1. New regulation on deployment of universal life products
As of June 01, 2016, the Circular No. 52/2016/TT-BTC provides guideline for deployment of universal life insurance products.
Universal life insurance agencies thereof must meet these requirements:
- Possess at least three months’ experience as an insurance agency or at least one year’s professional experience in finance, banking or insurance or a college or higher diploma in finance, banking or insurance.
The length of experience and working time has been reduced by half of that in Point a, Section 1, Article 19 of the Decision No/ 96/2007/QD-BTC .
- Have not violated legal regulations on insurance agency’s activities and relevant rules of professional ethics defined by an insurance enterprise.
- Have received training from an insurance enterprise and a certificate of completion of course(s) in universal life insurance.
2. Requirements for depository of valuable papers at State Bank
Circular No. 04/2016/TT-NHNN (in effect as of June 01, 2016), valuable papers must meet these requirements to be deposited in the State Bank:
- Valuable papers eligible for depository include:
+ Treasury bill issued by State Bank.
+ Government bonds.
+ Bonds guaranteed by the Government for payment of full principal and interest when mature.
+ Other valuable papers as defined by the Governor of the State Bank from time to time.
- Requirements for depository of such valuable papers:
+ Under legitimate ownership.
+ Right of redemption upon maturity has not been activated.
+ Certificates of valuable papers are intact and are not worn, rumpled or stained. Their color, images, patterns, words and numbers are not modified or erased.
- Face value of a valuable paper as defined in Circular 04 is VND 100,000 or a multiple of 100,000.
Face value of special valuable papers under State Bank’s management and valuable papers valued in foreign currency shall be subject to legal regulations.
3. Guideline for payment of fees to Stock Exchange
Circular No. 65/2016/TT-BTC in effect as of June 10, 2016, defines the level of securities operation fees and regulates the payment and use of such fees in Stock Exchanges and Vietnam Securities Depository Center.
The regulation on payment of the fee thereof to Stock Exchanges and Vietnam Securities Depository Center is as follows:
- An organization re-registering its trading membership shall pay the fee for trading member management, the fee for regular connection, and the fee for use of terminal devices.
- The fee for trading member management, the fee for regular connection and the fee for use of terminal devices for the following year shall be charged upon trading members whose transactions are ceased, suspended or disconnected until the subsequent year without revocation of its membership.
- The fee for trading member management, the fee for regular connection and the fee for use of terminal devices for the following year shall be charged upon trading members whose transactions are ceased, suspended or disconnected until the subsequent year without revocation of its membership.
4. Guideline for employment downsizing in the Ministry of National Defense
Circular No. 47/2016/TT-BQP (in effect as of June 01, 2016) regulates that male personnel aged 50 to 53 inclusive and female personnel aged 45 to 48 inclusive with 20 years’ or longer contribution to social insurance, of which 15 years are dedicated to heavy or hazardous works, shall be eligible for early retirement upon downsizing as follows:
- Receive 03 months' average actual salary per year (i.e. 12 full months) for the entire duration of work laid off before the regulated retirement age. If the number of months thereof does not constitute a full year, the benefit shall be:
+ 01 month’s average actual salary for 01 to 06 months' work.
+ 02 months’ average actual salary for 06 to below 12 months' work.
- 05 months’ average actual salary for 20 first years of work during which contribution to social insurance was fully paid.
- Half month’s average actual salary for each year of work during which social insurance contribution was paid (in 12 full months) from the 21st year.
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