THE MINISTRY OF
FINANCE
---------
|
SOCIALIST REPUBLIC OF
VIET NAM
Independence - Freedom - Happiness
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|
No. 125/2012/TT-BTC
|
Hanoi, July 30,
2012
|
CIRCULAR
ON
GUIDING FINANCIAL REGIME APPLICABLE TO INSURERS, REINSURANCE BUSINESSES,
INSURANCE BROKERS AND BRANCHES OF FOREIGN NON-LIFE INSURERS
Pursuant to the Law on Insurance Business No.
24/2000/QH10, dated 9 December 2000;
Pursuant to the November 24, 2010 Law
Amending and Supplementing a Number of Articles of the Law on Insurance
Business No.61/2010/QH12;
Pursuant to Decree No. 46/2007/ND-CP of the
Government dated 27 March 2007 on the financial regime applicable to insurers
and insurance brokers;
Pursuant to the Decree No. 123/2011/ND-CP of
December 28, 2011, detailing a number of articles of the Law amending and
supplementing a number of articles of the Law on Insurance Business, and
amending and supplementing a number of articles of the Government’s Decree No.
45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on
Insurance Business
Pursuant to Decree No.118/2008/ND-CP of the
Government dated 27 November 2008 on functions, duties, powers and
organizational structure of the Ministry of Finance;
At the proposal of the Director of insurance
management and supervision Administration
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Chapter
I
GENERAL
PROVISIONS
Article 1. The scope
and subject of application
This Circular guides the financial regime
applicable to insurers, reinsurance businesses, insurance brokers and branches
of foreign non-life insurers being established and operating legally in Vietnam
Article 2. Principle
of financial management and supervision
The life or non-life insurers,health insurance
businesses, reinsurance businesses, insurance brokers and branches of foreign
non-life insurers are self-responsible for management, use of capital,
supervision of financial operations, result of business and implementation of
their obligations, commitments comply with provisions of law
Article 3.
Interpretation of terms
The terms in this Circular are
construed as follows:
1. The insurers mean life
insurers, non-life insurers, health insurance businesses, reinsurance
businesses, insurance brokers.
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3. The foreign branches mean
branches of foreign non-life insurers.
4. The joint- stock insurance companies
mean joint- stock life insurance companies, joint- stock non-life insurance
companies, joint- stock health insurance companies, joint- stock reinsurance
companies, joint- stock insurance broker companies.
Chapter II
SPECIFIC
PROVISIONS
Section 1.
MANAGEMENT OF PAID-UP CHARTER CAPITAL, ALLOCATED CAPITAL, EQUITY
Article 4.
Management of paid-up charter capital, allocated capital
1. The paid-up charter capital, the allocated
capital
1.1. The paid-up charter capital of
insurers means the amount
actually contributed by the owner to the charter capital of the enterprise.
1.2. The allocated capital of foreign
branch means the amount actually allocated by the foreign non-life insurers to
its branch in Vietnam.
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3. The paid-up charter capital (or the
allocated capital) must correspond with the operational contents, scope and
geographical area of insurance businesses, insurance brokers, and foreign
branches.
3.1. If the paid-up charter capital
(or the allocated capital) is equal to its legal capital, the operational
contents, scope and geographical area of insurance businesses, insurance
brokers, foreign branches shall:
a) Regarding the operational
geographical area: The insurance business shall be permitted to open a maximum of 20
branches and representative offices.
b) Regarding the operational scope:
- The non-life insurers, foreign branches shall
be permitted to conduct business in primary insurance of all types of non-life
insurance and health insurance except for aviation insurance and satellite
insurance.
- The life insurers shall be permitted to conduct
business in operations on life insurance and health insurance except for
investment-linked insurance and pension insurance.
- The insurance brokers shall be permitted to
conduct business in primary insurance broker or reinsurance broker.
3.2. In the case of extending the
operational contents, scope and geographical area apart the operational
contents, scope and geographical area specified in point 3.1, clause 3 of this
Article, the insurance businesses, insurance brokers, foreign branches shall
implement supplement of the paid-up charter capital (or the allocated capital)
as follows:
a) With respect to every branch or
representative office being opened more, the insurance business must add to the
paid-up charter capital so that it is VND 10 billion more than the amount of
its legal capital.
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- With respect to every type of aviation
insurance or satellite insurance, non-life insurers, foreign branch must add to
the paid-up charter capital (or the allocated capital) so that it is VND 50
billion more than the amount of its legal capital.
- With respect to type of investment-linked
insurance, pension insurance, the charter capital supplement of life insurers
shall comply with particular guiding documents of the Ministry of Finance.
c) The added charter capital level for
insurance businesses conduct business in each insurance type specified in
subsection b, point 3.2, clause 3 of this Article is not replaced for the added
charter capital level for establishment of new branch or representative office
specified in subsection a, point 3.2, clause 3 of this Article and vice versa.
d) With respect to the case of
business in both primary insurance broker and reinsurance broker, the insurance
broker must add to the paid-up charter capital so that it is VND 4 billion more
than the amount of its legal capital.
4. The paid-up charter capital of
reinsurance businesses shall not less than the legal capital level specified in
clause 4, Article 43 of the Decree No. 123/2011/ND-CP. The re-insurer being
established, organized and operated before the effective day of this Circular
and whose paid-up charter capital being less than the legal capital, it must
implement supplement of the charter capital within twelve (12) months since
this Circular takes effect.
Article 5.
MANAGEMENT OF EQUITY
1. During course of operation, the
insurers, foreign branches must maintain the equity satisfying the principles
as follows:
a) The insurance businesses, insurance
brokers, foreign branches must always maintain the equity at no less than the
level specified in clause 3, Article 4 of this Circular;
b) The reinsurance businesses paid-up
must always maintain the equity at no less than the level of charter capital
specified in clause 4, Article 43 of the Decree No. 123/2011/ND-CP.
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Section 2.
INSURANCE RESERVES
Article 6.
Objective of establishing insurance reserves
The insurance reserves are the amount
which insurance businesses, reinsurance businesses, foreign branches must set
aside for the objective of paying out its insurance liabilities determined in
advance and arising from insurance contracts, reinsurance contracts which it
has entered into.
Article 7.
The establishing insurance reserves for non-life insurers, health insurance
businesses and foreign insurers
1. The non-life insurers, health
insurance businesses (hereinafter referred to as “non-life insurers”), foreign
branches must establish insurance reserves as prescribed in Article 8 of the
Decree No. 46/2007/ND-CP; and being confirmed by the actuary on insurance
reserves and payment capacity of non-life insurers, foreign branches.
2. The non-life insurers, foreign
branches shall be permitted to select and request the Ministry of Finance to
approve method of establishing insurance reserves in accordance with the guidelines
provided in clause 4 of this Article prior to application. With respect to the
unearned premium reserve and the indemnity reserve, if non-life insurers,
foreign branches apply a different method of establishing, they must be able to
ensure a higher reserving result and must have written approval from the
Ministry of Finance prior to application.
3. A non-life insurer or foreign
insurer is not
permitted to change its
method
of establishing insurance reserves in the same fiscal year. Where a non-life
insurer or foreign insurer changes its method of establishing insurance
reserves for the following fiscal year, it must propose to the Ministry of
Finance which must provide written approval prior to application.
4. Methods of establishing insurance reserves:
4.1. Unearned premium reserve:
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- In the case of insurance products for goods
in transit by road, sea, river, rail and air: equal to twenty- five per
cent (25%) of the total retained premiums for this insurance product of the
fiscal year.
- In the case of other insurance products:
equal to twenty- five per cent (50%) of the total retained premiums for
these insurance products of the fiscal year.
b) Method of establishing the reserve
in accordance with a coefficient of the term of insurance contracts:
- The 1/8 method: This method assumes that
premium from all contracts arising in a quarter of the non-life insurer or
foreign branch is evenly distributed to the months in that quarter, or put
another way all insurance contracts in a specific quarter are assumed to be
valid in the middle of that quarter. The reserve for unearned premiums
shall be calculated by the formula:
Unearned
premium reserve:
=
Retained
premiums
x
Proportion
of unearned premiums
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In the case of insurance contracts
with a term of one year and still effective at 31 December 2012:
Date of
expiry of effectiveness of contract
Proportion of
unearned premiums
Year
Quarter
2013
I
1/8
II
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III
5/8
IV
7/8
In the case of insurance contracts
with a term above one year: the proportion of unearned premiums under the above
formula will have a denominator equal to the term of the insurance contract
(calculated with the number of years) multiplied by 8. Therefore the reserve
for unearned premiums at 31 December 2012 in the case of insurance contracts
with a term of two years and still effective at 31 December 2012 shall be
calculated as follows:
Date of expiry of
effectiveness of contract
Proportion of
unearned premiums
Year
Quarter
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I
1/16
II
3/16
III
5/16
IV
7/16
2014
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9/16
II
11/16
III
13/16
IV
15/16
- The 1/24 method: This method assumes that
premium from all contracts arising in a month of the non-life insurer or
foreign branch is evenly distributed over the month, or put another way all
insurance contracts in a specific month are assumed to be valid in the middle
of that month. The reserve for unearned premiums shall be calculated by the
formula:
Unearned premium
reserve
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Retained premiums
x
Proportion of
unearned premiums
For example The reserve for unearned
premiums at 31 December 2012 shall be calculated as follows:
In the case of insurance contracts
with a term of one year and still effective at 31 December 2012:
Date of expiry of
effectiveness of contract
Proportion of
unearned premiums
Year
Month
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1
1/24
2
3/24
3
5/24
4
7/24
5
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6
11/24
7
13/24
8
15/24
9
17/24
10
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11
21/24
12
23/24
In the case of insurance contracts
with a term above one year: The proportion of unearned premiums under the above
formula will have a denominator equal to the term of the insurance contract
(calculated with the number of years) multiplied by 24. Therefore the reserve
for unearned premiums at 31 December 2012 in the case of insurance contracts
with a term of two years and still effective at 31 December 2012 shall be
calculated as follows:
Date of expiry of
effectiveness of contract
Proportion of
unearned premiums
Year
Month
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1
1/48
2
3/48
3
5/48
4
7/48
5
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6
11/48
7
13/48
8
15/48
9
17/48
10
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11
21/48
12
23/48
2014
1
25/48
2
27/48
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29/48
4
31/48
5
33/48
6
35/48
7
37/48
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39/48
9
41/48
10
43/48
11
45/48
12
47/48
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Unearned premium
reserve
=
Retained premium x
Number of remaining insured days under the insurance contract
number of insured
days under the insurance contract
4.2. Indemnity reserve:
a) Method of establishing this reserve based
on each claim file: According to this method, a non-life insurer or
foreign branch must establish two types of reserve:
- An indemnity reserve for payment of
unresolved claims: made for each type of insurance product by the method of
estimating the amount of pay-out for each claim for which the non-life insurer
of foreign branch is liable, and notified or made but unresolved at the end of
the fiscal year.
- A reserve for payment of losses which have
arisen and for which the insurer is liable, but claims are not yet notified or
made. This reserve must be established for each insurance product by the
following formula:
Reserve for payment
of losses which have arisen but for which claims have not yet been notified
or made for the current fiscal year
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Total indemnity for
claims unmade at the end of the last three consecutive fiscal years
Indemnity for
losses arising in the current fiscal year
Net revenue from
business operations of the current fiscal year
Average delay in
making claims of current fiscal year
=
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x
--------------------
x
------------------
Total indemnity for
losses arising in the last three consecutive fiscal years
Net revenue from
insurance business operations of the previous fiscal year
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Average delay in
making claims of previous fiscal year
In which:
Indemnity for losses arising in any one
fiscal year shall be indemnity for losses actually paid out in the year plus
the reserve for claims unresolved at the end of that fiscal year
The average delay in making claims shall be
the average period from the date loss occurs until the date the non-life
insurer or foreign branch receives notice of loss or a claim dossier
(calculated as a number of days).
If the non-life insurer or foreign branch
fails to have full figures for statistics to establish indemnity reserve for
losses arising and for which the insurer is liable, but claims are not yet
notified or made by the regulated formula, the insurer or foreign branch must
establish under rate equal from 3% to 5% of total premium reserve for each
insurance product.
b) Method of establishing an indemnity
reserve in accordance with the coefficient of arising indemnity:
This method shall apply to establish an
indemnity reserve for each product based on the principle of using data on
indemnity in previous years in order to calculate coefficients of arising
indemnity in order to forecast what the non-life insurer or foreign branch will
have to pay out in the future. Therefore the non-life insurer or foreign branch
must analyze past data to ensure that payment of indemnity over the years
complies with fixed regulations and does not fluctuate abnormally.
For example: The indemnity reserve in
accordance with the coefficient of arising indemnity for a specified product as
at 31 December 2012:
- Step 1: Statistics on all indemnity
pay-outs actually made up to 31 December 2012 and distributed to the year of
the loss and to the year of payment are set out in the following table (the
data in the table is for illustrative purposes only):
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Year of Loss
Year of Indemnity
1
2
3
4
5
6
7
...
...
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2005
5,445
3,157
2,450
1,412
600
352
431
185
...
...
...
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5,847
3,486
1,366
848
1,045
1,054
369
2007
...
...
...
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4,854
1,948
2,554
1,680
489
2008
7,835
...
...
...
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3,888
3,335
2,088
2009
9,763
6,517
...
...
...
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3,984
2010
10,745
6,184
4,549
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2011
14,137
8,116
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2012
15,162
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
According to the above statistical table on
indemnity (see line for year 2005):
The actual indemnity pay-out in 2005 (first
year of indemnity) for losses occurring in 2005 is 5,445 million dong.
The actual indemnity pay-out in 2006 (second
year of indemnity) for losses occurring in 2005 is 3,157 million dong.
The actual indemnity pay-out in 2007 (third
year of indemnity) for losses occurring in 2005 is 2,450 million dong.
And so on,
Statistics on indemnity in the following
years for losses occurring in 2005 shall be calculated the same as above until
there is no more indemnity arising. In this example, after year 2012 (eighth
year of indemnity) there is no indemnity payable for losses occurring in 2005.
Statistics on indemnity for losses occurring
in each year 2006 through to 2012 shall be calculated the same as for year 2005
above. The number of previous years for which statistics need to be kept will
depend on the length of the period from the date the loss occurred until
indemnity has been paid out in full. Normally liability insurance will have a
greater number of such years than other insurance products.
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Unit: Million dong
Year of Loss
Year of Indemnity
1
2
3
4
5
6
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
8
2005
5,445
8,602
11,052
12,464
13,064
13,416
13,847
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2006
5,847
9,333
10,699
11,547
12,592
13,646
14,015
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
5,981
10,835
12,783
15,337
17,017
17,506
2008
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
12,288
16,176
19,511
21,599
2009
9,763
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
19,843
23,827
2010
10,745
16,929
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2011
14,137
22,253
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2012
15,162
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
According to the above statistical table on
accumulated indemnity pay-outs (line for year 2005):
The accumulated indemnity pay-out in 2005
(first year of indemnity) for losses occurring in 2005 is 5,445 million dong.
The accumulated indemnity pay-out in 2006
(second year of indemnity) for losses occurring in 2005 is 3,157 million dong +
5,445 million dong = 8,602 million dong.
The accumulated indemnity pay-out in 2007
(third year of indemnity) for losses occurring in 2005 is 2,450 million dong +
8,602 million dong = 11,052 million dong.
- Step 3: Calculate the coefficient of
arising indemnity over the years by dividing the accumulated indemnity pay-out
for a later year by that of the previous year:
Unit: Million dong
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Coefficient of
arising indemnity
2/1
3/2
4/3
5/4
6/5
7/6
8/7
2005
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1,285
1,128
1,048
1,027
1,032
1,013
2006
1,596
1,146
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1,090
1,084
1,027
2007
1,812
1,180
1,200
1,110
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2008
1,568
1,316
1,206
1,107
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2009
1,668
1,219
1,201
2010
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1,269
2011
1,574
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Coefficient of
average arising indemnity
1,625
1,236
1,163
1,089
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1,030
1,013
Then calculate the average coefficient of
indemnity from the first year to the second year, from the second year to the
third year and so on, by calculating the average value of the coefficient in
each column in the above table.
- Step 4: Use the average coefficient of
indemnity calculated in step 3 above in order to calculate the accumulated
indemnity pay-out of each year for losses occurring in 2005 up to 2012 (the
figures in bold print below):
Unit: Million dong
Year of Loss
Year of indemnity
1
2
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
4
5
6
7
8
2005
5,445
8,602
11,052
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
13,064
13,416
13,847
14,032
2006
5,847
9,333
10,699
11,547
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
13,646
14,015
14,197
2007
5,981
10,835
12,783
15,337
17,017
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
18,031
18,266
2008
7,835
12,288
16,176
19,511
21,599
22,614
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
23,595
2009
9,763
16,280
19,843
23,827
25,948
27,167
27,982
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
2010
10,745
16,929
21,478
24,979
27,202
28,481
29,335
29,716
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
14,137
22,253
27,505
31,988
34,835
36,472
37,566
38,055
2012
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
24,638
30,453
35,417
38,569
40,382
41,593
42,134
According to the table (looking at the line
for year 2012):
The accumulated indemnity pay-out in 2013
(second year of indemnity) for losses occurring in 2012 is 15,162 million dong
x 1.625 = 24,638 million dong (1.625 is the average coefficient of indemnity
from the first to the second year).
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
The accumulated indemnity pay-out in 2015
(fourth year of indemnity) for losses occurring in 2012 is 30,453 million dong
x 1.163 = 35,417 million dong (1.163 is the average coefficient of indemnity
from the third to the fourth year).
The accumulated indemnity pay-out for each
year for losses occurring in years 2011, 2010 down to year 2005 shall be
calculated the same as it was for year 2012.
- Step 5: Estimate the indemnity reserve:
The indemnity reserve as at 31 December 2012
shall be estimated by taking the total estimated pay- out for losses occurring
in all years 2005 through to 2012, less total actual pay-outs for all such
losses calculated up to 31 December 2012, in which:
The total estimated pay-out for losses
occurring in all years 2005 through to 2012 is simply the accumulated indemnity
pay-out for the eighth year of indemnity in the table above.
The total actual pay-outs for all losses
occurring in all years 2005 through to 2012 calculated at 31 December 2012 is
simply the accumulated indemnity figure for the year in the diagonally adjacent
box in the table above.
Unit: million dong
Year of Loss
Year of indemnity
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1
2
3
4
5
6
7
8
Total estimated
pay-out
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Estimated Indemnity
Reserve
2005
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
14,032
14,032
0
2006
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
14,015
14,197
14,197
14,015
182
2007
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
17,506
18,266
18,266
17,506
760
2008
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
21,599
23,595
23,595
21,599
1,996
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
23,827
28,346
28,346
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
4,519
2010
21,478
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
29,716
21,478
8,238
2011
22,253
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
38,055
38,055
22,253
15,802
2012
15,162
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
42,134
42,134
15,162
26,972
TOTAL
208,341
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
58,469
Therefore, on the basis of the above
statistical data on indemnity, the estimated indemnity reserve for insurance
products being researched as at 31 December 2012 will be 58,469 million dong.
4.3. Indemnity reserve for large loss
fluctuation
a) Establishing indemnity reserve for large
loss fluctuation
- Annually, the non-life insurer or foreign
branch must establish the indemnity reserve for large loss fluctuation, even
case insurer or branch use (or not use) this reserve for large loss fluctuation
in a fiscal year.
- The annually maximum establishment level is
applied under rate from 1% to 3% of insurance premium reserve under each
product.
- The establishment of reserve is performed
until this reserve is equal 100% of retained premium in a fiscal year of
non-life insurer or foreign branch
b) The use of
indemnity reserve for large loss fluctuation:
- The indemnity
reserve for large loss fluctuation is used for product occurring large loss
fluctuation.
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- The maximum amount being used from the
indemnity reserve for large loss fluctuation (IRLLF) is calculated by the
following formula:
The amount being
used from IRLLF in the current fiscal year
=
The amount
for indemnity of liability retained in the current fiscal year
-
Total
retained premium of current fiscal year
-
The
unearned premium reserve must establish in current fiscal year
-
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
5. In the period of six (06) months
since the day this Circular takes effect, the non-life insurers must review
method of establishing reserves and do produces for the approval of method of
establishing reserves in order to apply to the future fiscal year as prescribed
in article 7 and article 10 of this Circular.
Article 8.
Establishing insurance reserves with respect to life insurers
1. Life insurers must establish insurance
reserves in accordance with article 9 of Decree No. 46/2007/ND-CP which must be
certified by their actuary.
2. Life insurers shall be permitted to select
and request to the Ministry of Finance for approval of a method and basis of
establishing insurance reserves in accordance with the guidelines provided in
clause 4 of this article prior to application. If an enterprise applies a
different method and basis of establishing insurance reserves, then it must be
able to ensure a higher reserving result and must have written approval from
the Ministry of Finance prior to application.
3. A life insurer is not permitted to change its
method and basis of establishing insurance reserves in the same fiscal year.
Where an insurer changes its method and basis of establishing insurance
reserves for the following fiscal year, it must propose same to the Ministry of
Finance which must provide written approval prior to application.
4. Method of establishing insurance
reserves with respect to life insurer business in life insurance and health
insurance (except for investment-linked insurance and pension insurance):
4.1. Actuarial reserves
a) The life
insurer is entiled to actively select method of establish actuarial reserves
for insurance contracts with term over 01 year in order to ensure the insurance
liability in the future such as: the gross premium valuation method, net
premium valuation method, net premium method adjusted by Zillmer or other
methods under international practice
b) In all cases, the methods of
establishing mathmatical reserves of life insurers must ensure result not less
than reserve calculated under the method and basis below:
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- Basis of establishing reserves: the Mortality table CSO
1980, the maximum technical interest rate not exceeding eighty (80) per cent of
the ten (10) year Government bond interest rate at the most recent date before
establishing the reserve, and other technical basis in conformity with
insurance benefits and rights committed with clients by life insurers for
insurance product approved by the Ministry of Finance.
c) Actuarial reserves will be deemed equal to
zero (0) if the result after calculations using the above- mentioned method and
bases is a negative number.
4.2. Unearned premium reserve: is
calculated on the gross premium under methods specified in point 4.1, clause 4,
article 7 of this Circular and applied to only insurance contracts with the
term of one (01) year or less than.
4.3. Indemnity reserve:
a) Indemnity reserve for unresolved claims: be
establish under method each dossier with established level based statistic of
payable insurance amount for each dossier claim noticed or made to the
life insurers but have not yet been resolved at the end of fiscal year
b) Indemnity reserve for losses arising for
which the non-life insurer of foreign branch is liable but claims have not yet
noticed or made: just apply to insurance contracts with the term of one (01)
year or less than.
4.4. Profit distribution reserve including
two kinds
a) Reserve for publicized profit
- For contracts dividing profit in
cash:
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=
Total dividends
declared to distribute for policyholders in fiscal year
+
Total accumulated
value of unpaid dividends declared to distribute for policyholders in
previous fiscal years
- For contracts dividing profit in form of accumulated guarantee
dividends:
Profit distribution
reserve
=
The guarantee
dividends declared to distribute for policyholders in fiscal year
+
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b) Reserve for profit not yet publicized
Reserve for profit not yet publicized
is current value of dividends going to be distributed for policyholders in the
future aiming to ensure provisions in clause 2, Article 27 of this Circular,
calculated by assets of policyholders' funds participating in profit
distribution less debts of fund, support capital from owner and profit
distributed in current year. Establishing
this reserve must ensure principles:
- The rate of annual contribution of this
reserve is not exceeding 10% of total surplus of policyholders' funds
participating in profit distribution araising in such year.
- Total value of reserve to profit not yet
publicized at any time is not exceeding 0.5% mutiplied by the average remaining
time limit of contracts participating in profit distribution mutiplied by total
liability level of policyholders' funds participating in profit distribution at
such time.
4.5. Balance reserve: Annual
contributions shall be one (1) per cent of the before-tax profit of the life
insurer, made up until the time when this reserve is equal to five (5) per cent
of the premiums collected in the fiscal year of an insurer.
5. Method of establishing insurance
reserves apply to the investment-linked insurance and pension insurance
complies with particular guiding documents of the Ministry of Finance.
Article 9.
Establishing insurance reserves for reinsurance businesses
1. The reinsurance businesses conducting
business in non-life reinsurance and health reinsurance must establish types of
insurance reserve similart to non-life insurers as prescribed in Article 8 of
the Decree No. 46/2007/ND-CP.
The reinsurance businesses conducting
business in non-life reinsurance must establish types of insurance reserve
similart to life insurers as prescribed in Article 9 of the Decree No.
46/2007/ND-CP.
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3. The reinsurance businesses are
prohibited to change method of establishing insurance reserves in a same fiscal
year. Where a re-insurer changes its method of establishing insurance
reserves for the following fiscal year, it must propose to the Ministry of
Finance which must provide written approval prior to application.
Article 10.
Proceduces for approval of application (or modification) of methods of
establishing insurance reserves
1. Before application (or modification)
of methods of establishing insurance reserves, the insurers, re-inrurers,
foreign branches shall send to the Ministry of Finance one (01) set of dossier
to request for approval of application (or modification) of methods of
establishing insurance reserves, including the following documents:
a) An written request for application
(or modification) of methods of establishing insurance reserves, signed by the
legal representative of the insurance businesses, reinsurance businesses,
foreign branches including the following documents: In case of modification of
methods of establishing insurance reserves, it should clearly state the
reason therefore.
b) Materials providing explanations,
and illustrations on methods of establishing insurance reserves espected to
apply, confirmed by the reserve and solvency margin actuary (for non-life
insurers, reinsurance businesses, forein branches) of the actuary (for the life
insurers) In case of modification of methods of establishing insurance
reserves, the materials providing explanations must prove the new method of
establishing giving the establishing result higher than the result of old
method of establishing.
2. Within eleven (11) days, from the day
receiving a full and valid dossier as prescribed in clause 1 of this Article,
the Ministry of Finance shall give as written result on approval or refusal of
the request for approval of application (or modification) of methods of
establishing insurance reserves of the insurance businesses, reinsurance
businesses, or foreign branches. In case of refusal, it should clearly state
the reason therefore.
Section 3. FINANCIAL
INVESTMENT
Article 11.
The principles of investment
The financial investment operation of
insurers, foreign branches must ensure the principles:
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2. It is prohibited to have loans for
direct investment (or investment trust) in securities, real estates, contribute
capital in other enterprises.
3. It is prohibited to reinvest in any of
the forms with shareholders (members) or related persons specified in the the
Law on Enterprise, except for deposits at shareholders (members) being credit
institutions.
4. The investment in the form of deposits
at credit institutions (inclusive of credit institutions being shareholders,
contributing members), the insurers, and foreign branches must select credit
institutions under group 1 and group 2 under the ranking evaluation of the
State bank.
5. To account separately for investments
from owner's capital, idle capital from insurance reserves, and other
legitimate source as prescribed by law; ensuring that the recording of invested
assets is conducted uniformly.
6. The offshore investments must be
approved by the Ministry of Finance before implementation.
Article 12.
Investment of equity
1. The equity of the insurers and foreign
branches are used as follows:
1.1. Being invested as prescribed in
clause 1, Article 12 of the Decree No. 46/2007/ND-CP, Article 11 of this
Circular and guides specifying:
a) For construction and setting up
technical infrastructure, equipment servicing business operation and covering
expenses for business operation of the insurers, foreign branches.
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- The non-life insurers, reinsurance
businesses, insurance brokers, foreign branches conduct investments as
prescribed in clause 1, Article 14 of the Decree No. 46/2007/ND-CP;
- The life insurers conduct investments as
prescribed in clause 2, Article 14 of the Decree No. 46/2007/ND-CP.
1.2. The insurers being granted the
license for eatablishment and operation prior to the effective day of this
Circular must conduct adjustment of investment portfolio from equity as
prescribed in clause 1 of this Article within three (03) years from the
effective day of this Circular.
2. The insurers, foreign branches are
permitted to invest abroad as prescribed in clause 2, Article 12 of the Decree
No. 46/2007/ND-CP and guides specifying as follows:
2.1. The insurers and foreign branches
shall be permitted to make offshore investments of that part of equity which
exceeds the legal capital level or the minimum solvency margin, whichever is
the greater.
2.2. The offshore investments are
permitted to conduct in only the following forms:
a) Establishment or capital
contribution for establishment of insurers overseas; establishment of branches
of insurers overseas;
b) Other offshore investments as
prescribed by law.
2.3. The offshore investments of the
insurers, foreign branches must comply with provisions of law on insurance
business, law on offshore investment, law on foreign exchange control, be
approved by the Ministry of Finance and made in the name of such enterprises,
branches.
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a) Before conducting (or adjusting,
teminating) the offshore investments, the insurers, foreign branches must
submit to the Ministry of Finance one (01) set of dossier of request, including
the following materials:
- The written request signed by the legal
representative of the insurer or foreign branch;
- The
written approval of competent authorities under the organization and
operational charter (for the insurer) or the organization and operational
regulation (for the branch) on the insurer or branch conducts (or adjusts,
terminates) the offshore investment;
- The materials providing explainations on
conducting (or adjusting, terminating) offshore investments;
In case of conducting or adjusting
offshore investment, the materials must state clearly: Objective of investment,
form of investment, capital sources of investment, capital scale of investment,
implementation schedule of investment, expectation of investment effectiveness,
contract or written agreement with partner (if any).
In case of adjusting scale of
investment capital sources and form of offshore investment, the materials must
state clearly situation, result of investment, difficulties, advantages (if
any) and plan on adjustment.
In case of termination of offshore
investment, the materials providing explaination must state clearly reason of
termination, result of investment, ability of invested capital recovery and the
expected duration of investment termination.
b) Within twenty one (21) days, from
the day or receiving a full and valid dossier, the Ministry of Finance shall
have written answer for approval or refusal. In case of refusal, it should
clearly state the reason therefore.
Article 13.
Investment of idle capital from insurance reserves
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2. The foreign branches conduct
investments of idle capital from insurance reserves similar to the non-life
insurers as prescribed by law.
3. The reinsurance businesses conduct
investment of idle capital from insurance reserves as prescribed in clause 2
Article 44 of the Decree No. 123/2011/ND-CP and guides specifying:
a) For insurers business in both life
reinsurance, non-life insurance and health reinsurance, they must account
separately the idle capital from insurance reserves of each type of
reinsurance;
b) The idle capital from insurance
reserves of type of life reinsurance is conducted similar to the investment of
idle capital from insurance reserves of life insurers as prescribed by law. The
idle capital from insurance reserves of type of non-life reinsurance and health
reinsurance is conducted similar to the investment of idle capital from
insurance reserves of non-life insurers as prescribed by law.
Section 4.
SOLVENCY OF INSURANCE BUSINESS ENTERPRISES, REINSURANCE ENERPRISE AND FOREIGN
BRANCHES
Article 14. Solvency
1. The insurance business enterprise,
reinsurance business enterprise and foreign branches maintain the solvency
during the process of business operation under provisions in Article 15 of
Decree No. 46/2007/ND- CP.
2. The insurance business enterprise,
reinsurance business enterprise and foreign branches are in danger of losing
the solvency when the solvency margin is lower than the minimum solvency margin
Article 15. Minimum
solvency margin
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a) The minimum solvency margin of the
non-life insurance enterprises and foreign branches is the bigger number of the
following calculation result:
25% of retained premiums at the time
of the solvency margin calculation;
12.5% of total original insurance
premiums and reinsurance premium at the time of calculation of solvency margin.
b) For insurance contracts of reinsurance
assignment not meeting the conditions for reinsurance assignment as prescribed
by the Finance Ministry, the minimum solvency margin is calculated by 100% of
original insurance premium of those insurance contracts.
2. The minimum solvency
margin of the life insurance enterprise:
a) For life insurance contract with
validity of five (05) years or less shall be equal to the sum of 4% of
insurance provision and 0.1% of the amount of risk insurance;
b) For life insurance contract with
validity of five (05) years shall be equal to the sum of 4% of insurance
provision and 0.3% of the amount of risk insurance;
The amount of risk insurance is the
difference between the total premiums of the valid insurance contracts and
total professional provision.
3. The minimum solvency margin of the
reinsurance enterprise:
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b) For life reinsurance enterprises, the
minimum solvency margin shall comply with provisions in Clause 2 of this
Article.
c) For enterprises of all three types of
life reinsurance, non-life reinsurance and health reinsurance, the minimum
solvency margin shall be equal to the total minimum solvency margin for each
type of business operation specified at Points a and b, Clause 3 of this
Article.
Article 16. Solvency
margin
1. The solvency margin of the insurance
business enterprises, reinsurance enterprises and foreign branches is the difference
between the property value and payable debts at the time of calculation of the
solvency margin
2. The liquidity of the
assets when calculating the solvency margin is determined as follows:
2.1. The assets are accepted the whole
accounting value:
a) The amounts include cash, deposits at
credit institutions (except the deposits prescribed at Item h, Point 2.3,
Clause 2 of this Article), cash in transit, government bonds.
b) The properties corresponding to the
insurance contracts of investment-linked insurance operation
2.2. The assets excluded a partial
accounting value:
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- Guaranteed corporate bonds: eliminating 1% of
accounting value;
- Non-guaranteed
corporate bonds: eliminating 3% of accounting value;
- Listed stocks: eliminating 15% of
accounting value;
- Non-listed stocks: eliminating 20% of
accounting value;
- Investing in real estate used by the
enterprise: eliminating 8% of the accounting value;
- Investing in real estate for lease,
guaranteed commercial loans: eliminating 15% of the accounting value;
- Capital contributed to other enterprises
except for insurance enterprise: eliminating 20% of the accounting value;
b) The receivables:
- Receivable of
insurance premium and overdue reinsurance premium from ninety (90) days to less
than 1 year after deducting provisions for corresponding bad debts as
prescribed by the law: eliminating 30% ;
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c) Tangible fixed assets, intangible
fixed assets are computer software and inventory: eliminating 25% of accounting
value.
d) Other assets: eliminating 15% of
2.3. The assets are eliminated the entire of accounting
value.
a) The contributed capital to establish
insurance business enterprise, other reinsurance enterprises from the owner
equity;
b) The assets corresponding to the reward
fund and welfare (if any);
c) The unrecoverable debts prescribed by the
law after
deducting provisions for corresponding bad debts.
d) Intangible fixed assets other than
computer software;
dd) Prepaid expenses, non-guaranteed loans
are not guaranteed, the advances, equipment and office supplies, internal
receivables;
e) Insurance premium receivable and
reinsurance premium receivable overdue for more than two (02) years after
deducting the provisions for corresponding bad debts as prescribed by the law;
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h) The deposits at credit institutions do not
fall in group 1 and group 2 according to the rating of the State Bank;
i) The investments
in the assets exceed the limits prescribed by law.
3. Where the solvency margin of the
insurance business enterprises, reinsurance enterprises and foreign branches is
lower than the minimum solvency margin prescribed in Article 15 of this
Circular, enterprises and branches must immediately apply the provisions of
Article 78, Article 79 of the Law on Insurance Business and Article 19 of
Decree No. 46/2007/ND-CP.
SECTION 5. REVENUES,
EXPENSES OF INSURANCE BUSINESS ENTERPRISE , REINSURANCE ENTERPRISES AND FOREIGN
BRANCHES
Article 17. Revenues,
expenses of insurance business enterprise , reinsurance enterprises and foreign
branches
1. Revenues from insurance business
activities
a) For insurance business enterprises and
foreign branches: Collecting original insurance premiums, reinsurance premium,
commission of reinsurance assignment, fee of agent services including damage
assessment, solution of compensation, requiring the third party to make
compensation and treat compensated goods of 100%, collecting damage assessment
fee regardless of assessment among members units of internal accounting in the
same insurance business enterprise of independent accounting after deducting
the amounts payable to reduce revenue such as insurance refunding, insurance
premium reduction, reinsurance assignment premium, reinsurance premium
refunding, reinsurance premium reduction, reinsurance assignment commission
refunding.
b) For reinsurance enterprises: Collecting
reinsurance premium, reinsurance assignment commission, fee of agent services
including damage assessment, solution of compensation, requiring the third
party to make compensation and treat compensated goods of 100%, collecting
damage assessment fee after deducting the amounts payable to reduce revenue
such as reinsurance assignment fee, reinsurance premium refunding, reinsurance
assignment commission reduction.
2. Revenue from financing activities:
Proceeds from investment activities, securities trading interests from security
deposit funds and proceeds from other financial activities prescribed by law.
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Article 18.
Principles to determine revenues of insurance business enterprises, reinsurance
enterprises and foreign branches.
1. Revenues from insurance business
activity is the amount receivable generated in the period and is defined by the
following principles:
1.1. Insurance business enterprises and
foreign branches shall account the original insurance premium into revenue when
incurred insurance liability for the insurance buyers as follows:
a) When the insurance contracts are
concluded between the insurance business enterprises and foreign branches and
the insurance buyers have fully paid insurance premium.
b) There is evidence that the insurance
contracts have been concluded and the insurance buyers have fully paid
insurance premium.
c) The insurance contracts are concluded
and the insurance business enterprises and foreign branches have agreed to let
the insurance buyers to owe the premiums in the insurance contract. In this
case, the insurance business enterprises and foreign branches still account
into income the amount the insurance buyers owe although the premiums have not
been paid yet. The specific circumstances include:
- Where the insurance business enterprises and
foreign branches agree to let the insurance buyers extend premium debt, this
must be made into the insurance contract addendum during the time the
insurance contract is still effective and before the date of the damage
occurrence.
- Where the insurance business enterprises and
foreign branches agree with the insurance buyer on periodical premium payment,
the enterprises and branches shall account into income corresponding to the
period or the periods of insurance premium has generated; not account into the
income the undue premium that the buyer must pay due to as agreed upon.
- In any case, the time of premium debt shall
not exceed the insurance period of the insurance contract. Particularly for the
cargo insurance for customers with many insured shipments in the year and
travel insurance for customers with a lot of traveling insured in the year. If
the insurance business enterprises and foreign branches and insurance buyers
have signed the principle insurance contracts (or the package insurance
contract) on the way how to be insured and the payment method, the time limit
for payment of the insurance contracts signed this month shall be no later than
the 25th of the next month.
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- The non-life insurance enterprise and foreign
branches records reduction of revenues corresponding to the time the insurance
contract does not result in the liabilities because the insurance buyers do not
pay the premium as agreed upon premium debts.
For insurance contracts without
agreement on the premium payment period, the insurance contracts shall not
result in insurance liabilities and the insurance business enterprises and
foreign branches must not account in the revenue.
1.2. In case of co-insurance, the business enterprises
and foreign branches account into the income the original premium and are allocated
in proportion to the co-insurance.
1.3. The insurance business enterprises,
reinsurance enterprises, foreign branches account the reinsurance premium,
reinsurance assignment commissions and other proceeds arising from reinsurance
assignment operations when the payment for reinsurance is confirmed.
Where the insurance business
enterprises, reinsurance enterprises and foreign branches have agreed with the
reinsurance assignor on the periodical premium payment, it shall be accounted
in the income corresponding to the period or periods of generated reinsurance
premium, not account in the income the undue premium the reinsurance assignor
has to pay.
1.4. For the remaining incomings: The
insurance business enterprises, reinsurance enterprises, foreign branches shall
account in the revenue as soon as the economic activity generates and there is
evidence of acceptance of payment from the parties, regardless of whether having
earned money or not.
1.5. For accounts payable to reduce
revenues: The insurance business enterprises, reinsurance enterprises, foreign
branches shall account in reduced income as soon as the economic activity
generated, there is evidence of the parties’ acceptance, irrespective of
whether the money spent or not.
2. Revenue from financing activities:
accounting in the income as soon as economic activity generated, there is
evidence of acceptance of payment of the parties, regardless of whether having
earned money or not.
3. Income from other activities:
accounting in the income when there is evidence of acceptance of payment of the
parties, regardless of whether having earned money or not.
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The expenses of the insurance
business enterprises, reinsurance enterprises, foreign branches are accounts
payable and deductible arising in the period including:
1. Expenses of insurance business operation:
a) The indemnity under the original insurance
contract (for non-life insurance), premium payments (for life insurance),
compensation payment under the reinsurance contract after deduction of amounts
receivable to reduce revenue such as compensation for reinsurance assignment,
compensation collected from a third party, collection from goods treated and
compensated by 100%;
The payment of original insurance for
non-life insurance enterprises and foreign branches must be in line with
provisions in insurance contracts agreed upon between the parties and with
evidence of damage occurrence;
The payment of premium for life insurance
enterprises must be in line with provisions in insurance contracts agreed upon
between the parties and with evidence of damage occurrence;
b) Setting aside the operation provision as
prescribed in Article 7, 8 and 9 of this Circular.
c) Paying the insurance agent commission and
reinsurance commission;
d) Paying insurance brokerage enterprises
including: paying insurance brokerage commission and other expenditures as
prescribed. In any case, the expenditures for insurance brokerage enterprises
shall not exceed 15%
of the premiums actually collected;
dd) Expenditure for damage assessment;
survey, information gathering related to insurance events;
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g) Expenditure for treatment of damaged goods
that have been compensated by 100%.
h) Expenditure for insurance agent:
- Expenditure for insurance agent management
includes: expenditure
for initial training and exam for agent certificate, for training to improve
knowledge for the agent, for agent recruitment, agent rewards and agent
support.
- For enterprises with non-life insurance and
foreign branches, in any case, expenditure for agent rewards and agent support
shall not exceed 50% of the insurance commission of the insurance contracts
implemented in the fiscal year.
i) Expenditure for prevention and limitation
of loss:
- Spending levels for the prevention and
limitation of losses
should not exceed 2% of the premiums actually collected in the fiscal year
spent on measures to prevent or limit losses as prescribed in Clause 2, Article
25 of Decree 45 / 2007/ND-CP.
- Expenditure must be for the right
purpose as prescribed by law and make sure to have all invoices, documents or
evidence.
k) Expenditure for risk assessment of the
insured including expenses for the collection of information, investigation and
evaluation of the insured;
l) Compulsory deductions made in
accordance with the regulations of the law on insurance business;
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2. Expenses of financial activities
a) Expenses of investment operation as prescribed;
b) The payment to the insured on the
investment income as committed in the life insurance contract.
c) Payment of loan interest and procedure
fee;
d) Other expenditure and deduction as
prescribed by law..
3. Other operation expenses:
a) Expenditure for sale and liquidation of
fixed assets;
b) Expenses of the recovery of bad debt
written off but now recovered.
c) Leading fee of the leading
insurance companies in case of co-insurance (if the parties have written
agreement on this expenditure.
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Section 6. REVENUE
AND EXPENSES OF INSURANCE BROKERAGE ENTERPRISE
Article 20. Revenue
of the insurance brokerage enterprise
Revenue of the insurance brokerage enterprise
is prescribed in the Article 24 of the Decree No. 46/2007/ND-CP including:
1. Revenue of the insurance brokerage
activities includes: Proceeds from insurance brokerage commission, from
cooperation activities with the other insurance brokerage enterprises for the
implementation insurance brokerage and other proceeds as prescribed by law
after deducting the accounts payable to reduce revenue such as: reduction of
insurance brokerage commission, refunding of insurance brokerage commission.
2. Revenue from financial activities:
Proceeds from deposit interests, interest on loans and other revenues and other
financial activities prescribed by law.
3. Income from other activities: Proceeds
from sale or liquidation of fixed assets; the written-off bad debts now
recovered; other proceeds as prescribed by law.
Article 21. Principle
to determine revenue of the insurance brokerage enterprise
1. Revenue of insurance brokerage operations:
a) Insurance brokerage enterprise shall
account the insurance brokerage commission in the income when incurred insurance
liability of the insurance business enterprise and foreign branches for the
insurance buyers under the insurance contract, regardless of whether having
earned money or not.
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b) For accounts payable to reduce the
revenue prescribed in Clause 1, Article 20 of this Circular: accounting in the
income reduction as soon as economic activity generated and there is evidence
of acceptance from the parties, irrespective of whether the money spent or not.
2. Revenue from financial activities:
accounting in the income as soon as economic activity generated, there is
evidence of acceptance of payment from the parties, regardless of whether
having earned money or not.
3. Income from other activities:
accounting in the income when there is evidence of acceptance of payment from
the parties, regardless of whether having earned money or not.
Article 22. Expenses
of insurance brokerage enterprise
1. The expenses of insurance brokerage
enterprise is prescribed in the Article 25 of the Decree No. 46/2007/ND-CP
including:
a) Expenses of insurance brokerage
activities: expenditure for insurance brokerage activities, for the cooperation
with other insurance brokerage enterprises to perform the insurance brokerage
activities, expenditure for buying the occupational liability insurance, other
expenditures and deduction as prescribed by the law.
b) Expenses of financial activities: expenditure
for banking procedure fee, loan interest payment and other expenditure for
other financial activities as prescribed by law.
c) Expenses of other activities: expenditure for
sale, liquidation of fixed assets; expenses of written-off bad debts now
recovered; other expenditures as prescribed by law.
2. Expenditures of insurance brokerage
enterprise generated in period must have invoice or valid documents.
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Section 7. FUND
SPLITTING AND SURPLUS DIVISION IN LIFE INSURANCE.
Article 23. Owner
fund and contract owner fund splitting
1. Life insurance
enterprises must be split and separately accounted the owner’s equity premiums
source collected from the insurance buyer (hereinafter referred to as fund
owners and contract
owner fund).
2. The contract owner fund is split into the
contract owner fund without interest division participation and the contract
owner fund with interest division participation in conformity with the
principles of enterprise fund splitting principles that have been registered
with the Ministry of Finance. Depending on the requirement of the Ministry of
Finance and the actual implementation of activities of life insurance
enterprise, the contract owner funds can be split in more details.
3. The splitting and
accounting of assets, capital resources, revenues, expenses and result of
business and operation result of each fund must be fair, reasonable and
objective.
4. The assets from the contract owner funds
are used to meet the responsibilities and expenses related to the business
transactions of those insurance contract owner funds. The insurance enterprise
may not use assets of the contract owner funds to pay the fines for legal
violations, breaches of contracts of insurance enterprises and advertising not
in line with insurance products, expenditure for charity.
5. The transaction
arising on assets, capital, revenues, and expenses directly related to any fund
will be recorded for that fund.
Article 24.
Principles to allocate the transaction arising on assets, capital,
revenues, and expenses directly related to many funds
1. The determination of assets of the insurance
contract owner fund and owner fund shall be done as follows:
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b) The assets of the contract owner fund include
the assets formed from the owner fund and fixed assets and unfinished capital
construction works.
2. The determination of capital source of the
insurance contract owner fund and capital source of owner fund shall be done as
follows:
a) The capital source of the insurance contract
owner fund includes:
- Insurance operation insurance except for provision
to ensure the balance;
- Debts directly related to the insurance
contract owner fund shall be allocated to the insurance contract owner fund on
the basis of corresponding allocation criteria.
b) The capital source of the owner fund
includes:
- Owner capital;
- Debts directly related to the owner fund
shall be allocated to the owner fund on the basis of corresponding allocation
criteria.
- Provision to ensure the balance;
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- Revenue from insurance business activities;
- Revenue from the asset investment activities
of the insurance contract owner fund;
- Other income directly related to the
insurance contract owner fund shall be allocated to the insurance contract
owner fund on the basis of corresponding allocation criteria.
4. Revenue of the owner fund includes:
- Revenue from the asset investment activities
of the owner fund;
- Other income directly related to the owner
fund or allocated to the owner fund on the basis of corresponding allocation
criteria.
5. Expense of the insurance contract owner fund:
- Expenditure for premium, provision of
insurance operation (except for provision to ensure the balance) and commission
directly related to each insurance contract owner fund;
- Expenditure for damage, agent management,
prevention and limitation of loss, evaluation of risk of insured and for
salary;
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- Other expenses directly related to the
insurance contract owner fund or the expenses of allocation to the insurance
contract owner fund;
- Chi trích Quỹ bảo vệ người được bảo
hiểm
Expenses and deduction for protection of the insured;
- General expenses allocated to the contract
owner fund;
- Other expenses and deduction as prescribed by
the law.
6. The expenses of the owner fund include:
- General operation expenses are allocated to
the owner fund on the basis of corresponding allocation criteria including the
salary expense and salary payment, expense of advertising, salary, depreciation
of fixed assets, office lease, office stationery and other expenses.
- Expenses and deduction for provision to
ensure the balance;
- Expenses for the asset investment activities
of the owner fund;
- Other expenses directly related to the owner
fund or allocated to the owner fund on the basis of corresponding allocation
criteria.
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7.1. The allocation criteria of a number of
general operation expenses between the contract owner fund and owner fund.
a) Expenses of enterprise management: are allocated
to the contract owner fund and owner fund according to the statistics of the
serving time for each fund.
b) Expenses of financial activities: are
allocated by
the proportion of investment assets of each fund.
7.2. The allocation criteria of a number of
expenses of general operation between the contract owner fund.
a) Expenses of enterprise management: are
allocated by
the proportion of total fee revenue of each contract owner fund.
b) Expenses of financial activities: are
allocated by
the proportion of investment assets of each fund.
c) Selling expenses are
allocated according to the proportion of new fee revenue of each contract owner
fund.
d) Direct expenses of insurance business
activities:
- Expenses of assessment and issue of contract
are allocated by new exploitation revenue.
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Article 25.
Responsibilities for management of contract owner fund and owner fund of the
life insurance enterprise
1. Life insurance
enterprise must determine the allocation principles of transactions arising on
assets, capital sources, revenues and expenses related to each fund. Before
applying the allocation principles or change of this allocation principle, the
life insurance enterprises must submit the Ministry of Finance one (01) set of
requesting dossier and must be approved by the Ministry of Finance.
Dossier to request the application (or change
of application) of the allocation principles of transactions arising on
assets, capital sources, revenues and expenses related to many funds including
the following documents:
a) Documents to request the application of the
allocation principles of transactions arising on assets, capital sources,
revenues and expenses related to many funds with the signatures of the
enterprise’s legal representative. In case of change of allocation principles,
the reason must be clearly stated.
b) Documents explaining the allocation
principles estimated to be applied with the certification of calculating expert
of the enterprise.
Within thirty (30) days from the date of
fully receiving valid dossier, the Ministry of Finance shall give written
approval or disapproval for the enterprise’s proposal. In case of disapproval, the reason
must be clearly stated.
2. The calculating expert of the life insurance
enterprise shall guarantee the transactions related to a lot of funds that must
be concentrated and allocated to each fund on the basis of fairness and
rationality.
3. The life insurance enterprise shall make
report on the splitting and maintenance of owner fund and contract owner fund
under the Form No. 10-NT of this Circular with the certification of the
independent auditing firm.
4. The legal representative, calculating expert
and chief accountant of the life insurance enterprise shall take responsibility
for the accuracy of data of the insurance contract owner fund, owner fund and
division of interest to the insured.
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1. Where the contract owner fund is in
deficit (assets value lower than liabilities level), life insurance enterprise
should be responsible for supplementation from the owner funds to that contract
owner fund the deficit. When that contract owner fund gains the surplus (the
positive difference between assets and the fund liabilities), the enterprises
shall be refunded a part of the whole amount of money previously supplemented
but excluding the interests for the contract owner fund on the condition the
refunding does not completed in part or full amount added before but not for
the profits to fund holders, provided the reimbursement does not lead to
deficits of that contract owner fund.
2. In case the life insurance enterprise
maintains a lot of contract owner funds, the enterprise shall not be entitled
to use the surplus of these contract owner funds to supplement other contract
owner funds that are in deficit.
3. The life insurance enterprise must record in
writing all transactions related to deficit offset from owner fund to the contract
owner fund and refund from the contract owner fund to the owner fund. These
transactions must be shown in the periodic fund splitting report with the
certification of the calculating expert and chief accountant of the enterprise.
Article 27. Surplus
division in life insurance
1. Where the insurance
contract onwer fund with participation in interest division has surplus at the
end of the fiscal year, the life insurance enterprise may use a part or the
whole of the surplus to distribute it to the insurance contract owners of those
contract owner funds and the owners after there is the approval of the
calculating expert. The surplus of the contract owner fund remains undivided
for the purpose of ensuring the stability of the surplus division in the future.
2. The life insurance enterprise can choose the
method of surplus division of the contract owner fund in the form of cash
payment to the contract owner, accumulative annuity payment or increase of
insurance amount and submit it to the Ministry of Finance for approval. The
method of surplus division of the contract owner fund must ensure the fairness
between the contract owners. In any case, the life insurance enterprises shall
ensure that all insurance contract owners receive no less than 70% of the total
interests gained or the surplus difference between the actual
surplus and assumptions about the mortality rates, investment interests and
costs in case of any larger number. Any change in the method of surplus
division ground of contract owner funds of the insurance enterprise must be
approved by the Ministry of Finance.
3. The procedure for the approval of the method of
surplus division of contract owner funds.
a) Before applying the method of surplus
division of contract owner funds, the life insurance enterprise shall submit
the Ministry of Finance one (01) set of dossier to request the approval of the method of
surplus division including the following documents:
- Written proposal for the application (or
change of application ) of the method of surplus division of contract owner
funds with the signature of the legal representative of the insurance
enterprise. In case of change of the method of surplus division, the reason
must clearly stated.
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b) Within thirty (30) days from the date of
fully receiving valid dossier prescribed at Point a, Clause 3 of this Article,
the Ministry of Finance shall give written approval or disapproval for the
enterprise’s proposal. In case of disapproval, the reason must be
clearly stated.
Section 8. PROFITS
AND PROFIT DISTRIBUTION
Article 28. Profits
and profit distribution
1. Profits and profit distribution of insurance
enterprises and foreign branches shall comply with the provisions of Chapter V
of Decree No. 46/2007/ND-CP.
2. Insurance business enterprises, reinsurance
enterprises and foreign branches are only permitted to distribute the remaining
profits prescribed by law after meeting the provisions on payment capacity.
Section 9. FINANCIAL
MANAGEMENT, INTERNAL AUDIT AND INDEPENDENT AUDIT
Article 29. Structure
of charter capital of joint stock insurance company
1. The structure of charter capital of joint
stock insurance company must ensure the following principles
1.1. One shareholder as an individual can
own 10% charter capital maximally
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a) Owning shares in
order to restore the solvency of the insurance business enterprises and
reinsurance enterprises in case of loss of solvency.
b) Owning state shares
in the insurance business enterprises and reinsurance enterprises according to
the restructuring roadmap.
c) Owning shares of the
strategic shareholder as organization if that shareholder meets the following
conditions:
- Having a total
minimum assets equivalent to $ 2 billion in the year preceding the year as
shareholders expected to hold over 20% of charter capital of the insurance
enterprise;
- In three (03)
consecutive years before the year expected to be a strategic shareholder whose
business must be profitable and without accumulated losses;
- Having operation
experience in the finance and banking and insurance sector of at least five (05)
years to the year expected to be strategic shareholder;
- Not withdrawing
capital from the insurance enterprise within three (03) years from the year
expected to be strategic shareholder;
1.3. Shareholder and
related persons of such shareholder may own a maximum of 20% of charter
capital..
Person concerned as individual and
organization having direct or indirect relationship with the shareholder in the
cases prescribed in the Law on Enterprises.
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1.5. The founding
shareholders must together own at least 50% of the common shares with offering
right of the insurance enterprise. Within three (03) years from the date the
insurance enterprise is granted the License of establishment and operation, the
founding shareholders are only permitted to transfer their common shares to
other founding shareholders after getting the approval from the Board of
Directors. After three (03) years from the date the insurance enterprise is
granted the License of establishment and operation, these restrictions shall be
lifted.
2. Before the strategic
shareholder implement the contribution of over 20% of charter capital specified
in Item c, Point 1.2, Clause 1 of this Article, the insurance enterprise must
submit one (01) set of requesting dossier to the Ministry of Finance and must
get the approval from the Minister of Finance. The documents with signature,
title and seal of foreign country in the dossier (if any) must be legalized by
the consular office. Copies in Vietnamese and translations from foreign
languages into Vietnamese must be certified in accordance with regulations of
the law. The insurance enterprise and strategic shareholders are responsible
for the accuracy of the relevant documents.
Dossier includes the following documents:
a) Written request for a
strategic shareholder approval signed by the legal representative of the
insurance enterprise;
b) Documents of the
competent authority under the provisions of the Charter on organization and
operation of insurance enterprise on strategic shareholder approval;
c) Documents issued by
the competent authority in accordance with regulations of the organization as a
strategic shareholder approving the organization to contributeover 20% of
charter capital of the insurance enterprise;
d) Financial statements
audited of the organization as a strategic shareholder in three (03) years
preceding the year expected to become a strategic shareholder of the insurance
enterprise. Where the period since the end of the nearest fiscal year to the
time of requesting dossier submission exceeds ninety (90) days, the additional
quarterly reports to the latest quarter must be submitted;
dd) Certificate of business registration,
License of establishment and operation of the organization as a strategic
shareholder of the insurance enterprise (notarized copy);
e) Written undertaking
not to withdraw capital from the insurance enterprise within three (03) years
from the year expected to be a strategic shareholder;
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Within twenty (21) days after
receiving complete and valid dossier, the Ministry of Finance shall have the
written approval or disapproval of the enterprise’s proposal. In case of
refusal, the reason must be stated therefor. In case of approval, the Finance
Ministry shall grant adjustment License to the enterprises as prescribed by
law.
3. Within three (03)
years from the effective date of this Circular, the insurance enterprises that
have been granted license of establishment and operation in Vietnam must adjust
the charter capital structure as stipulated in Clause 1 of this Article.
Article 30.
Self-management role and supervision of insurance enterprises and foreign
subsidiaries
1. The insurance
enterprises and foreign branches must perform the self-management and
supervision as prescribed in Clause 2, Article 36 of Decree No. 46/2007/ND-CP.
2. The development of
self-management and supervision regulations, including the financial
regulations, investment regulations, internal control and audit and the
respective procedures of insurance enterprises and foreign branches must:
a) Comply with the current regulations of law on
finance for foreign
insurance enterprises and branches.
b) Control, limit and
prevent financial risks for foreign insurance enterprises and branches,
ensuring that the value of investment assets value to be commensurate with the
responsibilities and risk characteristics of the enterprises and branches;
c) Clarify the
responsibilities of enterprise’s manager and executive, branches, employees,
agents concerned.
3. Specifying the form
of disciplinary action upon violations.
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b) The self-management
and supervision regulations; the periodic and irregular reports monitoring the
implementation of these regulation and the reports of handling of violations
shall be kept with adequate documents to serve for the examination and
inspection, management and supervision of enterprise.
Article 31. Internal
audit
1. The insurance
enterprises and foreign branches must perform the internal audit activities.
2. Basic principles of
internal audit:
a) Independence: the
internal audit activity must be independent from operation and operation activities
of foreign insurance enterprises and branches;
b) Objectivity: The
internal audit activities and internal auditors must ensure the objectivity,
honesty, fairness and without prejudice upon the implementation of internal
audit tasks;
c) Professionalism:
internal auditors must have knowledge, qualifications and skill of internal
audit as required , not concurrently holding other positions and the
professional works of foreign insurance enterprises and branches;
3. Contents of
operation of the internal audit include the review and evaluation:
a) Adequacy,
effectiveness and efficiency of the internal inspection and control system.
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c) Management
information systems and financial information systems.
d) Completeness,
timeliness, honesty and the accuracy of accounting systems and financial
statements
dd) Mechanisms to ensure compliance with
the provisions of law and regulations on operation provision setting,
investment and solvency of the enterprise, internal regulations, procedures,
rules of operation, rules of professional ethics.
e) Making the other
relevant contents related to the functions and tasks of internal audit.
g) The insurance
enterprises and foreign branches to build the rules of professional ethics and
maintain the rules of professional ethics in the implementation of internal
audit work.
Section 10. REPORT
REGULATION
Article 32.
Responsibilities for preparing and submitting report
The insurance enterprises and foreign
branches shall prepare and submit the financial statements, statistical
reports, professional reports in accordance with current regulations of law.
Article 33. Reporting
contents
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a) The insurance
enterprises and foreign branches shall perform the financial settlement and
fully observe the regulations on the financial statements, prepare and submit
it to the State financial agency, statistical agencies, tax authorities reports
in accordance with current regulations of law.
b) The financial
statements, accounting balance sheet and report of business operation result,
cash flow statement and explanation of financial statements in accordance with
the regulations of law on accounting must be certified by the independent
auditing organizations that are permitted to operate in Vietnam. Certification
by an independent auditing organization should include key financial issues as
follows:
- For foreign insurance
enterprises and reinsurance enterprises and branches: Activities of receiving
and assignment of reinsurance, operation provision setting, payment capacity,
commissions, revenues, expenses, profits and profit distribution, investments
from the owner’s equity, investment from operation provision, fixed assets and
depreciation, receivables, liabilities payable, owner’s equity, cost of
unfinished capital construction; fund splitting and surplus of contract owner
funds for life insurance enterprises.
- For the insurance
brokerage enterprise: revenues, costs, profits and profits distribution,
investments, fixed assets and depreciation, receivables, liabilities, owner’s
equity, cost of unfinished capital construction.
c) Quarterly and
annually, the insurance enterprises and foreign branches shall prepare and
submit financial statement to the Ministry of Finance together with the
computer file.
2. Statistical reports,
operation reports: insurance enterprises and foreign branches shall prepare and
submit to the Ministry of Finance the statistical reports and professional
reports monthly, quarterly and yearly and together with the computer file as
follows:
a) For non-life
insurance enterprises (including business enterprise specializing in health
insurance) and foreign branches:
- Monthly operation
report: Form 1-PNT
- Quarterly and yearly revenue report: Form No. 2-PNT
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- Quarterly and yearly insurance compensation:
Form No. 4-PNT
- Quarterly and yearly provision setting
report:
+ Detailed report on professional provision:
Form No. 5A-PNT
+ General report on professional provision:
Form No. 5B-PNT
- Quarterly and yearly investment operation
report:
+ Investment operation
report from owner’s equity: Form No. 6A-PNT
+ Investment operation report from professional
provision: Form No. 6B-PNT
- Quarterly and yearly solvency report: Form
No. 7-PNT
- Yearly ASEAN report: Form No. 8-PNT
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b) For life insurance enterprises:
- Monthly operation report: Form No.1-NT
- Quarterly and yearly report on number of
contracts and life insurance amount: Form No.2-NT
- Quarterly and yearly report on life insurance
premium revenue: Form No. 3-NT
- Quarterly and yearly report on premium
payment: Form No. 4-NT
- Quarterly and yearly report on life insurance
contract cancellation: Form No. 5-NT
- Quarterly and yearly provision setting
report:
+ Report on
mathematical provision of life insurance: Form No. 6A-NT
+ Report on cost
provision ineligible for life insurance: Form No. 6B-NT
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+ Report on compensation provision setting: Form No. 6D-NT
+ Report on provision setting to ensure
balance: Form
No. 6E-NT
- Quarterly and yearly investment operation
report:
+ Investment operation report from the owner’s
equity: Form
No. 6E-NT
+ Report on investment operation from
professional provision: Form No. 7A-NT
- Quarterly and yearly solvency report: Form
No. 8-PNT
- Yearly ASEAN report: Form No. 7-NT
- Report on fund splitting and interest
division: Form No.10-NT
- Quarterly and yearly report on insurance
services provision activities across border: Form No. 11-NT
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- Quarterly and yearly report on reinsurance
revenue: Form No. 1-TBH
- Quarterly and yearly report on compensation
and premium payment of reinsurance enterprise: Form No. 2-TBH
- Quarterly and yearly report on professional
provision: under the Forms of non-life insurance enterprises (for the
operations of non-life insurance and health reinsurance), under the Forms of
life insurance enterprises (for the operations of life insurance)
- Quarterly and yearly investment operation
report:
+ Investment operation
report from owner’s equity: Form No. 6A-PNT
+ Report on investment
activities from professional provision: Under the Forms of non-life insurance
enterprises (for non-life reinsurance operation and health reinsurance), under
the Forms of life insurance enterprise (for life reinsurance operation)
- Quarterly and yearly solvency report: Form
No.3-TBH
d) For insurance brokerage enterprises:
- Quarterly and yearly insurance brokerage
operations: Form No. 1-MGBH.
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- Investment operation report from owner’s
equity: Form No. 6A-PNT
3. In addition to the
financial statements, statistical reports, business report prescribed in Clause
1 and Clause 2 of this Article, the Ministry of Finance may require the
insurance enterprises and foreign branches to make additional report on the
operation situation, the financial situation of enterprises and branches to
serve the statistics and market analysis.
Article 34. Time
limit for report submission.
1. Monthly report: The insurance business
enterprises and foreign branches must prepare and submit it to the the Ministry
of Finance within fifteen (15) days from the end date of month.
2. Quarterly report: The insurance
business enterprises and foreign branches must prepare and submit it to the the
Ministry of Finance within thirty (30) days from the end date of quarter.
3. Yearly report: The insurance
business enterprises and foreign branches must prepare and submit it to the the
Ministry of Finance within ninety (90) days from the end date of fiscal year.
Article 35.
Examination of implementation of financial regulations
1. The State management
agency of insurance business shall inspect the implementation of financial
regulations of the insurance enterprises and foreign branches in the following
forms:
a) Periodical or irregular inspection;
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2. Board of Directors
(Board of members, President of company), General Director (Director) of
insurance enterprises and foreign branches are responsible for explaining the
relevant financial issues associated on the requirement of the state management
agencies upon performing functions as prescribed by law.
3. Insurance enterprises
and foreign branches are responsible for the accuracy and truthfulness of
financial statements, statistical reports, their professional reports.
4. Insurance enterprises
and foreign branches violating financial regulations of the State shall be
sanctioned as prescribed by law.
Section 11.
INFORMATION DISCLOSURE
Article 36.
Information disclosure
Annually, the insurance enterprises
and foreign branches shall implement the public information disclosure under
the following provisions:
1. Publicly announcing on
the website of the insurance enterprise and foreign branches the entire
contents of the audited financial statements of enterprises and branches
together with the opinions of the independent audit organization.
2. Publicly announcing on a central and
a local newspaper at the place where the insurance enterprises and foreign
branches have their headquarters in three consecutive issues of information
include: Annual Report (Form 1-CBTT) and summary financial statement (Form No.
2-CBTT). When publicly announcing, there must be the opinion of the independent
auditing organization.
3. In addition to the
public forms as prescribed in Clause 1 and Clause 2 of this Article, the
insurance enterprises and foreign branches may decide to publicize the
information in the form of publications, written notice to the state
management, press conference; on the local and central radio and television
station.
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5. The publication of
information should be promptly and accurately as prescribed by law. Where the
information contents are changed, the order and procedures must be done as
prescribed in Clause 1, 2 and 4 of this Article together with reasons.
6. The public companies shall perform the
information announcement in conformity with current regulations and provisions
in this Circular.
Chapter III
IMPLEMENTATION
ORGANIZATION
Article 37. Effect
1. This Circular takes
effect on October 1, 2012.
2. This Circular shall
supersede Circular No. 156/2007/TT-BTC 20/12/2007 guiding the implementation of
Decree No. 46/2007/ND-CP dated 03/27/2007 of the Government stipulating the
financial regulations for insurance enterprises and insurance brokerage
enterprises and Article 2 of Circular No. 86/2009/TT-BTC dated April 28, 2009
of the Ministry of Finance.
3. Any problem arising
in the course of implementation should be promptly reported to the Ministry of
Finance for consideration and settlement
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PP. MINISTER
DEPUTY MINISTER
Tran Xuan Ha
ATTACHED FILE