Circular No. 73-TT/LB provides guidance on the establishment and operation of permanent representative offices of foreign insurance organizations in Vietnam based on Decree No. 382-HĐBT of 1990. It details the criteria for granting permits, conditions for consideration, scope of operations, and procedures for permit issuance. Additionally, it stipulates inspection regimes and periodic reporting requirements.
적용 범위
Foreign insurance organizations have relations with enterprises or other organizations in Vietnam in the field of insurance.
핵심 사항
- Foreign insurance organizations that have been legally operating for not less than three years or belong to large investment groups in Vietnam may apply for permission to establish a permanent representative office in Vietnam.
- The representative office can only operate within the prescribed scope and is not permitted to act as an intermediary for introducing, advertising, or concluding insurance contracts in Vietnam.
- The procedure for issuing a permit includes the submission of application documents according to the model form of the Ministry of Trade accompanied by an insurance business license from the home regulatory authority, followed by the Ministry of Finance's participation in the review process and notification of results to the Ministry of Trade.
- The Ministry of Trade oversees periodic inspections of the activities of representative offices, while the representative offices must comply with periodic reporting requirements as stipulated.
🌐 이 문서의 사회적 영향
- Positive impacts include expanding cooperation opportunities between foreign insurance organizations and Vietnamese enterprises, enhancing competition, and diversifying the insurance market.
- Negative impacts may include administrative burdens for foreign insurance organizations when applying for permits and stringent oversight of representative office activities.
❓ 자주 묻는 질문
Who is eligible to apply for a permit to establish a permanent representative office?
Foreign insurance organizations that have been legally operating for not less than three years or belong to large investment groups in Vietnam may apply for a permit.
What are the conditions for being considered for a permit?
Foreign insurance organizations that have been legally operating for not less than three years or belong to large investment groups in Vietnam and have requirements to promote projects or cooperation agreements in the insurance field with enterprises or other organizations in Vietnam.
Within what scope is the representative office allowed to operate?
The representative office is only permitted to operate within the scope defined in Article 2 of the Regulation issued pursuant to Decree No. 382-HĐBT.
What is the procedure for issuing a permit?
Foreign insurance organizations submit application documents according to the model form of the Ministry of Trade accompanied by an insurance business license from the home regulatory authority, followed by the Ministry of Finance's participation in the review process and notification of results to the Ministry of Trade.
Is there a periodic inspection regime for representative offices?
Yes, the Ministry of Trade oversees, in coordination with the Ministry of Finance and relevant agencies, periodic inspections of the activities of representative offices.
전문
CIRCULAR
OF THE MINISTRY OF TRADE AND FINANCE
||| Guidelines for Implementing the Regulations
establishment and operation of representative offices
of foreign insurance organizations in Vietnam
Pursuant to Decree No. 382-HĐBT dated November 5, 1990 of the Council of Ministers promulgating the Regulations on the establishment and operation of permanent representative offices of foreign economic organizations in the Socialist Republic of Vietnam.
The Ministry of Trade and Finance guides the implementation uniformly in the field of insurance as follows:
1. Subjects eligible for application for permits to establish representative offices:
All foreign insurance organizations that have business relations with enterprises or other organizations in Vietnam in areas such as insurance, reinsurance, underwriting, reinsuring, insurance brokerage, insurance agency, for the purpose of carrying out activities within the scope of representative office operations prescribed in Article 2 of the Regulations issued pursuant to Decree No. 382-HĐBT and meet the conditions stipulated in this Circular may apply for approval to establish a permanent representative office in Vietnam.
2. Conditions for approval to establish a representative office:
- The foreign insurance organization has been permitted to be established and operate legally for not less than 3 (three) years and
- Has a request to promote and is implementing projects or cooperation contracts in the field of insurance with enterprises or other organizations in Vietnam, confirmed by the Ministry of Finance of Vietnam, or.
- The foreign insurance organization belongs to a group with large investment capital and that group has invested in Vietnam for not less than ten million US dollars.
3. Scope of operations of the Representative Office:
The representative office of a foreign insurance organization is only allowed to operate within the scope prescribed in Article 2 of the Regulations issued pursuant to Decree No. 382-HĐBT.
The representative office of a foreign insurance organization is not permitted to act directly or on behalf of the foreign insurance organization as an intermediary to introduce, advertise, solicit, attract enterprises or other organizations in Vietnam, conclude insurance contracts, and engage in profit-making activities in Vietnam.
4. Procedure for approval to establish a Representative Office:
A foreign insurance organization applying for a permit to establish a representative office must submit an application form according to the unified model of the Ministry of Trade, along with relevant documents as prescribed in Clause 31 of Circular 04 TN/PC dated May 6, 1991 of the Ministry of Commerce (now the Ministry of Trade), and must also attach the insurance operating license issued by the original supervisory authority.
The above dossier, in addition to being submitted according to the provisions of Circular 04 TN/PC mentioned above, the foreign party must send an additional copy to the Ministry of Finance.
Upon receipt of the application dossier for establishing a representative office sent by the foreign party, the Ministry of Finance shall be responsible for providing comments in writing to the Ministry of Trade within 15 days from the date of receipt of a complete and valid dossier.
Based on the comments of the Ministry of Finance, the Ministry of Trade will consider the issuance of a permit to establish a Representative Office of a foreign insurance organization and notify the result to the Ministry of Finance.
5. Inspection and periodic reporting system:
5.1. Inspection system:
The Ministry of Trade shall take the lead and coordinate with the Ministry of Finance and related agencies to periodically inspect the activities of the representative offices of foreign insurance organizations in Vietnam.
5.2. Reporting system:
The representative office of a foreign insurance organization must comply with the reporting system as prescribed in Clause 10.2 of Circular 04 TN/PC dated May 6, 1991 of the Ministry of Commerce (now the Ministry of Trade) and send copies of these reports to the Ministry of Finance for coordinated monitoring.
6. Implementation Provisions
This Circular takes effect from the date of signature, other provisions continue to be implemented according to Circular 04 TN/PC dated May 6, 1991 of the Ministry of Commerce (now the Ministry of Trade) guiding the implementation of the Regulations on the establishment and operation of permanent representative offices of foreign economic organizations in the Socialist Republic of Vietnam.
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