Law Amending and Supplementing Certain Articles of the Insurance Business Law No. 61/2010/QH12

LAW

Amending and supplementing certain articles of the Insurance Business Law

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QuNo.of the National Assembly Director of the Enforcement Bureau of the Ministry of National Defense is responsible for guiding, urging, and inspecting the Military Enforcement Sector to implement this Circular./.. The list of detailed regulatory documents for Government decrees and Prime Minister decisions shall be submitted to the Minister, head of equivalent agency, and provincial-level People's Committee (hereinafter referred to as provincial-level People's Committee) for issuance within LuReligious Beliefs "7. A flexible power plant is a thermal power plant using reciprocating internal combustion engines (RICE) or aeroderivative gas turbines (Aero-GT) with fast start-up capabilities, designed in modular form to generate electricity for balancing capacity and maintaining power system stability."h) Circular No. 05/2020/TT-BKHĐT dated June 30, 2020 of the Minister of Planning and Investment amending and supplementing certain articles of Circular No. 04/2017/TT-BKHĐT dated November 15, 2017 of the Minister of Planning and Investment detailing the selection of contractors through the National Public Procurement Network. Pursuant to Decree No. 01/2022/NĐ-CP dated November 30, 2022 of the Government on the functions, tasks, powers, and organizational structure of the Ministry of National Defense; and Decree No. 03/2025/NĐ-CP dated February 28, 2025 amending and supplementing certain provisions of Decree No. 01/2022/NĐ-CP; suFor power plants invested under the Build-Operate-Transfer (BOT) model, n is determined according to the operational period of the power plant stipulated in the BOT contract.g t sone "7. A flexible power plant is a thermal power plant using reciprocating internal combustion engines (RICE) or aeroderivative gas turbines (Aero-GT) with fast start-up capabilities, designed in modular form to generate electricity for balancing capacity and maintaining power system stability."No. 1. NATIONAL UNIVERSITIES ARE PUBLIC HIGHER EDUCATION INSTITUTIONS MANAGED BY THE MINISTRY OF EDUCATION AND TRAINING, HAVE LEGAL PERSONALITY, SEPARATE ACCOUNTS, AND USE STAMPS WITH THE NATIONAL EMBLEM. specialized agency under the People's Committee of the province/city.on the Insurance Business Law binvalidipoint "7. A flexible power plant is a thermal power plant using reciprocating internal combustion engines (RICE) or aeroderivative gas turbines (Aero-GT) with fast start-up capabilities, designed in modular form to generate electricity for balancing capacity and maintaining power system stability."No. 24/2000/QH10.

Article 1. Amending and supplementing certain articles of the Insurance Business Law.

1. Supplement Clause 19 and Clause 20 of Article 3 as follows:

"19. Pension insurance is an insurance business for the case where the insured reaches a predetermined age at which the insurance company pays the insurance money according to the agreement in the insurance contract.

20. Health insurance is a type of insurance for the case where the insured suffers from disability, accidents, illness, disease, or health care costs that are paid by the insurance company according to the agreement in the insurance contract."

2. Clause 1 of Article 6 shall be amended and supplemented as follows:

"1. Organizations and individuals with insurance needs may only participate in insurance at insurance companies operating in Vietnam; foreign-invested enterprises and foreigners working in Vietnam with insurance needs may choose to participate in insurance at insurance companies operating in Vietnam or use cross-border insurance services."

3. Article 7 is amended and supplemented as follows:

"Article 7. Types of insurance businesses
1. Life insurance includes:
a) Whole life insurance;
b) Term insurance;
c) Endowment insurance;
d) Combined insurance;
đ) Annuity insurance;
e) Investment-linked insurance;
g) Pension insurance.
2. Non-life insurance includes:
a) Property insurance and liability insurance;
b) Cargo transportation insurance by road, sea, inland waterway, rail, and air;
c) Aviation insurance;
d) Motor vehicle insurance;
đ) Fire and explosion insurance;
e) Hull insurance and civil liability of shipowners;
g) Liability insurance;
h) Credit and financial risk insurance;
i) Business interruption insurance;
k) Agricultural insurance.
3. Health insurance includes:
a) Personal accident insurance;
b) Medical insurance;
c) Health care insurance.
4. Other types of insurance businesses shall be prescribed by the Government.

5. The Ministry of Finance shall prescribe the List of Insurance Products."

4. Article 9 shall be amended and supplemented as follows:

"Article 9. Reinsurance

Insurance companies may reinsure other insurance companies, including foreign insurance companies and foreign reinsurance organizations. Foreign insurance companies and foreign reinsurance organizations must meet credit rating requirements set by international credit rating companies as prescribed by the Ministry of Finance."

5. Article 10 is amended and supplemented as follows:

"Article 10. Cooperation, Competition, and Tendering in Insurance Business
1. Insurance companies and insurance brokerage companies may cooperate in reinsurance, co-insurance, loss assessment, claims settlement, prevention and limitation of losses, human resource development, product development, training and management of insurance agents, sharing information for risk management.
2. Insurance companies may compete on terms, scope, level of responsibility, premium rates, service quality, insurance capacity, and financial capacity.

Such competition must comply with laws on competition and ensure the financial safety of insurance companies; premium rates must be commensurate with the terms, scope, and level of insurance responsibility.
3. Projects using state capital, assets belonging to the state, or state-owned enterprises must conduct tendering on terms, scope, level of responsibility, premium rates, service quality, insurance capacity, and financial capacity of insurance companies.

Tendering must be conducted openly and transparently in accordance with this Law and laws on tendering.
4. Strictly prohibited are the following acts:

a) Collusion among insurance companies or between insurance companies and policyholders to divide the insurance market, close off insurance services;
b) Illegal interference in the selection of insurance companies;
c) Misusing positions or powers to designate, require, compel, or obstruct organizations or individuals from participating in insurance;
d) Providing false information or advertising about the content, scope of operations, insurance conditions, damaging the legitimate rights and interests of policyholders;
đ) Unfairly soliciting customers through obstruction, luring, bribery, or threats against employees or customers of other insurance companies, insurance brokers, or insurance brokerage companies;
e) Illegal promotional activities;

g) Other illegal acts in cooperation, competition, and tendering."

6. Article 15 is amended and supplemented as follows:

"Article 15. Time of Arising of Insurance Liability

Insurance liability arises when any of the following circumstances occur:
1. The insurance contract has been concluded and the policyholder has fully paid the insurance premium;
2. The insurance contract has been concluded, with an agreement between the insurance company and the policyholder regarding the policyholder's debt for the insurance premium;

3. There is evidence that the insurance contract has been concluded and the policyholder has fully paid the insurance premium."

7. Article 59 is amended and supplemented as follows:

"Article 59. Insurance Business Organizations

Insurance business organizations include:
1. Joint-stock insurance companies;
2. Limited liability insurance companies;
3. Insurance cooperatives;

4. Mutual insurance organizations."

8. Clause 5 of Article 63 is amended and supplemented as follows:

"5. Organizations and individuals participating in the establishment of insurance companies or insurance brokerage companies must have sufficient financial capacity and provide proof of legitimate sources of funds when participating in the establishment of insurance companies."

9. Point g and point h of Clause 1 of Article 69 are amended and supplemented as follows:

"g) Chairman of the Board of Directors, General Director (Director), actuary;

h) Splitting, merging, consolidating, dissolving, converting the form of enterprise, investing abroad."

10. Point c of Clause 1 of Article 86 is amended and supplemented as follows:

c) Having an Insurance Agent Certificate issued by a training institution approved by the Ministry of Finance.

The Ministry of Finance shall stipulate the program, content, form of training, and issuance of the Insurance Agent Certificate."

11. Article 97 is amended and supplemented as follows:

"Article 97. Reserve Fund and Policyholder Protection Fund

1. Insurance companies and insurance brokerage companies must establish a mandatory reserve fund to increase the charter capital and ensure payment capability. The mandatory reserve fund is annually extracted at a rate of 5% of post-tax profit. The maximum amount of this fund shall be prescribed by the Government.

2. In addition to the mandatory reserve fund prescribed in Clause 1 of this Article, insurance companies and insurance brokerage companies may establish other reserve funds from their post-tax profits for the fiscal year, in accordance with the charter of the insurance company or insurance brokerage company.

3. The policyholder protection fund shall be established to protect the rights and interests of policyholders in the event that the insurance company goes bankrupt or becomes insolvent.

The source for establishing the Policyholder Protection Fund shall be set aside at a percentage rate based on the insurance premium applicable to all insurance contracts.

The Government shall stipulate the procedures for setting up, managing, and using the Policyholder Protection Fund.

12. Article 105 is amended and supplemented as follows:

"Article 105. Forms of Operation

1. Foreign insurance companies and foreign insurance brokerage companies are permitted to operate in Vietnam in the following forms:

a) Limited liability insurance company, limited liability insurance brokerage company;

b) Branch of a foreign non-life insurance company.

2. Foreign insurance companies and foreign insurance brokerage companies provide cross-border insurance services in accordance with the regulations of the Government.

3. Foreign insurance companies and foreign insurance brokerage companies may establish representative offices in Vietnam. Representative offices are not allowed to conduct insurance business in Vietnam."

13. Article 108 is amended and supplemented as follows:

"Article 108. Licensing Authority

The Ministry of Finance issues licenses for the establishment and operation of insurance companies and insurance brokerage companies with foreign investment capital, branches of foreign non-life insurance companies; licenses for the establishment of representative offices of foreign insurance companies and foreign insurance brokerage companies in Vietnam."

14. Clause 4 of Article 120 is amended and supplemented as follows:

"4. Supervise the insurance business activities through business operations, financial status, corporate governance, risk management, and compliance with laws by insurance companies and insurance brokerage companies; apply necessary measures to ensure that insurance companies meet financial requirements and fulfill commitments to policyholders;"

15. Article 122 is amended and supplemented as follows:

"Article 122. Specialized Inspection of Insurance Business

1. The State management agency for insurance business performs the function of specialized inspection of insurance business.

2. The organization and operation of specialized inspection of insurance business shall be carried out in accordance with this Law and the law on inspection."

16. Clause 3 of Article 127 is added as follows:

"3. Insurance agent training certificates issued before the effective date of this Law remain valid and do not require conversion into Insurance Agent Certificates."

Article 2.

1. This Law takes effect from July 1, 2011.

2. The Government shall specify detailed regulations and provide guidance on the provisions and clauses assigned in this Law; provide guidance on other necessary contents of this Law to meet the needs of state administration.

This Law was passed by the National Assembly of the Socialist Republic of Vietnam, the 12th term, the 8th session, on November 24, 2010./.