According to the Circular, an insurer shall be determined as a reputable insurance organization in the maritime sector if it simultaneously meets the following criteria:
- The owner’s equity of the fiscal year immediately preceding the time when the Ministry of Finance of Vietnam issues the written notice of the list of reputable insurance organizations in the maritime sector is not lower than the minimum charter capital prescribed in the Law on Insurance Business 2022 and its guiding documents.
- The solvency margin or capital adequacy ratio of the fiscal year immediately preceding the time when the Ministry of Finance of Vietnam issues the written notice of the list of reputable insurance organizations in the maritime sector complies with the Law on Insurance Business 2022 and its guiding documents.
- The total net business profit from the hull and ship-owners’ liability insurance and cargo insurance operations for three (3) consecutive fiscal years immediately preceding the time when the Ministry of Finance of Vietnam issues the written notice of the list of reputable insurance organizations in the maritime sector is greater than zero (0).
Alternatively, the insurer or its parent company must be rated at least “BBB” by Standard & Poor’s or Fitch, “B++” by A.M.Best, “Baal” by Moody’s, or have an equivalent rating from other organizations with rating functions and experience in the latest fiscal year compared to the time when the Ministry of Finance of Vietnam issues the written notice of the list of reputable insurance organizations in the maritime sector.
Note: Compliance with the criteria specified above shall be determined based on insurers’ reports as prescribed in Clauses 1, 4, and 8 Article 58 of Circular No. 67/2023/TT-BTC and any amendments, supplements, or replacements thereof (if any).
See more details in Circular No. 93/2025/TT-BTC effective as of January 1, 2026.
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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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