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MINISTRY
OF FINANCE
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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|
No.
46/TC-CDTC
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Hanoi,
May 30, 1994
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CIRCULAR
ON IMPLEMENTATION OF DECREE 100-CP ON INSURANCE BUSINESS
Pursuant to Decree 100-CP
dated 18 December 1993 of the Government on insurance business;
The Ministry of finance provides guidelines for its implementation as follows:
I. GENERAL PROVISIONS
1. Pursuant
to article 1 of Decree 100-CP of the Government dated 18 December 1993,
insurance activities which are commercial or business by nature shall be
subject to the provisions of the Decree. Medical insurance referred to in
Decree 299-HDBT of the Council of Ministers (now the Government) dated 15
August 1992 and social insurance referred to in Decree 43-CP of the Government
dated 22 June 1993 shall not be deemed to be insurance activities for the
purpose of the Decree.
2. Entities
subject to the provisions of the Decree include insurance companies, insurance
broker organizations, and insurance agents.
An insurance
company shall be solely responsible for the insured including cases where the
company re-insures the risks accepted, and the insurance contracts arranged by
its agents. The insured shall be responsible for full payment of premiums in a timely
manner, and the insurer shall be responsible for payment of compensation or
value insured in the event of occurrence of a particular hazard.
3. The
Ministry of finance shall be the body responsible for the State management of
insurance business activities. An insurance company or insurance broker
organization wishing to carry out insurance business activities must obtain
from the Minister of Finance a certificate certifying that all criteria and
conditions for carrying on an insurance business have been satisfied.
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Domestic and
foreign economic organizations shall be prohibited from carrying out insurance
business activities in Vietnam if they have not been issued with an insurance
business certificate and a certificate of business registration or an
investment license (in respect of foreign organizations).
4. During its
operation, an insurance company or insurance broker organization must comply
with the provisions on financial management in accordance with the law
currently in force.
II. ACTIVITIES AND SCOPE OF OPERATION OF INSURANCE BUSINESSES
1. The
activities and scope of operation of an insurance company or insurance broker
organization shall be governed by the provisions of Decree 100-CP and shall be
stated in detail in the insurance business certificate issued. The insurance
company must register the number and list of all its issuance agents with the
Ministry of finance.
Any amendment
to the activities or scope of operation of an insurance company or insurance
broker organization must be approved by the Ministry of finance in writing.
An insurance
company or insurance broker organization shall be permitted to invest its
capital in accordance with the provisions of the law currently in force and the
guidance provisions of the Ministry of finance on financial management of
insurance businesses.
2. In
addition to the provisions referred to in clause 1, insurance business must
also ensure the implementation of the following provisions:
2.1. In
respect of an insurance company:
Submission to
the Ministry of finance for approval of
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(b) The terms
and conditions of personal insurance policies such as life insurance, voluntary
medical insurance, personal injury insurance, and employee's compensation
insurance.
An insurance
company must always conduct its business in accordance with its ability to meet
its liabilities and it must always prove that it has sufficient funds to meet
such liabilities.
An insurance
company must establish proper business reserve funds to ensure the performance
of all its undertakings with the insured.
The ability
to meet liabilities and the required business reserve funds shall be stipulated
in detail in the guidance provisions of the Ministry of finance on financial
management of insurance businesses.
Where
necessary, the insurance company must accept re-insurance ceded by other
insurance companies within the country.
Where the
insurance company accepts re-insurance ceded by foreign insurance
organizations, it must re-insure a proportion of the liabilities with the
National Re-insurance Company of Vietnam as determined by the Ministry of
finance.
The National
Re-insurance Company of Vietnam has the responsibility to accept re-insurance
ceded by insurance companies at a minimum level stipulated by the Ministry of
finance.
Where the
National Re-insurance Company considers that the risks assumed by the ceding
insurance company are inconsistent with the practice of the international
insurance market in respect of terms and premiums, it shall have the right to
refuse a pan or the whole of that liability.
2.2. In respect
of an insurance broker organization:
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An insurance broker
organization shall only be permitted to provide its services overseas if it can
prove that the insurance companies authorized to operate in Vietnam refuse to
use its services.
2.3. In
respect of an insurance agent:
An insurance
agent must comply with the terms and conditions of the agency contract entered
into with an insurance company.
An insurance
agent shall be prohibited from acting as an agent for another insurance company
if he has not obtained the approval of his current principal.
An insurance
agent shall be prohibited from carrying out any activity which is in direct
conflict with the benefits of his current principal.
III. CERTIFICATE CERTIFYING FULFILLMENT OF ALL CRITERIA AND
CONDITIONS FOR OPERATING AN INSURANCE BUSINESS
1. In order
to be issued with an insurance business certificate, the following criteria and
conditions for operating an insurance business must be satisfied:
A promoter
who wishes to establish an insurance company or insurance broker organization
to carry out insurance business activities in Vietnam must submit to the
Ministry of finance an application for a certificate certifying that all
criteria and conditions for operating an insurance business have been satisfied
(hereinafter referred to as the certificate).
The Ministry
of finance shall base its decision on the following conditions:
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Must have a
clear objective and a targeted area of insurance business: stating clearly the
scope of operation, the duration of operation, and the proposed types of
business services offered.
Must have
charter capital of at least the level of legal capital stipulated in article 22
of Decree 100-CP.
Must have a
business organizational structure which is consistent with the provisions of
article 2 of Decree 100-CP.
Must have a
principal office which is suitable for the proposed business activities: clear
address, lawful premises, and appropriately sized premises for the requirements
of the business.
The manager
must have management ability, professional business skills in insurance,
qualifications from a university of economics, and management experience in the
private sector or a State owned enterprise for at least three years.
The national
economy must have a demand for the type of insurance business which the
economic organization is proposing to establish. The proposed locality in which
the business is to be established must have a potential to accommodate other
insurance businesses in the future. The proposed insurance business must be appropriate
for the social economic lifestyle of the locality and the potential clients.
1.2. In
respect of a joint venture insurance company or brooking organization, in
addition to the provisions regulating the activities of Vietnamese economic
organizations, the following conditions must also be satisfied:
The proposed
parties to the joint venture must be organizations legally operating in
accordance with the laws currently in force of the countries in which those
organizations have their head offices. The authorized financial or accounting
bodies of the relevant countries must confirm that such organizations are not
in a position where their assets are impounded, where they are unable to pay
their debts, or where they are in a state of bankruptcy.
The proposed
joint venture must be consistent with the policy on the development of the
insurance market in Vietnam.
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1.3. In
respect of a branch of a foreign insurance organization or foreign insurance
broker organization, or a one hundred per cent foreign owned insurance company
or insurance broker organization: in addition to compliance with the provisions
regulating Vietnamese economic organizations, the foreign insurance or
insurance broker organization must also be an organization currently operating
legally in accordance with the laws of the country of incorporation, and it
must obtain written confirmation from th e authorized financial or accounting
body of that country confirming that its assets are not impounded, that it is
able to pay its debts, and that it is not in a state of bankruptcy. In
addition, the following conditions must also be satisfied:
The insurance
market of Vietnam must have a demand for the establishment and development of
foreign insurance businesses which provide services that an existing domestic
or joint venture insurance business cannot provide. � The economic and social development of Vietnam
requires the development of additional new insurance businesses.
1.4. When
considering the applications for a certificate of foreign insurance or
insurance broker organizations which wish to operate in Vietnam, the Ministry
of finance must give preference to the following:
An insurance
or insurance broker organization of a country which has significant invested
capital in Vietnam. � A
large insurance organization which has a highly regarded reputation and clients
who are major investors in Vietnam. �
An insurance organization which has been granted with a license to open a
representative office in Vietnam.
An insurance
organization which wishes to establish a joint venture company with Vietnamese
economic organizations to carry out insurance business activities in Vietnam.
2. Application
file for a certificate:
2.1. In
respect of Vietnamese economic organizations:
The
application file for a certificate for submission to the Ministry of finance
shall include:
An
application form for a certificate (in accordance with the model form of the
Ministry of finance attached to this Circular).
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- The risk or
subject matter of the insurance policy; �
- The parties to the insurance policy; �
- The rights and obligations of the parties to the insurance policy and the
insured; � - The
responsibility of the insurance company.
A business
plan for a period of at least five years of the initial stage of operation. In
respect of economic organizations which submit an application for the
establishment of an insurance company, the business plan must state clearly the
premiums and commission rates for each class of business, the calculation of
revenue and estimates of compensation payments, the estimated growth rate of
the scope of operation, the basis on which insurance premiums are calculated,
and the business reserve funds which need to be established. � The charter of the
organization and proposed operation must be in accordance with the provisions
of article 20 of Decree 100-CP (this requirement does not apply to privately
owned businesses). �
Personal files and documents of the members of the board of management or the
manager as evidence of their ability: curriculum vitae, qualifications or
evidence of completion of a training course.
2.2. In
respect of joint venture insurance company or insurance broker organization:
The
application file for a certificate for submission to the Ministry of finance
shall include the documents referred to clause 2.1 which apply to Vietnamese
economic organizations and the documents stipulated in clause 2 of article 18
of Decree 100-CP. Any translation or copy must be notarized by a public notary
of the locality in which the joint venture party has its head office.
The entire application
file for a certificate for submission to the Ministry of finance must be
prepared in two languages (Vietnamese and English).
2.3. In
respect of a branch of a foreign insurance or insurance broker organization, or
a one hundred per cent foreign owned insurance company or insurance broker
organization:
The
application file for a certificate for submission to the Ministry of finance
shall include the documents referred to in clause 2.1 which apply to Vietnamese
economic organizations and the documents stipulated in clause 3 of article 18
of Decree 100-CP . Any translation or copy must be notarized by a notary public
of the country of incorporation.
The entire
application file for a certificate for submission to the Ministry of finance
must be prepared in two languages (Vietnamese and English).
2.4. Having
received the complete application file, the Ministry of finance shall consider
the application within the time limit stipulated in article 21 of Decree
100-CP.
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In respect of
applications of foreign insurance or insurance broker organizations, the
Ministry of finance shall, where it considers necessary, consult with the Prime
Minister of the Government prior to issuing a decision to accept or reject the
application for a certificate .
3. The
certificate and payment of fees:
3.1. The
certificate issued by the Ministry of finance to an insurance company or an
insurance broker organization (a model certificate is attached to this
Circular) confirms that the company or organization has satisfied all criteria
and conditions necessary for conducting insurance business activities in
Vietnam, and includes provisions on the scope of operation and the types of
business which the company or organization is authorized to conduct. for
insurance business activities, the certificate is a condition precedent which
must be obtained before permission for the establishment of a business, or an
investment license and business registration certificate can be obtained from
the competent bodies. If, twelve (12) months after the date of issuance of the
certificate, the insurance company or insurance broker organization fails to complete
the establishment and registration formalities, or fails to obtain an
investment license, the company or organization must notify the Ministry of
finance of the reasons for the delay and the expected date of completion for
the purposes of consideration of an extension of the certificate. The
certificate may be extended once only, and the period of extension shall not
exceed six months, after which a new application must be submitted.
3.2. An
insurance company or insurance broker organization must pay a fee for the
issuance of the certificate in Vietnamese or foreign currency as stipulated in
article 21 of Decree 100-CP. This fee must not be deducted from the charter or
prescribed capital of the insurance company or insurance broker organization. � 3.3. In cases where an
insurance company or insurance broker organization wishes to amend the content
of the issued certificate, an official written request for the amendment of, or
addition to the certificate, or for the issuance of a new certificate must be
submitted to the Ministry of finance specifying clearly the reasons and the
provisions of the existing certificate which need to be amended. The insurance
company or insurance broker organization must pay a fee of ten (10) million
dong (or an equivalent amount in foreign currency) for any amendment made or
new certificate issued. Within ninety (90) days from the date of receipt of the
complete file, the Ministry of finance shall have a responsibility to issue a
decision on the amendment of, or addition to the certificate, or to refuse the
request. � 3.4. Payment
of fees in respect of the issuance of a certificate shall be carried out in
accordance with the provisions of sub-clauses 3.2 and 3.3 of this article, the
provisions of Decision 276-CT dated 28 July 1992 of the Council of Ministers
(now called the Government) on uniform management of levies and fees, and the
provisions of Circular 48-TC-TCT dated 28 September 1992 of the Ministry of
finance on the implementation of Decision 276-CT. Twenty five (25) per cent of
the fees collected shall cover t he expenses incurred in the appraisal process
such as expenses of printing declaration forms and certificates, and payment of
salaries to personnel. The remaining seventy five (75) per cent of the
collected fees shall be paid into State Treasury.
4. Security
deposit:
Within twelve
(12) months from the date of issue of the certificate (and any extension
thereof) and not later than fifteen (15) days from the commencement of
operation, the insurance company must make a security deposit with a bank
authorized to operate i n the territory of Vietnam as determined by the
Ministry of finance. The amount of security deposit required shall be
determined as follows:
In respect of
a Vietnamese insurance company and a joint venture insurance company, the
amount of security deposit shall be two million dong or two hundred thousand
(200,000) US dollars. �
In respect of a branch of a foreign insurance organization or a one hundred per
cent foreign owned insurance company, the amount of security deposit shall be
one million US dollars.
An insurance
company shall be entitled to receive the interest on the deposited amount. The
security deposit must not be included in the charter or prescribed capital of
the insurance company and shall only be used in accordance with the guidelines
issued by the Ministry of finance and the financial management regime which
applies to insurance businesses. The bank which is appointed to accept the
security deposit shall only permit the insurance company to make withdrawals
from the security deposit upon presentation of the written recommendation of
the Ministry of finance.
5.
Registration of insurance agents:
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IV. SUPERVISION OF INSURANCE BUSINESS ACTIVITIES
1. Financial
year:
1.1. The
financial year of an insurance company or insurance broker organization
commences on 1 January and ends on 31 December of each calendar year. In cases
where a different financial year is applied, the approval of the Ministry of
finance must be ob tained. �
1.2. The first financial year shall begin on the date of commencement of
operation and end on 31 December of that year.
2.
Accounting:
2.1. An
insurance company or insurance broker organization must perform its accounting
requirements in accordance with the Ordinance on Accounting and Statistics as
currently in force. It must apply a system of accounts which is determined or
approved by the Ministry of finance, and use Vietnamese dong as the accounting
unit. � 2.2. An
insurance company or insurance broker organization shall be permitted to open
bank accounts in Vietnamese and foreign currencies with a bank(s) authorized to
operate in Vietnam,
3. Reporting:
The reporting
regime and the content of reports must comply with the guidelines issued by the
Ministry of finance and the financial management regime which applies to
insurance businesses.
4. fulfillment
of financial obligations:
An insurance
company, insurance broker organization, or an insurance agent must fulfill all
financial and tax obligations stipulated by the law currently in force, the
guidelines of the Ministry of finance, and the financial management regime
which applies to insurance businesses.
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5.
Inspection:
In addition
to inspections carried out by competent State bodies as determined by the law,
an insurance company or insurance broker organization shall also be subject to
inspections and supervision carried out by the Ministry of finance in respect
of its management methods, ability to meet liabilities, management of assets,
implementation of its registered insurance terms and conditions, insurance
premiums, and commissions, and compliance with the law currently in force. The
inspection must not interfere with the normal operation of the insurance
company or insurance broker organization. Depending on each particular case,
the Ministry of finance may request the insurance company or insurance broking
organization to change its management methods, increase its solvency margin,
adjust the terms and conditions of its policies, adjust its premiums or
commissions, replace the managing director, correct its business, or implement
financial recovery measures.
6.
Restrictions, Suspension, and Withdrawal of the Certificate:
An insurance
company or insurance broking organization may have its certificate withdrawn,
suspended, or restricted by the Ministry of finance the following
circumstances:
6.1. Where
twelve (12) months after the date of issue of the certificate or expiry of the
extension of the certificate the company or organization fails to satisfy the
conditions required for the commencement of the business or becomes unable to
carry out its operation. �
6.2. Where the company or organization fails to satisfy the conditions staled
at the time when the certificate was issued. �
6.3. Where the company or organization fails to implement correctly the terms
and conditions and insurance premiums approved by the Ministry of finance. � 6.4. Where the company or
organization commits a serious breach of the provisions of the laws of Vietnam
and Decree 100-CP during its business operation. �
6.5. Where the company or organization fails to meet its liabilities in respect
of the insured. � 6.6.
Where the company or organization suspends its operation while the certificate
is still valid. � 6.7.
Where the company or organization dissolves or is declared bankrupt. � 6.8. Where the company or
organization divides or participates in a merger. � 6.9. In addition to the situations referred to
above, the certificate of a joint venture insurance company or broking
organization, or a branch of a foreign insurance or insurance broking
organization may be withdrawn in cases where the business license i ssued to
the relevant entity in the particular foreign country is also withdrawn.
The
withdrawal, suspension, or restriction may apply to one or more types of
business services, or all of the business services.
In cases
where the withdrawal, suspension, or restriction applies to a certain class of
business, the insurance company shall be prohibited from signing a new
insurance contract for that particular class of business but shall still be
responsible for other insurance contracts which were previously signed.
The notice of
withdrawal, suspension, or restriction issued by the Ministry of finance must
be forwarded to the relevant bodies for implementation.
7.
Dissolution and Bankruptcy:
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The
bankruptcy proceeding of an insurance company or insurance broking organization
operating in Vietnam shall be governed by the provisions or the Law on Business
Bankruptcy passed by Legislature IX of the National Assembly of the Socialist
Republic of Vietnam on 30 December 1993 at its 4th session, and other detailed
guideline provisions.
8. Dispute
resolution:
Any complaint
of an organization or individual in respect of insurance business activities
must be lodged with the Ministry of finance for consideration and resolution.
Any dispute
or complaint relating to insurance contracts shall be resolved by way of
negotiation and conciliation. Where the dispute or complaint cannot be resolved
by way of negotiation and conciliation, the matter shall be referred to an
economic court for resolution. The decision of the economic court shall be
final.
V. IMPLEMENTING ORGANIZATIONS
This Circular
shall be of full force and effect as from 1 January 1994.
Insurance
companies and insurance broking organizations which commenced operations in
Vietnam prior to the promulgation of this Circular must, within twelve (12)
months from the date on which this Circular becomes effective, complete the
formalities stipulated in Decree 100-CP and follow the guidelines of this
Circular in order to be issued with a certificate and a business registration
as determined by law.
Any problem
which arises during the implementation of this Circular must be reported to the
Ministry of finance to enable a timely response.
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FOR
THE MINISTRY OF FINANCE MINISTER
Ho Te
Model form
No.1
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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(FOR
ESTABLISHMENT OF A STATE OWNED ENTERPRISE)
To:
The Ministry of finance
(Name and
address of the enterprise) hereby make an application for establishment of a
State owned enterprise as follows:
1. Name used
in commercial transactions:
in Vietnamese
..........................
in foreign
language (if any) ...............
2. Principal
address: ..............................
Branch
address .............................
3. Area of
business:
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5. Nature of
operation:
6. Charter
capital:
Consists of
State funds
7. Name and
address of legal representative:
(Name of the
enterprise) hereby undertakes to carry out all formalities to establish Stale owned
enterprise ............. after receiving an insurance business certificate, and
to register and operate the enterprise in accordance with the provisions of the
law.
We hereby
accept all responsibilities before the law in respect of the content of this
application and its appendices.
Signature and
seal
Note: Where a
number of enterprise join capital to establish the Stale owned enterprise, the
relevant signatures and seals must be evident on the application.
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No.2
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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……./.... /199...
APPLICATION FOR INSURANCE BUSINESS CERTIFICATE
(FOR
ESTABLISHMENT OF A COMPANY IN ACCORDANCE WITH THE LAW ON COMPANIES)
To:
The Ministry of finance
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(Please note:
Individuals must state clearly their full name, home address, and date of
birth. Enterprise or companies must state clearly the business name, the
address of the principal office, and the full name and position of the legal
representative.)
We hereby
make an application for an insurance business certificate to establish a
company (limited liability or share holding) as follows:
1. Name used
in commercial transactions:
in Vietnamese
in foreign
language (if any) .............
2. Principal
address: .......................
Branch
address:
3. Area of
business (insurance, re-insurance, insurance broking, or re- insurance
broking):
4. Scope of
operation and period of operation:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
6. Charter
capital: ...............
7. Name and
address of legal representative:
The attached
documents include:
We hereby
undertake to carry out all formalities to establish company.................
after receiving the insurance business certificate, and to register and operate
in accordance with the provisions of the law.
We, the
promoters of the company, hereby accept all responsibility before the law in
respect of the content of this application and its appendices.
Signatures
Note: Individuals
must sign and obtain confirmation of their addresses from ward or village
authorities. Legal representatives of enterprises or companies must sign and
stamp, and print clearly their positions.
Model form
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------
......../..
.../...199..
APPLICATION FOR INSURANCE BUSINESS CERTIFICATE
(FOR
ESTABLISHMENT OF A JOINT VENTURE INSURANCE COMPANY OR BROKING ORGANIZATION)
To:
The Ministry of finance
We, the
parties to the joint venture contract signed on.../..../199.., hereby make an
application for an insurance business certificate to establish the joint
venture company ....................... as follows:
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Vietnamese
party(s) (company):...................
Principal
address: ...........
foreign
party(s) (individual or company):.........
Principal
address: ...........
2. Name used
in commercial transactions:
in Vietnamese
..................... .........
in foreign language
(if any) ...............
3. Principal
address: ..............................
Branch
Address: .............................
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
5. Scope of
operation and period of operation:
6. Nature of
operation:
7. Prescribed
capital: ....................
The attached
documents include:
We hereby
undertake to carry out all formalities to establish the joint venture company
.................after receiving the insurance business certificate, and to
register and operate in accordance with the provisions of the law.
We hereby
accept all responsibility before the law in respect of the content of this
application and its appendices.
Vietnamese
Party(s) foreign Party(s) signature and seal signature and seal
Model form
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------
.......,
.../.../199..
APPLICATION FOR INSURANCE BUSINESS CERTIFICATE
(FOR
ESTABLISHMENT OF A BRANCH OF A FOREIGN INSURANCE OR INSURANCE BROKING ORGANIZATION,
OR A 100% FOREIGN OWNED CAPITAL COMPANY)
To:
The Ministry of finance
(Name of the
parent company, address of the principal office, telephone number, facsimile
number, and name, address, and nationality of the legal representative) hereby
makes application for an insurance business certificate to establish (a branch
or a 10 0% foreign owned company) as follows:
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
in Vietnamese
(if any) .....................
in foreign
language ........................
2. Principal
address in Vietnam: ...................
Branch/representative
office address in Vietnam: .....,..................................
3. Area of
business (insurance, re-insurance, insurance broking or re-insurance broking):
4. Scope of
operation and period of operation:
5. Nature of
operation:
6. Issued
capital (or prescribed capital): ..........
7. Name,
address, and nationality of chief representative: .....
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
We hereby
undertake to establish the branch (or a 100% foreign owned company)
.................after receiving the insurance business certificate, and to
register and operate in accordance with provisions of the law.
We hereby
accept all responsibility before the law in respect of the content of this
application and its appendices
Signature and
seal
Model form
No.5
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
---------
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
APPLICATION FOR INSURANCE BROKING BUSINESS CERTIFICATE
(FOR
ESTABLISHMENT OF A PRIVATE INSURANCE BROKING COMPANY)
To:
The Ministry of finance
full name:
Date of
birth: Male/female
Identity
Number:
Issued by
(name of public security office):
Dale of
issue:
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Business
specialization level:
State of health:
I hereby make
an application for an insurance broking business certificate to establish
company as follows:
1. Name used
in commercial transactions:
in
Vietnamese: .................. ............
in foreign
language (if any): ................
2. Principal
address: ...............................
Branch/representative
office address: ..................
3. Area of
business:
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
5. Nature of
operation:
6. Invested
capital: ..................................
7. Name and
address of legal representative: ..........
Attached
documents include:
I hereby
undertake to carry out all formalities to establish a private company after
receiving the insurance broking business certificate, and to register and
operate in accordance with the provisions of the law.
I hereby
accept all responsibility before the law in respect of the content of this
application and its appendices.
Confirmation
of home address
Applicant by
ward or village authority ..........................................................
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
No.6
MINISTRY
OF FINANCE
CERTIFICATE
OF FULFILLMENT OF CRITERIA AND CONDITIONS FOR OPERATING AN INSURANCE BUSINESS
No.
TC-GCN
Date:
.../.../......
Place of
issue: Hanoi
Issuing body: Ministry of
finance
...
...
...
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Hanoi,
…../….../ 1994
CERTIFICATE OF FULFILLMENT OF CRITERIA AND CONDITIONS FOR
OPERATING AN INSURANCE BUSINESS
THE
MINISTER OF FINANCE
Pursuant to Decree
100-CP dated 18 December 1993 of the Government on insurance business and the
implementing legislation;
Having
considered the application file ....... dated .../../199.. for a certificate of
fulfillment of criteria and conditions for operating an insurance business.
DECIDES:
Article 1
To confirm
that ....................................... which has its principal address
at........................ and charter (or prescribed) capital of (in words)
.............. (in numbers) ......... has fully satisfied the criteria and
conditions for operating an insurance business.
Article 2
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
The period of
operation shall be: .......................
The scope of
operation shall be: .........................
Article 3
....................
shall be permitted to conduct the following business activities:
1. Insurance
business activities:
1.1
Insurance: ..............................
1.2
Re-insurance: .........................
1.3 lnsurance
broking: ..................
2. Investment
activities:
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Article 4
During the
period of operation ........................ must abide by the laws of Vietnam
and the provisions of Decree 100-CP dated 18 December 1993 of the Government on
insurance business and other legislation of the Ministry of finance.
Article 5
This
certificate shall be become effective as of the date of its signing. Within
twelve (12) months from the date of issue, ............... must complete the
necessary formalities such as:
1. Lodgment
of a security deposit with a bank (as determined by the Ministry of finance).
2. Paid up
charter capital (or issued capital of a branch of a foreign insurance
business).
3. Make an
application for establishment of the business (or investment license).
4. Register
the business.
5. Advertise
and commence operation.
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Where
........................ fails to carry out the stipulated formalities within
the period referred to above, this certificate shall become invalid.
Article 6
This certificate
shall be made in four originals: one shall be issued to.....................,
one shall be registered with the Ministry of finance, one shall be sent to the
............ People's Committee (or the State Committee for Co-operation and
Investment), and one shall be registered with ...........