Headlines 06/07/2019 16:03 CH

Individuals granted rights to provide insurance consulting services

Mộng Thơ

This is the highlight of the Law on Amendments and Supplements to the Law on Insurance Business and the Law on Intellectual Property passed by the XIVth National Assembly in the 7th meeting held on June 14, 2019.

The Law prescribes that individuals may provide consulting services regarding insurance plans, products, management of insurance risks, prevention and limitation of losses if they meet the following requirements:

- Reaching at least 18 years of age and having full civil capacity;

- Holding undergraduate or other higher qualification in the insurance sector or mandatorily holding undergraduate or higher degree in other sectors and certificates of insurance consultancy conferred by training establishments established and operated under law. 

Also, individuals providing insurance consulting services must assume several responsibilities, including:

- Using client’s information for permissible purposes, avoiding providing information for any third party without client's permission, except as provided in law;

- Obligatorily purchasing professional liability insurance for provision of insurance consulting services.

Contract for provision of insurance consulting services must be made in writing.

Law on Insurance Business and the Law on Intellectual property will be in force from November 1, 2019, except as otherwise prescribed in regulations regarding intellectual property in this Law.


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