(1) Insurers and branches of foreign non-life insurers must register and obtain approval from the Ministry of Finance of Vietnam for the methods and bases for insurance premium calculation of insurance products under life insurance and health insurance lines before implementation.
(Previously: Insurers and branches of foreign non-life insurers were required to register and obtain approval from the Ministry of Finance of Vietnam for the methods and bases for insurance premium calculation of insurance products under life insurance, health insurance, and motor vehicle insurance lines, except for civil liability insurance of motor vehicle owners, before implementation.)
(2) Insurers and branches of foreign non-life insurers must submit to the Ministry of Finance of Vietnam 1 dossier set for registration of methods and bases for insurance premium calculation, including the following documents:
- Application for registration of methods and bases for insurance premium calculation, in the form prescribed in Appendix VII issued together with Decree No. 46/2023/ND-CP;
- Summary of insurance benefits and exclusions of the proposed insurance product;
- Explanatory technical documentation on the methods and bases for insurance premium calculation, including at least information on formulas, methods, and bases for premium calculation; fees charged to clients for insurance products under investment-linked insurance and pension insurance lines. Such explanatory documentation shall follow the form guided by the Minister of Finance of Vietnam.
(3) Within 30 days from the receipt of a complete and valid dossier, the Ministry of Finance of Vietnam shall issue a written approval of the methods and bases for insurance premium calculation of the insurer or branch of a foreign non-life insurer. In case of refusal, the Ministry of Finance of Vietnam shall provide a written explanation specifying the reasons.
(4) In case of any change to the methods and bases for insurance premium calculation of an insurance product, or any change to the terms and conditions of the insurance product affecting such methods and bases, the insurer or branch of a foreign non-life insurer must submit to the Ministry of Finance of Vietnam 1 dossier set for amendment and supplementation of the methods and bases for insurance premium calculation, including:
- Application for amendment and supplementation of the methods and bases for insurance premium calculation, in the form prescribed in Appendix VII issued together with Decree No. 46/2023/ND-CP;
- Technical documentation explaining the amended or supplemented contents, certified by an actuary.
(5) Within 30 days from the receipt of a complete and valid dossier, the Ministry of Finance of Vietnam shall issue a written approval of the amendment or supplementation of the methods and bases for insurance premium calculation. In case of refusal, a written explanation specifying the reasons shall be provided.
Decree No. 97/2026/ND-CP comes into force as of its date of signing.
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Above are the summary and notification of new documents for customers of THU VIEN PHAP LUAT. For more information, please send an email to [email protected].
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