnamese economic organizations mentioned above, the following additional conditions must also be met:

The parties intending to participate in the joint venture must be organizations legally operating under the laws of the countries where their main offices are located and confirmed by authorized financial or auditing bodies in those countries to not be in a state of asset freeze, bankruptcy, or insolvency.

In line with the development direction of the insurance market in Vietnam.

NH PHÓAt least one of the parties intending to participate in the joint venture must be an organization engaged in insurance business.

1.3. For branches of foreign insurance organizations, branches of foreign insurance brokerage organizations, wholly foreign-owned insurance companies, and wholly foreign-owned insurance brokerage companies, in addition to meeting the conditions prescribed for Vietnamese economic organizations mentioned above, foreign insurance and brokerage organizations must be legally operating entities under the laws of their home countries confirmed by authorized financial or auditing bodies in their home countries to not be in a state of asset freeze, bankruptcy, or insolvency, and must also meet the following additional conditions:

The Vietnamese insurance market requires additional insurance companies that domestic establishment forms or joint ventures cannot meet.

The development needs of Vietnam's economy and society require new types of insurance operations.

1.4. While issuing certificates for foreign insurance and brokerage organizations operating in Vietnam, the Ministry of Finance prioritizes the following:

Organizations from countries with significant investment in Vietnam.

Large, reputable insurance organizations with major investors in Vietnam as clients.

Already permitted to open representative offices in Vietnam.

Requesting permission to enter Vietnam to operate insurance business through joint ventures with Vietnamese economic organizations.

2. Application Documents for Certificate Issuance

2.1. For Vietnamese economic organizations.

The application for the certificate to be submitted to the Ministry of Finance includes:

Application for certificate issuance (according to the model issued by the Ministry of Finance accompanying this Circular).

The rules, terms, schedules, and commissions for insurance business operations to be conducted (this requirement does not apply to economic organizations applying for permission to operate insurance brokerage activities). The rules and insurance terms must reflect the following main contents:

Insured risks

Insurance participants

Rights and obligations of the insured participant and the beneficiary

Responsibilities of the insurance company

Business plan for at least the first five years of operation. For economic organizations applying for permission to conduct insurance business, the business plan must clearly state the fee ratio, commission ratio for each type of business, calculate income, estimate expected compensation, develop scale of operations, method of calculating insurance fees, and establish a reserve fund.

Bylaws governing organizational activities with main contents as prescribed in Article 20 of Decree No. 100/CP (this requirement does not apply to private enterprises).

Documents and certificates proving the capabilities of Board of Directors members and managers such as personal resumes, academic degrees, and certificates from training courses.

2.2. For joint venture insurance companies and joint venture insurance brokerage companies

The application for issuance of the certificate submitted to the Ministry of Finance includes documents as prescribed for Vietnamese economic organizations in Section 2.1 above, and documents as prescribed in Section 2 of Article 18 of Decree No. 100/CP. Documents that are translations or copies must have legal confirmation from the notary office where the joint venture participants' headquarters are located.

The entire application for issuance of the certificate submitted to the Ministry of Finance must be prepared in two languages (Vietnamese and English).

2.3. For branches of foreign insurance organizations, insurance companies, and insurance brokerage companies with 100% foreign capital.

The application for issuance of the certificate submitted to the Ministry of Finance includes documents as prescribed for Vietnamese economic organizations in Section 2.1 above, and documents as prescribed in Section 3 of Article 18 of Decree No. 100/CP. Documents that are translations or copies must have legal confirmation from the notary office of the country of origin.

The entire application for issuance of the certificate submitted to the Ministry of Finance must be prepared in two languages (Vietnamese and English).

2.4. After receiving all the documents, the Ministry of Finance will consider issuing the certificate within the time limit prescribed in Article 21 of Decree No. 100/CP.

During the process of considering the issuance of the certificate, if necessary, the Ministry of Finance may request additional information to clarify existing documents. In the case of foreign insurance organizations and insurance brokerage companies, if necessary, the Ministry of Finance will seek the opinion of the Government's Head before deciding to issue or refuse the certificate.

3. Certificate and payment of fees

3.1. The certificate issued by the Ministry of Finance to insurance companies and insurance brokerage organizations (model attached hereto) confirms that the enterprise or organization has met the conditions and standards to operate insurance business in Vietnam, specifying the scope of activities and types of insurance businesses that the insurance company or insurance brokerage organization is permitted to conduct. The certificate is a prerequisite for competent authorities to allow establishment of the enterprise or issuance of investment permits and registration of business operations in cases of insurance business.

If within twelve months from the date of issuance of the certificate, the insurance company or insurance brokerage organization has not completed the procedures for establishing the enterprise and registering business operations or obtaining an investment permit, they must notify the Ministry of Finance of the reasons, estimated completion time, and request an extension of the certificate. The extension of the certificate can only be granted once, with a maximum duration of six months, after which a new certificate must be applied for.

3.2. Insurance companies and insurance brokerage organizations must pay the certificate issuance fee in Vietnamese dong or foreign currency as prescribed in Article 21 of Decree No. 100/CP. This fee cannot be deducted from the charter capital of the insurance company or insurance brokerage organization.

3.3. In case of a desire to change the content of the already issued certificate, the insurance company or insurance brokerage organization must submit a formal document requesting supplementation, modification, or reissuance of the certificate to the Ministry of Finance, clearly stating the reasons, contents requested for supplementation, modification, or reissuance of the certificate. Each time modifying or reissuing the certificate, the insurance company or insurance brokerage organization must pay a fee of ten million Vietnamese dong (or equivalent foreign currency). Within ninety days from the date of receipt of complete documents, the Ministry of Finance shall be responsible for deciding on granting permission for modification, supplementation, or refusal.

3.4. The collection of the certificate issuance fee shall be carried out strictly in accordance with the provisions of points 3.2 and 3.3 above and the provisions of Decision No. 276/CT dated July 28, 1992, of the Chairman of the Council of Ministers (now Prime Minister) regarding unified management of various fees and charges. Circular No. 46/CT-TCT dated September 28, 1992, of the Ministry of Finance guides the implementation of Decision No. 276/CT dated July 28, 1992. Of the collected fees, twenty-five percent is retained to cover costs for reviewing applications for certificate issuance, printing declaration forms, certificates, and paying those directly involved in the certificate issuance process, while seventy-five percent is remitted to the State budget.

Within twelve months from the date of issuance of the certificate (in the case of an extension, the additional time allowed under the regulations is included), and no later than fifteen days before the opening day of operations, the insurance company must deposit a guarantee fund at a bank authorized to operate in Vietnam, designated by the Ministry of Finance. The specific amount of the guarantee fund is as follows:

For Vietnamese insurance companies and joint venture insurance companies, the amount of the guarantee fund is 2,000,000,000 Vietnamese dong or 200,000 USD.

For branches of foreign insurance organizations or insurance companies with 100% foreign capital, the amount of the guarantee fund is 1,000,000 USD.

An insurance company shall enjoy interest on the deposit amount at the savings deposit rate. The deposit amount shall not be counted towards the charter capital of the insurance company and can only be used in accordance with the guidelines issued by the Ministry of Finance regarding financial management for insurance companies. The designated bank receiving the deposit may only allow the insurance company to use it upon written approval from the Ministry of Finance.

5. Registration of Insurance Agency Activities

Insurance companies must register their list of agents with the Ministry of Finance. The agent list must include all details about the agent (name, date of birth, place of origin, residence, educational level, address of agency) and the scope of activities of each agent. In case there is any change in the registered agent list with the Ministry of Finance, the insurance company must notify the Ministry of Finance in writing.

 

IV. SUPERVISION OF INSURANCE BUSINESS ACTIVITIES

1. Fiscal Year

1.1. The fiscal year of insurance companies and insurance brokers starts on January 1 and ends on December 31 of each calendar year. If the start and end dates of the fiscal year do not comply with this provision, they must be approved by the Ministry of Finance.

1.2. The first fiscal year begins on the day of commencement of operations and ends on December 31 of that year.

2. Accounting

2.1. Insurance companies and insurance brokers must conduct accounting in accordance with the current Accounting and Statistics Ordinance, applying the account system issued or approved by the Ministry of Finance and performing accounting in Vietnamese dong.

2.2. Insurance companies and insurance brokers are permitted to open accounts in Vietnamese dong and foreign currencies at banks authorized to operate in Vietnam.

3. Reporting

The reporting regime and contents shall be applied according to the guidelines issued by the Ministry of Finance regarding the financial regime for insurance companies.

4. Fulfillment of Financial Obligations

Insurance companies, insurance brokers, and insurance agents must fulfill their financial obligations and pay taxes in accordance with the current laws and the guidelines issued by the Ministry of Finance regarding the financial management regime for insurance companies.

The transfer of profits during the course of operation and capital when ending operations or dissolution to foreign countries by foreign insurance organizations operating in Vietnam shall be carried out in accordance with the provisions of the Law on Foreign Investment in Vietnam and other current legal documents.

5. Inspection

In addition to being subject to inspection by state agencies in accordance with current laws, insurance companies and insurance brokers must also be subject to inspection and supervision by the Ministry of Finance regarding the manner of operation, payment capacity, asset management situation, implementation of terms, premium rates, and commissions registered with the Ministry of Finance, and compliance with current laws by insurance companies and insurance brokers. Inspections shall not affect the normal operations of insurance companies and insurance brokers. Depending on specific circumstances, the Ministry of Finance may require insurance companies and insurance brokers to change their operational methods, enhance payment capacity, adjust insurance terms, premium rates, commission ratios, change executive directors to improve business practices, and restore sound financial conditions.

6. Restrictions, Suspension, and Revocation of Certificates

Insurance companies and insurance brokers may have their certificates revoked, suspended, or restricted in the following cases:

6.1. After twelve months from the date of issuance of the certificate or the expiration of the extension period allowed by the Ministry of Finance, if they fail to fully meet the conditions for commencing operations or do not operate.

6.2. Failure to continue meeting the conditions at the time of issuance of the certificate.

6.3. Failure to comply with the terms and premium rates approved by the Ministry of Finance.

6.4. Serious violation of Vietnamese laws and Decree No. 100/CP in business operations.

6.5. Insufficient financial capability to fulfill commitments to insured parties.

6.6. Voluntary suspension of operations within the validity period of the certificate.

6.7. Dissolution or bankruptcy.

6.8. Splitting or merging.

6.9. In addition to the above cases, the certificate of joint venture insurance companies, insurance brokers, branches of foreign insurance companies, and insurance brokers will be revoked if the foreign insurance company or broker has had its license revoked in its home country.

A certificate may be revoked, suspended, or restricted for one or more types of business or all types of business.

When a certificate is revoked, suspended, or restricted for a particular type of business, the insurance company shall not enter into new insurance contracts for that type of business but shall still be responsible for contracts entered into before the restriction.

The document revoking, suspending, or restricting the certificate of the Ministry of Finance will be sent to relevant authorities to handle subsequent steps concerning the insurance company and insurance broker.

7. Dissolution and Bankruptcy

Upon dissolution, cessation of operations, liquidation, splitting, or merging, the enterprise or organization must immediately establish a liquidation committee from the date of establishment, which represents the insurance company or insurance broker before Vietnamese competent authorities regarding the determination of responsibility and handling of assets of related parties in accordance with current laws.

The resolution of bankruptcy of enterprises and organizations operating in Vietnam shall be carried out in accordance with the Enterprise Bankruptcy Law passed by the National Assembly of the Socialist Republic of Vietnam, Session IV, on December 30, 1993, and other specific guidelines.

8. Dispute Resolution

Complaints from organizations and individuals regarding insurance business operations shall be submitted to the Ministry of Finance for consideration and resolution.

The resolution of disputes arising from insurance contracts shall be conducted according to the principle of mediation and negotiation; if mediation and negotiation fail, the dispute shall be brought to the Economic Court for adjudication. The decision of the Economic Court is final.

 

V. IMPLEMENTATION

This Circular takes effect from January 1, 1994

For insurance enterprises and insurance brokerage organizations operating in Vietnam before the issuance of this Circular, within twelve months from the date this Circular takes effect, they must complete the procedures prescribed in Decree No. 100/CP and the guidance provided in this Circular to obtain certification and register their business operations according to current laws.

During implementation, if there are any difficulties, please promptly report them to the Ministry of Finance for consideration, supplementation, and amendment.

 

FORM NO. 1

APPLICABLE TO STATE ENTERPRISES

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

…, day…month…year 199...

APPLICATION FOR CERTIFICATE

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Respectfully submitted to: Ministry of Finance

(Name and address of the managing agency) plans to establish a state enterprise with the following characteristics:

1. Trade name:

In Vietnamese:

In foreign language, if applicable:

2. Main office address:

Address of branch office representative:

3. Field of operation.

4. Scope and duration of operation:

5. Content of operation:

6. Registered capital:

Of which, budget capital:

7. Name and address of representative:

The accompanying documents include:

(Name of the managing agency) pledges that after obtaining the certificate meeting standards and conditions for insurance business operations, it will complete all necessary procedures to establish a state enterprise..., register and operate according to the provisions of the law.

We hereby take full responsibility under the law for the contents in the application and attached documents.

Signature and stamp

Note:

In case multiple managing agencies plan to contribute capital to establish a state enterprise, they must jointly confirm on the application.

 

MODEL NO. 2

APPLICABLE TO COMPANIES UNDER THE COMPANY LAW

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

…, day…month…year 199...

 

APPLICATION FOR CERTIFICATE

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Respectfully submitted to: Ministry of Finance

We, the founders listed below:

(If individuals, full name, date of birth, place of residence must be clearly stated; if a company, the trade name, main office address, and the full name and position of the representative must be clearly stated)

We hereby submit this application to obtain a certificate meeting standards and conditions for insurance business operations in the form of a company (limited liability company or joint stock company) with the following characteristics:

1. Trade name:

In Vietnamese:

In foreign language, if applicable:

2. Main office address:

Address of branch office, representative:

3. Field of operation (insurance, reinsurance, insurance brokerage,

reinsurance brokerage).

4. Scope and duration of operation:

5. Content of operation:

6. Registered capital:

7. Name and address of representative:

The accompanying documents include:

We hereby pledge that after obtaining the certificate meeting standards and conditions for insurance business operations, we will complete all necessary procedures to establish a company..., register and operate according to the provisions of the law.

We, the company founders, hereby take full responsibility under the law for the contents in the application and attached documents.

Founders

Signature

Note: If individuals, sign and confirm the residential address of the People's Committee of the ward or commune. If representatives of a company, sign and clearly state their positions and affix the seal.

 

MODEL NO. 3

APPLICABLE TO JOINT VENTURE INSURANCE COMPANIES,
INSURANCE BROKERAGE COMPANIES

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

…, day…month…year 199...

APPLICATION FOR CERTIFICATE

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Respectfully submitted to: Ministry of Finance

We, the parties to the joint venture contract signed on...day...month...year 199..., hereby submit this application to obtain a certificate meeting standards and conditions for insurance business operations in the form of a joint venture company...with the following characteristics:

1. Name and address of the parties, including:

Party (or parties) of Vietnam (company name) - Address:

Party (or parties) of foreign countries (company name or individual) Address

2. Trade name of the joint venture company:

In Vietnamese:

In foreign language:

3. Main office address:

Address of branch office, representative:

4. Field of operation:

5. Scope and duration of operation:

6. Content of operation:

7. Registered capital:

Attached documents include:

We hereby pledge that after obtaining the certificate meeting standards and conditions for insurance business operations, we will complete all necessary procedures to establish a joint venture company..., register and operate according to the provisions of the law.

We hereby take full responsibility under the law for the contents in the application and attached documents.

Confirmation of agreement by the managing

agency of the Party (or parties)

of Vietnam participating in the joint venture.

MODEL NO. 4

APPLICABLE TO BRANCHES, FOREIGN INSURANCE COMPANIES,
FOREIGN INSURANCE BROKERAGE COMPANIES WITH 100% FOREIGN CAPITAL

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

…, day…month…year 199...

 

APPLICATION FOR CERTIFICATE

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Respectfully submitted to: Ministry of Finance

(Company name, main office transaction address, telephone number, fax number, representative name, address, nationality) hereby submits this application to obtain a Certificate meeting standards and conditions for insurance business operations for (branch or 100% foreign capital company) with the following characteristics:

1. Trade name:

In Vietnamese, if applicable:

In foreign language:

2. Main office address in Vietnam:

Branch and representative office addresses in Vietnam:

3. Field of operation (insurance, reinsurance, insurance brokerage, reinsurance brokerage).

4. Scope and duration of operation:

5. Content of operation:

6. Capital contributed (or registered capital):

7. Name, address, and nationality of the representative:

Attached documents include:

We hereby pledge that after obtaining the certificate meeting standards and conditions for insurance business operations, we will complete all necessary procedures to establish a branch (or 100% foreign capital company)..., register and operate according to the provisions of the law.

We hereby take full responsibility under the law for the contents in the application and attached documents.

Signatures - Seal

MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM

No.:…TC/GCN Independence - Freedom - Happiness

Hanoi, day month year 1994

 

CERTIFICATE OF INSURANCE OR OTHER FINANCIAL SECURITY

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

DECISION OF THE MINISTER OF FINANCE

On the basis of Decree No. 100/CP dated December 18, 1993 of the Government on insurance business and guiding documents:

Considering the application and dossier for obtaining a certificate meeting standards and conditions for insurance business operations of...dated...day...month...year 199...

 

Pursuant to …;

Article 1

Confirmed:

Main office located at:

Registered capital: (in figures)

(in words)

Meets standards and conditions for insurance business operations.

Article 2.

...is permitted to operate in the field:

Duration of Operation:

Scope of Activities:

Article 3

...is permitted to conduct the following business activities:

1. Insurance business operations:

1.1. Direct insurance business:

-

-

-

1.2. Reinsurance business:

-

-

-

-

1.3. Insurance brokerage business:

-

-

-

-

2. Investment capital activities:

3. Related services: (inspection, investigation, loss allocation calculation, agency inspection and claim settlement).

Article 4

During operations,...must comply with Vietnamese laws, Decree No. 100/CP dated December 18, 1993 of the Government on insurance business, and guiding documents of the Ministry of Finance.

Article 5

This certificate meeting standards and conditions for insurance business operations takes effect from the date of signature. Within twelve months from the date of issuance of the certificate meeting standards and conditions for insurance business operations,...must complete the necessary procedures such as:

1. Deposit at the Bank (designated by the Ministry of Finance):

2. Registered capital (or capital contributed for branches of foreign insurance organizations) paid up;

3. Apply for establishment permit (investment permit);

4. Business registration;

5. Newspaper announcement and inauguration.

...must report the results of conducting the above procedures to the Ministry of Finance.

After the deadline, if...fails to complete the prescribed procedures, this Certificate of Eligibility and Conditions for Insurance Business Operations shall no longer be valid.

Article 6

This Certificate of Eligibility and Conditions for Insurance Business Operations shall be issued in four originals: one copy issued to..., one registered with the Ministry of Finance, one sent to the People's Committee... (or the State Committee on Cooperation and Investment), one registered at...

DECISION OF THE MINISTER OF FINANCE

 

FORM NO. 6

MINISTRY OF FINANCE

SOCIALIST REPUBLIC OF VIET NAM

 

CERTIFICATE OF INSURANCE OR OTHER FINANCIAL SECURITY

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Number:...TC/GCN

Date:... /.../...

Issued in: Hanoi

Issuing Authority: Ministry of Finance

FORM NO. 5

APPLICABLE TO PRIVATE ENTERPRISES ENGAGED IN BUSINESS
INSURANCE BROKERAGE COMPANIES

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

..., date...month...year 199...

APPLICATION FOR CERTIFICATE

MEETING STANDARDS AND CONDITIONS FOR OPERATIONS
INSURANCE BUSINESS

Respectfully submitted to: Ministry of Finance

Full Name

Date of birth (male/female)

ID number issued by the Police on

Education Level

Professional qualifications

Health status

I hereby apply for issuance of a Certificate of Eligibility and Conditions for Insurance Brokerage Business Operations under the form of a private enterprise with the following characteristics:

1. Trade name:

In Vietnamese:

In foreign language, if applicable:

2. Main office address:

Address of branch office, representative:

3. Field of operation:

4. Scope and duration of operation:

5. Content of operation:

6. Capital investment:

7. Name and address of representative:

Attached documents include:

I solemnly declare that after being granted the Certificate of Eligibility and Conditions for Insurance Brokerage Business Operations, I will complete all necessary procedures to establish a private enterprise, register and operate in accordance with the provisions of the law.

I take full responsibility before the law for the contents of this application and attached documents.

Confirmation of permanent residence address Applicant

of the People's Committee of ward, commune