Decree 97/2026/NĐ-CP Amending and Supplementing Certain Articles of Decree No. 46/2023/NĐ-CP dated July 1, 2023 of the Government Regulating Detailed Implementation of Certain Provisions of the Insurance Business Law

Decree Issuing Authority: OFFICE OF THE GOVERNMENT

No.: 97/2026/NĐ-CP

Hanoi, March 31, 2026

DECREE
Amending and Supplementing Certain Articles of Decree No. 46/2023/NĐ-CP dated July 1, 2023 of the Government on Detailed Provisions for Implementing Certain Articles of the Insurance Business Law

Based on the Law on Organization of the Government No. 63/2025/QH15;

Based on the Insurance Business Law No. 08/2022/QH15, amended and supplemented by Law No. 139/2025/QH15;

Based on the Enterprise Law No. 59/2020/QH14, amended and supplemented by Law No. 76/2025/QH15;

In accordance with the proposal of the Minister of Finance;

The Government promulgates this Decree amending and supplementing certain articles of Decree No. 46/2023/NĐ-CP dated July 1, 2023 of the Government on Detailed Provisions for Implementing Certain Articles of the Insurance Business Law.

Article 1. Amend and supplement Article 1 as follows:

"This Decree provides detailed provisions for implementing paragraph 2 of Article 6, paragraph 2 of Article 7, paragraph 5 of Article 11, point b of paragraph 1 and point a of paragraph 2 of Article 64, paragraph 3 of Article 65, point d of paragraph 1 and point a of paragraph 2 of Article 67, paragraph 4 of Article 71, paragraph 4 of Article 74, paragraph 2 of Article 77, paragraph 4 of Article 81, paragraph 4 of Article 83, paragraph 5 of Article 87, paragraph 1 of Article 89, paragraph 3 of Article 93, paragraph 6 of Article 94, paragraph 4 of Article 97, paragraph 2 of Article 98, point b of paragraph 1 and point 5 of paragraph 99, paragraph 5 of Article 100, paragraph 3 of Article 101, paragraph 2 of Article 102, paragraph 3 of Article 115, point d of paragraph 2 of Article 125, point b of paragraph 1 and point a of paragraph 2 of Articles 133, 134, paragraph 4 of Article 136, paragraph 1 and paragraph 3 of Article 138, paragraph 1 of Article 152, paragraph 3 of Article 156, point b of paragraph 5 of Article 157 of the Insurance Business Law."

Article 2. Amend and supplement point b of paragraph 3 of Article 6 as follows:

"b) The database on insurance business activities must be maintained continuously, stably, and seamlessly, reflecting the history of updates and information modifications; it shall be stored, secured, and safeguarded against cyber threats;"

Article 3. Amend and supplement Article 10 as follows:

"Article 10. Connection to the Database on Insurance Business Activities
The connection of the database on insurance business activities with national databases and other specialized databases shall be carried out in accordance with the provisions of the law on mandatory data connectivity and sharing between political system agencies."

Article 4. Amend and supplement paragraph 5 of Article 12 as follows:

"5. List of shareholders, their capital contributions, and accompanying documents:"

Article 5. Amend and supplement certain points and paragraphs of Article 15 as follows:

1. Amend and supplement point d of paragraph 2 as follows: "d) Criminal record check certificate in the prescribed form or equivalent document issued by foreign law, which must be provided by a competent authority no later than 12 months prior to submitting an application for non-objection, and must include full information on criminal history;"

2. Amend and supplement paragraph 4 as follows:

Article 1. Amend and supplement Article 1 as follows:

"This Decree provides detailed provisions for implementing paragraph 2 of Article 6, paragraph 2 of Article 7, paragraph 5 of Article 11, point b of paragraph 1 and point a of paragraph 2 of Article 64, paragraph 3 of Article 65, point d of paragraph 1 and point a of paragraph 2 of Article 67, paragraph 4 of Article 71, paragraph 4 of Article 74, paragraph 2 of Article 77, paragraph 4 of Article 81, paragraph 4 of Article 83, paragraph 5 of Article 87, paragraph 1 of Article 89, paragraph 3 of Article 93, paragraph 6 of Article 94, paragraph 4 of Article 97, paragraph 2 of Article 98, point b of paragraph 1 and point 5 of paragraph 99, paragraph 5 of Article 100, paragraph 3 of Article 101, paragraph 2 of Article 102, paragraph 3 of Article 115, point d of paragraph 2 of Article 125, point b of paragraph 1 and point a of paragraph 2 of Articles 133, 134, paragraph 4 of Article 136, paragraph 1 and paragraph 3 of Article 138, paragraph 1 of Article 152, paragraph 3 of Article 156, point b of paragraph 5 of Article 157 of the Insurance Business Law."

Article 2. Amend and supplement Point b, Clause 3 of Article 6 as follows:

"b) The database on insurance business operations must be maintained continuously, stably, and seamlessly, reflecting the history of updates and information modifications; it shall be stored, secured, and ensure cybersecurity;"

Article 3. Amend and supplement Article 10 as follows:

"Article 10. Connection to the Database on Insurance Business Operations

The connection between the database on insurance business operations and national databases and other specialized databases is carried out in accordance with legal provisions on mandatory data connectivity and sharing among political system agencies."

Article 4. Amend and supplement Clause 5 of Article 12 as follows:

"5. List of shareholders, their capital contributions, and accompanying documents:"

Article 5. Amend and supplement certain points and clauses of Article 15 as follows:

1. Amend and supplement Point d, Clause 2 as follows:

"d) A criminal record check certificate in the prescribed form or an equivalent document issued by foreign law before submission of the application for non-objection, not exceeding 12 months, which must contain complete information on the criminal history;"

2. Amend and supplement Clause 4 as follows:

"4. When various documents related to a citizen's background, identity, or other documents in the composition of this Decree's application package have been integrated into the National Population Database, Resident Identity Card Database, and other databases, the Ministry of Finance shall be responsible for exploiting and utilizing information from the National Population Database, Resident Identity Card Database, and other databases based on information exchange and provision among government management agencies."

Article 6. Amend and supplement Article 16 as follows:

"Article 16. Procedures and Processes for Issuing Insurance Business License or Notifications to the Ministry of Finance

1. Organizations or individuals applying for an insurance business license or making applications or notifications in accordance with this Decree's provisions; submit directly to the Ministry of Finance or send via post or through online public service systems if eligible.

2. Within 30 days from receipt of the application, if the application is incomplete or not compliant, the Ministry of Finance shall notify in writing requesting additional information or corrections. The maximum period for submitting and correcting the application is six months from the date of notification. If the applicant fails to submit and correct the application within the specified time limit, the Ministry of Finance will refuse to consider issuing the license.

The total time allowed for organizations or individuals to supplement and correct their applications shall not exceed 12 months from the first notification by the Ministry of Finance. Beyond this period, if the organization or individual has not completed the application and documentation, the Ministry of Finance may refuse to consider issuing the license.

3. Within 60 days from receipt of a complete and compliant application, the Ministry of Finance shall issue an insurance business license to domestic insurance companies, reinsurance companies, and foreign branches in Vietnam as per Appendix II attached to this Decree. In case of refusal to issue the license, the Ministry of Finance will provide written explanations for the reasons. The Ministry of Finance may refuse to issue a license only when the organization or individual participating in capital contribution or the domestic insurance company, reinsurance company, or foreign branch planning to be established do not meet the licensing conditions as stipulated in this Decree or when an organization or individual fraudulently provides documents and materials as specified in Clause 3 of Article 15 of this Decree.

4. The processing time for administrative procedures is a working day as per legal provisions on issuing normative legal documents. In cases where the processing time exceeds 30 working days, it shall be specified as a number or month."

Article 7. To amend and supplement certain points and clauses of Article 19 as follows:

1. Amend and supplement Clause 4 as follows:

"4. In the case of increasing registered capital through public share issuance, private placement, or issuance of shares by a listed company or a public company, after being approved in principle by the Ministry of Finance, insurance companies, reinsurance companies shall issue according to the provisions of securities law."

2. Amend and supplement Point b of Clause 5 as follows:

"b) A bank confirmation regarding the payment of additional capital contributions by shareholders or equity contributors to an insurance company, a reinsurance company, or a foreign branch of an insurance company that has provided sufficient additional capital to its foreign branch in Vietnam (in case of capital increase); or a notification from the Vietnam Securities Depository and Clearing Corporation in the case of an increase in registered capital through public share issuance, rights issue, bonus shares, share distribution for dividends, or other documents as prescribed by law;"

Article 8. To amend and supplement Point e of Clause 2 of Article 22 as follows:

"e) A commitment letter from shareholders or equity contributors regarding the fulfillment of conditions as stipulated in paragraph 1 of this article."

Article 9. To amend and supplement Article 24 as follows:

"Article 24. Change of Chairman of the Board of Directors (Chairman of the Shareholders' Meeting), General Manager (Managing Director), Actuary

1. Insurance companies, reinsurance companies, foreign branches in Vietnam must obtain written approval from the Ministry of Finance before changing the following positions:

a) Chairman of the Board of Directors (Chairman of the Shareholders' Meeting) of an insurance company or reinsurance company;

b) General Manager (Managing Director);

c) Actuary.

2. The person proposed for appointment as Chairman of the Board of Directors (Chairman of the Shareholders' Meeting), General Manager (Managing Director), and Actuary must meet the conditions specified in Article 81 of the Insurance Business Law, and an Actuary must meet the conditions specified in Articles 29 and 30 of this Decree.

3. The documents required for changing the positions specified in paragraph 1 include the following:

a) A request letter as prescribed in Appendix III attached to this Decree;

b) A document from the competent authority according to the company's articles of association (for insurance companies and reinsurance companies) or operating regulations (for foreign branches in Vietnam);

c) A criminal record check certificate in a format or equivalent document as prescribed by foreign law; copies of national identity card, resident identity card, or passport; resume, copies of documents proving work experience, time held in management and control positions, meeting the general conditions specified in Article 81 of the Insurance Business Law regarding no disciplinary actions; copies of academic credentials and professional certificates proving qualifications and expertise. These documents must meet the general standards for submitting and supplementing documents as prescribed in paragraph 2 of Article 15 of this Decree;

d) A commitment letter from the person proposed as General Manager (Managing Director) and Actuary that they will work for the insurance company, reinsurance company, or foreign branch in Vietnam, reside in Vietnam after obtaining written approval from the Ministry of Finance and meet the general conditions specified in Article 81 of the Insurance Business Law.

4. Within seven working days from the receipt of a complete set of valid documents, the Ministry of Finance shall issue an approval letter. In case of refusal to approve, the Ministry of Finance shall provide a clear explanation for the reasons."

Article 10. Amend and supplement Article 25 as follows:

"Article 25. Opening, Closing, Changing the Name or Location of Branches or Representative Offices of Insurance Companies and Reinsurance Companies in Vietnam

1. Within fifteen days from the date of the decision by the competent authority regarding the opening, closing, changing the name or location of branches or representative offices of insurance companies and reinsurance companies in Vietnam, such companies must submit a written notification to the Ministry of Finance along with the following documents:

a) The document from the competent authority as provided for in the company's articles of association regarding the opening, closing, changing the name or location of branches or representative offices;

b) A report on responsibilities, issues arising and solutions when closing the branch or representative office, ensuring no damage to current obligations to the state, rights of the insured and other relevant parties;

c) Evidence of the right to use the premises of the branch or representative office in cases of opening or changing the location of branches or representative offices.

2. Within seven working days from the date of receipt of a complete set of documents, the Ministry of Finance shall issue a notification acknowledging the opening, closing, changing the name or location of branches or representative offices of insurance companies and reinsurance companies in Vietnam and notify the business registration authority."

Article 11. Amend and supplement paragraph 2 of Article 27 as follows:

"2. Hold a bachelor's degree or higher in insurance. In case there is no such degree, hold a bachelor's degree or higher in one of the following fields: economics, finance, banking, business administration, law, accounting, auditing, with a course on insurance included, or a bachelor's degree in another field and an insurance certificate issued by a legally established and operating insurance training institution within or outside the country."

Article 12. Amend and supplement paragraph 3 of Article 28 as follows:

"3. The compliance department head must hold a bachelor's degree or higher in insurance. In case there is no such degree, hold a bachelor's degree or higher in one of the following fields: economics, finance, banking, business administration, law, accounting, auditing, with a course on insurance included, or a bachelor's degree in another field and an insurance certificate issued by a legally established and operating insurance training institution within or outside the country."

Article 13. Amend and supplement paragraph 2 of Article 30 as follows:

"2. Be an Associate member of the Actuarial Society that is a formal member of the International Actuaries Association; or have at least five years of experience in non-life insurance and provide evidence of passing at least two exams from one of the following societies: the British Actuarial Society, the American Actuarial Society, the Australian Actuarial Society, the Canadian Actuarial Society or evidence of passing courses according to a training program recognized by these societies as equivalent to two exams of the society.

Effective from July 1, 2026, Actuaries of non-life insurance companies, reinsurance companies, and foreign branches in Vietnam must be at least Associate members of one of the Actuarial Societies that are formal members of the International Actuaries Association and not violate the ethics rules for actuarial practice.

Effective from July 1, 2028, Actuaries of non-life insurance companies, reinsurance companies, and foreign branches in Vietnam must be Fellow members of an Actuarial Society that is a formal member of the International Actuaries Association and not violate the ethics rules for actuarial practice."

Article 14. Amendment and Supplement to the Title and Certain Clauses of Article 32 as follows:

1. Amend and supplement the title of Article 32 as follows:

"Article 32. Registration, Notification Procedures, and Basis for Premium Calculation"

2. Amend and supplement Clause 1 as follows:

"1. Insurance companies, branches of foreign non-life insurance enterprises must register and obtain approval from the Ministry of Finance on their methods and basis for premium calculation for life insurance, health insurance products before implementation."

3. Supplement Clauses 5a and 5b after Clause 5 as follows:

"5a. Notification procedures for the method and basis for premium calculation of motor vehicle insurance products (excluding motor vehicle third-party liability insurance):

a) Notification document on the method and basis for premium calculation in accordance with the model specified in Appendix XX attached to this Decree;

b) Explanation document on the method and basis for premium calculation as guided by the Minister of Finance.

5b. In case of changes to the method and basis for premium calculation of motor vehicle insurance products (excluding motor vehicle third-party liability insurance), foreign non-life insurance companies, branches of foreign non-life insurance enterprises must notify the Ministry of Finance according to the procedures specified in Clause 5a before implementation."

Article 15. Amendment and Supplement to Certain Points and Clauses of Article 35 as follows:

1. Amend and supplement Point a of Clause 2 as follows:

"a) Non-life insurance (excluding aviation, satellite insurance), health insurance, term life insurance with a term of one year or less: VND 40 billion;"

2. Amend and supplement Clause 4 as follows:

"a) Reinsurance, retrocession of non-life insurance or both non-life insurance and health insurance with a term of one year or less: VND 500 billion;

b) Reinsurance, retrocession of life insurance or both life insurance and health insurance: VND 900 billion;

c) Reinsurance, retrocession covering all types of insurance including life insurance, non-life insurance, and health insurance: VND 1.4 trillion."

16. Amendment and Supplement to Certain Points and Clauses of Article 36

1. Amend and supplement Point a of Clause 1 as follows:

"a) Non-life insurance (excluding cases specified in sub-paragraphs b and c of this paragraph), health insurance, term life insurance with a term of one year or less: VND 250 billion;"

2. Amend and supplement Clause 2 as follows:

"a) Reinsurance, retrocession of non-life insurance or both non-life insurance and health insurance, term life insurance with a term of one year or less: VND 400 billion;

b) Reinsurance, retrocession of life insurance or both life insurance and health insurance: VND 450 billion;

c) Reinsurance, retrocession covering all types of insurance including life insurance, non-life insurance, and health insurance: VND 700 billion."

Article 17. Amendment and Supplement to Point b of Clause 2 of Article 45 as follows:

"b) Documentation explaining and illustrating the methods and basis for reserving business insurance operations that are projected to be applied, with confirmation from a technical actuary. Except in cases where changes in technical interest rates follow fluctuations in government bond interest rates, documentation must demonstrate that the new method and basis for reserving accurately and comprehensively reflect the responsibilities of the insurance company, reinsurance company, or foreign branch in Vietnam."

Article 18. Amendment and Supplement to Certain Points of Article 49 as follows:

1. Amend and supplement Point a of Clause 1 as follows:

"a) Insurance business revenue; reinsurance, retrocession (hereinafter referred to collectively as reinsurance): The amount receivable in the period after deducting expenses to reduce income in the same period;"

2. Amend and supplement Point c of Clause 2 as follows:

"c) Receiving reinsurance commission and other revenues directly related to reinsurance;"

3. Amend and supplement Points e and g of Clause 3 as follows:

"e) Returning reinsurance commission;

g) Reducing reinsurance commission."

Article 19. To amend and supplement certain points and clauses of Article 50 as follows:

1. Amend and supplement point a of clause 1 as follows:

"a) Insurance business operating expenses, reinsurance operating expenses;"

2. Amend and supplement clause 2 as follows:

"2. Insurance business operating expenses, reinsurance operating expenses: The amount to be incurred or allocated in the subsequent period after deducting receivables to reduce current expenditures."

3. Amend and supplement clause 3 as follows:

a) Supplement point al after point a as follows:

"a1) Reinsurance commission and other expenses directly related to reinsurance;"

b) Amend and supplement point k as follows:

"k) Initial training costs and certification for insurance agents; advanced knowledge training costs for insurance agents; recruitment costs for insurance agents; management costs of individual insurance agents; inspection, supervision, and quality assessment costs for insurance agents;"

c) Supplement point p after point o as follows:

"p) Support expenses, remuneration for employees or members of political-social organizations, social-professional associations, cooperatives authorized by the insurance company, branch of foreign non-life insurance enterprise to provide advice and arrange micro-insurance contract transactions for its own members in accordance with the regulations of the Minister of Finance."

4. Amend and supplement point d of clause 4 as follows:

"d) Provisioning for business operations for the part reinsured non-life, health insurance of non-life insurance company, foreign branch office in Vietnam, reinsurance company. For health insurance, non-life insurance companies, foreign branch offices in Vietnam, and reinsurance companies, only a reduction in provisioning for business operations for the part reinsured can be made with respect to reinsurers rated at least 'BBB' by Standard & Poor's or Fitch, 'B++' by A.M.Best, 'Baa1' by Moody's or equivalent ratings from other organizations with rating functions and experience in the most recent financial year prior to the date of reinsurance contract."

Article 20. To amend and supplement Article 51 as follows:

"Article 51. Registration, reporting procedures for capital source separation principle, insurance premium source

1. Life insurance companies must register with the Ministry of Finance the principles of separating and allocating assets, capital sources, revenues, common expenses related to both equity funds and contract funds before applying them. Non-life insurance companies and branches of foreign non-life insurance enterprises must report to the Ministry of Finance the principles of separating and allocating assets, capital sources, revenues, common expenses related to capital sources and insurance premiums before implementation.

2. The registration or reporting documents include the following:

a) Application for registration, reporting or change in accordance with the format specified in Appendix XI, Appendix XXI attached hereto;

b) Documentation explaining the proposed separation and allocation principles confirmed by the company's actuary. In case of changes, the application also includes documentation explaining the changes.

3. Within 30 days from the date of receipt of a complete registration or change in registration document, the Ministry of Finance shall issue a confirmation letter. If the application is rejected, the Ministry of Finance shall provide a clear explanation for the reasons."

Article 21. Amend and supplement Article 54 as follows:

"Article 54. Mandatory Reserve Fund

Insurance companies, reinsurance companies, and foreign branches in Vietnam shall allocate 5% of their annual after-tax profits to establish a mandatory reserve fund. The maximum amount of the mandatory reserve fund is 10% of the company's registered capital or capital contributed by the branch."

Article 22. Supplement point d to clause 1, Article 70 as follows:

"d) After the transfer of shares or equity participation, an insurance intermediary enterprise shall comply with the provisions of Article 133 of the Insurance Business Law."

Article 23. Amend and supplement Article 73 as follows:

"Article 73. Change of Chairman of the Board (Chairman of the Shareholders' Meeting), General Manager (Manager)

1. An insurance intermediary enterprise must obtain written approval from the Ministry of Finance when changing the following positions:

a) Chairman of the Board (Chairman of the Shareholders' Meeting);

b) General Manager (Manager).

2. The documents required for the change of position as stipulated in paragraph 1 of this Article include the following:

a) A request letter for change according to the format specified in Appendix III attached hereto;

approval from the competent authority based on the company's articles of association

c) A criminal record certificate or equivalent document for foreign individuals as prescribed by the laws of their country, complying with the provisions at point d clause 2 of this Decree; a copy of an identity card, national ID card, passport, or other valid personal identification documents; a resume meeting the requirements at point e clause 2 of this Decree; copies of academic credentials, certificates, and documents proving qualifications, experience, and professional competence of the person proposed as Chairman of the Board (Chairman of the Shareholders' Meeting), General Manager (Manager);

d) A labor contract between the insurance intermediary enterprise and the person proposed as General Manager (Manager);

e) A commitment letter from the person proposed as General Manager (Manager) to work for the insurance intermediary enterprise after obtaining approval from the Ministry of Finance;

f) The application for change of Chairman of the Board (Chairman of the Shareholders' Meeting), General Manager (Manager) must comply with the provisions at points a, b, d, h clauses 2, 3 and 4 of this Decree's Article 15;

g) A commitment letter and documents proving compliance with the general conditions stipulated in Article 76 of this Decree.

3. Within seven working days from the receipt of a valid application, the Ministry of Finance shall issue an approval document. In case of refusal to approve, the Ministry of Finance shall provide a clear explanation for the reasons."

Article 24. Amend and supplement paragraph 4, Article 78 as follows:

"4. Have at least five years of direct experience in one or more insurance, financial, banking sectors, including at least three years in a management or control position within an organization operating directly in the insurance, financial, banking sector."

Article 25. Amend and supplement paragraph 1, Article 89 as follows:

"1. Foreign organizations providing cross-border insurance services in Vietnam shall provide to Vietnamese insurance companies, foreign branches in Vietnam, and insurance intermediary enterprises with a permit issued in

Vietnam the documents proving compliance with the conditions for providing cross-border insurance services as stipulated in Article 86 of this Decree."

Article 26. Amend and Supplement Article 90 as follows:

"Article 90. Responsibilities of Entities Engaged in Cross-Border Insurance Services and Cross-Border Ancillary Services

Insurance companies, foreign branches operating in Vietnam, insurance brokers licensed in Vietnam, organizations providing ancillary services engaged in cross-border insurance services in accordance with Article 88 of this Decree shall have the following responsibilities:

1. Retain documents evidencing entities involved in providing cross-border insurance services in Vietnam that meet the conditions specified in Article 86 of this Decree.

2. Quarterly, report to the Ministry of Finance their participation in providing cross-border insurance services and use of ancillary cross-border services within Vietnam during the quarter, within thirty days from the end of the quarter. The reporting form shall be prescribed by the Minister of Finance."

Article 27. Amend and Supplement the Title of Chapter V as follows:

"COORDINATION OF MANAGEMENT, SUPERVISION, INSPECTION, AND SPECIALIZED INSPECTION OF FOREIGN BRANCHES IN VIETNAM"

Article 28. Amend and Supplement Article 92 as follows:

"Article 92. Specialized Inspection of Foreign Branches in Vietnam

The special inspection of the business operations of foreign branches operating in Vietnam shall be conducted in accordance with the following provisions:

1. The Ministry of Finance of Vietnam shall conduct specialized inspections of the activities of foreign branches operating in Vietnam in accordance with the law.

2. The insurance regulatory authority of the country where the company's headquarters is located shall conduct inspections of the operations of foreign branches operating in Vietnam as follows:

a) Prior to conducting the inspection, the insurance regulatory authority of the country where the company's headquarters is located must notify the Ministry of Finance of its inspection plan;

b) After completing the inspection, the insurance regulatory authority of the country where the company's headquarters is located shall provide the results of the inspection to the Ministry of Finance."

Article 29. Amend and Supplement Point (a) Clause 2 Article 102 as follows:

"a) Insurance benefits include death benefits and may include total and permanent disability benefits;"

Article 30. Amend and Supplement Point (a) Clause 4 Article 122 as follows:

"a) Decree No. 73/2016/NĐ-CP dated July 1, 2016 of the Government, detailing the implementation of the Insurance Business Law and the Amended and Supplemental Provisions to the Insurance Business Law, except Articles 10, 61, 62, 63, 64, 65, 66, and 67. The provisions of Articles 10 and 61 of Decree No. 73/2016/NĐ-CP shall remain in effect until December 31, 2027. The provisions of Articles 63, 64, 65, 66, and 67 of Decree No. 73/2016/NĐ-CP shall remain in effect until December 31, 2030;"

Article 31. Amend, Supplement, and Replace Certain Phrases, Appendices, and Abolish Certain Articles of Decree No. 46/2023/NĐ-CP as follows:

1. Replace the phrase "identity card" with the phrase "national identity card" in Clause 4 and Point (d) Clause 5 Article 12, Clause 4, Points (a), (d) Clause 5, and Point (d) Clause 6 Article 13, Clause 4 and Point (d) Clause 5, Point (a) Clause 2 Article 15, Point (d) Clause 1 Article 56, Point (d) Clause 2 Article 59, Clause 4, Points (d), (5) and Point (a) Clause 8 Article 64, Point (b) Clause 6 Article 96.

2. Replace the phrase "identity card or national identity card" with the phrase "personal identification number" in Clause 6 Article 12, Clause 8 Article 13.

3. Abolish Clauses 1 of Articles 26, 27, 28, 29, and 30.

4. Abolish Articles 84 and 87.

5. Replace the Appendices I to XIX annexed with Decree No. 46/2023/NĐ-CP with the Appendices I to XIX annexed with this Decree.

6. Supplement Appendices XX and XXI with this Decree."

Article 32. Enforceability

1. This Decree shall take effect from the date of issuance, except as provided in Clause 2 hereof.

2. Articles 25 and 26, and Clause 4 of Article 31 of this Decree shall take effect from July 1, 2026.

Central Committee of the Communist Party of Vietnam;

Prime Minister, Deputy Prime Ministers of the Government;

Central Office and various Committees of the Party;

Office of the General Secretary;

Office of the President;

Ethnic Affairs Council and various Committees of the National Assembly;

National Assembly Office;

Supreme People's Court;

Supreme People's Procuratorate;

State Audit Agency;

Central Committee of the Vietnam Fatherland Front;

Central organs of political-social organizations;

various Departments, Bureaus, subordinate units, and Gazette;

Lru: VT, KTTH (2b) - 70 …, date…month …year…

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

APPLICATION FOR ISSUANCE AND OPERATIONAL LICENSE

To: Minister of Finance.

Based on the Insurance Business Law No. 08/2022/QH15 amended and supplemented by the Law No. 139/2025/QH15;

Based on Decree No. 46/2023/NĐ-CP detailing the implementation of certain provisions of the Insurance Business Law amended and supplemented by Decree No. 97/2026/NĐ-CP.

We (hereinafter referred to as the investor) request the Ministry of Finance to issue an operational license for (the insurance company/the foreign branch in Vietnam/the reinsurance company/the insurance intermediary company to be established), specifically as follows:

I. Information about the Investor

Name and address of the investor/promoter:

1. If an individual, specify full name, date of birth, place of residence, national identity number or passport number.

2. If a company or organization, specify:

Trading name, principal office address, registered capital;

date of establishment, business license/decision to establish.

Name and position of the representative of the company or organization.

II. Information about the proposed insurance company/reinsurance company/foreign branch in Vietnam/insurance intermediary company

1. Full name, abbreviated name, and trading name:

In Vietnamese:

In foreign language (if applicable):

2. Legal form:

3. Proposed location for the principal office, branch, place of business, telephone number, fax:

4. Name and address of the legal representative:

5. Scope of business:

6. Operating scope:

7. Business area:

8. Target customers:

9. Registered capital:

Amount in numbers:

Amount in words:

Shareholding ratio:

Source of funds:

10. Operating period:

We hereby commit to:

1. Being responsible for the truthfulness, accuracy, and compliance with legal provisions regarding the application and attached documents.

2. Strictly adhering to relevant Vietnamese laws on insurance business and the terms of this operational license if issued.

TM. INVESTOR (Sign and stamp)

Attachments: List all accompanying documents clearly.

MINISTRY OF FINANCE

OPERATIONAL LICENSE
AND ACTIVITIES

No.: …/GP/KDBH

Date:

Issued at: Hanoi

Issuing Authority: Ministry of Finance

Hanoi, date … month … year ...

MINISTER OF FINANCE

Based on the Insurance Business Law No. 08/2022/QH15 amended and supplemented by the Law No. 139/2025/QH15;

Based on Decree No. .../.../NĐ-CP dated … of the Government concerning the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Based on Decree No. .../…/NĐ-CP detailing certain provisions of the Insurance Business Law;

Upon consideration of the application and documents dated... month... year... from (the) investor(s) requesting issuance and operational license [name of insurance company/reinsurance company/foreign branch in Vietnam/insurance intermediary company to be established];

as per the request of the Director of the Department of Insurance Supervision.

DECISION:

Article 1. Establishment of Insurance Company/Foreign Branch/Reinsurance Company/Mediation Company in Vietnam

Permits [Investor Name/Founder of the Company]

If an individual, their full name, date and place of birth, place of residence, national identity number or passport number must be specified.

If a company or organization, the following information must be provided:

+ Full name and trading address;

+ Date of establishment, business license/decision document number;

+ Name and position of the representative for such company or organization.

The [full legal name, abbreviated name, and trading name in Vietnamese and foreign languages (if applicable); trading address; legal status of the established insurance company/foreign branch/reinsurance company/mediation company (in case of establishment of a branch, specify the name and trading address of the branch)] is hereby established to engage in insurance/business reinsurance/reinsurance transfer/mediation services in accordance with the Insurance Business Law, implementing regulations thereof, other legal provisions, and the provisions set forth herein.

The insurance company/reinsurance company/mediation company shall have its own seal and open a bank account in compliance with Vietnamese law (for the establishment of an insurance company/reinsurance company/mediation company).

A foreign non-life insurance branch/foreign reinsurance branch is a subsidiary unit of the foreign non-life insurance company/foreign reinsurance company, does not possess legal personality, and is guaranteed by and assumes responsibility for all obligations and commitments of the foreign branch in Vietnam (in case of establishment of a foreign non-life insurance branch/foreign reinsurance branch).

Article 2. Capital

The registered capital of [name of established insurance company/reinsurance company/mediation company] (or the capital granted to [established foreign branch in Vietnam]) is: …(stated numerically and in words), comprising:

1. Shareholders (members) contributing at least 10% of the registered capital:

Article 3. Scope, Content, Scope, and Territoriality of Operations

[Name of established insurance company/foreign branch/reinsurance company/mediation company] is permitted to engage in the following business activities:

1. Business scope/Type of Insurance: [life insurance, non-life insurance, health insurance, mediation services, reinsurance].

2. Permitted business operations: [list corresponding business operations for each type of life insurance/non-life insurance/health insurance].

3. Activities permitted:

[List the activities of the insurance company, foreign non-life insurance branch in Vietnam; reinsurance company, foreign reinsurance branch in Vietnam; mediation company and other activities directly related to insurance business operations as stipulated by the Insurance Business Law]:

4. Territoriality of operations: [nationwide or specific geographic areas].

5. Target customers.

Article 4. Duration of Operation

The [name of the insurance company/foreign branch in Vietnam/reinsurance company/middleman insurance company established] is permitted to operate for a period of [ ] years.

Article 5. Operating Conditions

During its operation, the [name of the insurance company/foreign branch in Vietnam/reinsurance company/middleman insurance company established] must comply with Vietnamese law, the provisions in the Business License and Operation Permit, and the Company's Articles of Association/Regulations Governing Organization and Operation.

Article 6. Effectiveness of the License

This Business License and Operation Permit becomes effective from the date of issuance. Within a period of 12 months from the date of issuance, the [name of the insurance company/foreign branch in Vietnam/reinsurance company] must complete all necessary procedures to commence operations as required by law and report the results of these procedures to the Ministry of Finance.

Article 7. Issuance of the License

This Business License and Operation Permit is made in eight original copies: one copy for [the name of the established insurance company/foreign branch applying for establishment in Vietnam/reinsurance company/applying for establishment of a foreign branch in Vietnam/middleman insurance company]; five copies retained by the Ministry of Finance; one copy sent to the People's Committee of the province where the main office is located; and one copy sent to the business registration authority.

MINISTER

Appendix III (Attached to Decree No. 97/2026/NĐ-CP dated March 31, 2026 by the Government)

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

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

APPLICATION FOR CHANGE OF NAME/CHANGE OF CAPITAL CONTRIBUTION/CAPITAL ISSUED/CHANGE OF MAIN OFFICE LOCATION/CHANGE OF CONTENT, SCOPE AND DURATION OF OPERATIONS/CHANGE OF CHAIRMAN/PRESIDENT/SPECIALIST IN CALCULATION OF THE INSURANCE COMPANY/REINSURANCE COMPANY/FOREIGN BRANCH/ MIDDLEMAN INSURANCE COMPANY

To: Minister of Finance.

Based on the Insurance Business Law No. 08/2022/QH15, amended and supplemented by the Law No. 139/2025/QH15;

Based on Decree No. 46/2023/NĐ-CP detailing the implementation of certain provisions of the Insurance Business Law, amended and supplemented by Decree No. 97/2026/NĐ-CP.

[Full and official name of the insurance company/reinsurance company/foreign branch of an insurance company operating in Vietnam/foreign reinsurance company with a branch in Vietnam/middleman insurance company]

Requesting the Ministry of Finance to approve the Business License and Operation Permit No.:... issued by the Ministry of Finance on ...month...year..., for the following changes [specify only the changed content]:

1. Change of name as follows:

a) Old Name:

Full name of the insurance company/reinsurance company/foreign branch in Vietnam/middleman insurance company:

Trade name:

Abbreviated name (if any):

Foreign language name (if any):

b) New Name:

Full name of the insurance company/reinsurance company/foreign branch in Vietnam/middleman insurance company:

Trade name:

Abbreviated name (if any):

Foreign language name (if any):

c) Reason for change: ...

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents.

2. Change of capital contribution/capital issued as follows:

Old capital contribution/capital issued:

New capital contribution/capital issued:

Reason for change:

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents.

3. Change of main office location of the insurance company/reinsurance company/foreign branch in Vietnam/middleman insurance company as follows:

Old location:

New location:

Reason for change:

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents.

4. Change of content, scope, and duration of operations as follows:

Content, scope, and duration of operations according to the Business License and Operation Permit (and any Amending Permits if applicable):

Proposed changed content, scope, and duration of operations:

Reason for change:

The manner in which commitments and responsibilities with customers, employees, the State, and other relevant parties will be addressed (for cases where the scope of operations is reduced).

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents.

5. Change of Chairman of the Board of Directors (Chairman of the Shareholders' Meeting), President (Director), Specialist in Calculation as follows:

Old name of Chairman/President/Specialist in Calculation:

New name of Chairman/President/Specialist in Calculation:

Reason for change:

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents. The Company commits that the Chairman of the Board of Directors (Chairman of the Shareholders' Meeting), President (Director), Specialist in Calculation meet the conditions and standards set forth by the Insurance Business Law and its implementing regulations, as well as the attached documents.

6. Change of name of branch/representative office as follows:

a) Old name:

Full name of the branch/representative office:

Trade name:

Abbreviated name (if any):

Foreign language name (if any):

b) New name:

Full name of the branch/representative office:

Trade name:

Abbreviated name (if any):

Foreign language name (if any):

c) Reason for change: ...

The Company will complete all relevant procedures and undertake to bear legal responsibility for the accuracy and truthfulness of this Application and the attached documents.

MANAGING DIRECTOR/REPRESENTATIVE
IN ACCORDANCE WITH LAW
(Signed and Sealed)

Attachments: List all accompanying documents clearly.

Appendix IV
APPLICATION FOR TRANSFER OF SHAREHOLDERS' CONTRIBUTION

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

..., on... day of... month in the year...

APPLICATION FOR TRANSFER OF SHAREHOLDERS' INTEREST (SUBSCRIPTION RIGHT)

To: Minister of Finance.

Based on Insurance Business Law No. 08/2022/QH15, amended and supplemented by Law No. 139/2025/QH15;

Based on Decree No. 46/2023/NĐ-CP detailing the implementation of certain provisions of the Insurance Business Law, amended and supplemented by Decree No. 97/2026/NĐ-CP.

We are:

[Full and official name of the insurance company/reinsurance company/insurance brokerage firm]

Business License Number:... issued by the Ministry of Finance on... day of... month in the year…

Capital Contribution:

Principal Office Address:

We hereby request the Ministry of Finance to approve the transfer of shares (subscription right) held by a shareholder (member) of our company, [name of shareholder/member transferring shares], with a quantity of shares (subscription right) [ ], valued at transfer [ ] (in Vietnamese Dong) to the buyer, who is [name of individual or organization], Business Registration Certificate (for organizations), personal identification number/passport number (for individuals), and place of issuance.

We will complete all relevant procedures and commit to ensuring the accuracy and compliance with legal provisions as stated in this application and any attached documents.

Attachments:

List clearly the attached documents.

March 2026

MINISTRY OF FINANCE

[Omitted appendix for brevity — view original document for full text.]