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THE MINISTRY
OF FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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|
No.
135/2012/TT-BTC
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Hanoi, August
15th 2012
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CIRCULAR
GUIDING THE PROVISION OF UNIT-LINKED INSURANCE PRODUCTS
Pursuant to the Law on Insurance Business No.
24/2000/QH10 dated December 09th 2000;
Pursuant to the Law on amending and
supplementing a number of articles of the Law on Insurance Business No.
61/2010/QH12 dated November 24th 2010 ;
Pursuant to the Government's Decree No.
45/2007/NĐ-CP dated March 27th 2007, detailing the implementation of
a number of articles of the Law on Insurance Business;
Pursuant to the Government's Decree No.
123/2011/NĐ-CP dated November 28th 2011,detailing the implementation
of a number of articles of the Law on amending and supplementing a number of
articles of the Law on Insurance Business, amending and supplementing a number
of articles of the Government's Decree No. 45/2007/NĐ-CP dated March 27th
2007, detailing the implementation of a number of articles of the Law on
Insurance Business;
Pursuant to the Government's Decree No.
118/2008/NĐ-CP dated November 27th 2008, defining the functions,
tasks, powers and organizational structure of the Ministry of Finance;
At the proposal of the Director of the
Department of Insurance Management and Supervision
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Chapter I
GENERAL PROVISIONS
Article 1. Subjects and
scope of regulation
This Circular prescribes the implementation of
unit-linked insurance products of the enterprises providing life insurance
(hereinafter referred to as insurers), relevant organizations and individuals
in the Socialist Republic of Vietnam.
Article 2. Unit-linked
insurance
Unit-linked insurance product is a type of life
insurance belonging to investment-linked insurance and have the following
characteristics:
1. The insurance premium and insurance benefit
are separated between the risk insurance and the investment. The insurance
buyer may determine the insurance premium and the indemnity as agreed in the
insurance contract.
2. The insurance buyer is entitled to invest
their insurance premium to purchase the units of the unit-linked fund
established by the insurer, and enjoy the investment benefits as well as incur
the investment risk from the unit-linked funds chosen, proportional to the
insurance premium invested. The purchase and sale of fund units are done
between the insurer and the insurance buyer.
3. The insurer shall receive the payment made by
the insurance buyer as agreed in the insurance contract.
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1. Unit-linked funds are funds
established from the insurance premium paid by the insurance buyer, applicable
to the unit-linked insurance contracts, and are part of the policyholder fund.
2. Units of a unit-linked fund are assets
of the unit-linked fund that is divided into equal parts.
3. The sale price is the price of a unit
of the unit-linked fund sold by the insurer to the insurance buyer.
4. The puchase price is the price of a unit of
the unit-linked funds purchased from the insurance buyer by the insurer.
5. The valuation day is the day when the insurer
determing the purchase price and sale price of the units of the unit-linked
fund.
6. The next valuation day is the valuation day
after the day the insurer receives the request for purchasing or selling the
units of the unit-linked fund from the insurance buyer.
Article 4. Requirements for
insurers to provide unit-linked insurance
The providing unit-linked insurance, the insurer
must satisfy the following conditions:
1. The solvency margin of the insurer must be at
least 200 billion VND higher than the minimum solvency margin. The contributed
charter capital must be at least 200 billion VND higher than the legal capital.
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3. The insurer is able to valuate the assets and
the units of the unit-linked funds objectively and accurately at least every
week, and notify the purchase price and sale price of the fund units to the
insurance buyers.
4. The unit-linked insurance agents are
carefully selected, and satisfy the requirements prescribed in Article 34 and
Article 35 of this Circular.
5. The unit-linked insurance product is approved
by the Ministry of Finance.
Chapter II
GENERAL PROVISIONS
Section 1. The insurance
Article 5. Unit-linked insurance
products
1. The insurer must comply with the regulations
in this Section and laws when designing unit-linked insurance products.
2. Name of unit-linked insurance names and
unit-linked funds must be clear and suitable for the property of the products,
the target of investing the assets of each unit-linked fund, and ensure that
the insurance buyer may distinguish them from other products.
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4. The language used in the documents and
information relevant to the unit-linked insurance product is Vietnamese. The
documents introducing the products, the illustrating documents must use the
font Time New Roman, the minimum font size is 12, or other fonts with
equivalent font size in conformity with this Circular.
Article 6. Unit-linked
insurance benefit
1. The benefit according to the unit-linked
insurance contract must include the risk insurance benefit and investment
benefit. Depending on the agreement between the insurer and the insurance
buyer, the insurer may include more insurance benefit. The insurance
buyer may not participate in investment benefit without participating in risk
insurance benefit.
2. The risk insurance benefit: the insurer and
the insurance buyer shall reach an agreement on the risk insurance benefit, but
the minimum benefit in case the insured dies must be ensured, in particular:
a) For insurance contracts paid in a lump-sum:
50,000,000 VND, or 125% of the insurance premium paid in a lump sum (whichever
is bigger);
b) For insurance contracts paid periodically:
50,000,000 VND, or 5 times of the insurance premium annually paid, depending on
which one is larger;
c) The insurer may provide the death benefit
with a indemnity lower than the minimum amount prescribed above, applicable to
the insured at the age of 60 or aboce, but must not be lower than 50,000,000
VND;
d) The regulation on the minimum death benefit
is not applicable to the additional insurance premium prescribed in Article 8
of this Circular;
dd) The insurer may provide supplement insurance
for unit-linked insurance. The method of paying the insurance premium for the
supplement insurance shall be agreed by the parties when concluding the
contract.
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4. The insurer and the insurance buyer reach an
agreement on the content and method of paying the insurance benefit upon
occurrence of the insured event as prescribed in Clause 2 and Clause 3 this
Article.
Article 7. Fees
1. The insurer may only collect the following
fees:
a) Initial fee is the amount that the insurer
may deduct before the insurance premium is distributed to unit-linked funds;
b) The risk insurance fee is the fee for paying
risk insurance benefit as agreed in the insurance contract;
c) The insurance contract management fee is the
fee for defraying the cost of maintaing the insurance contract and providing
information relevant to insurance contracts for the insurance buyer;
d) The fund management fee is used for paying
for the management of the unit-linked funds;
dd) The unit-linked fund transfer fee is the fee
that the insurance buyer must pay to the insurer when transferring the
investment assets among the the unit-linked fund. The insurance buyer may
transfer the unit-linked fund for free for the first time of each contractual
year;
e) The
contract termination fee is the fee paid by the client when terminating the
contract before it matures in order to cover the relevant costs;
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2. The insurer must accurately, equitably, and
reasonably calculate the fees above, suitable for the products approved by the
Ministry of Finance, and inform them to the insurance buyers when concluding
contracts.
3. the unit-linked insurance contract must
specify the maximum fees incurred by the insurance buyer. The enterprise must
completely announce the fees, the method of calculation, and the ratio of
maximum fees incurred by insurance buyers in the introduction documents and
illustrating documents.
4. During the performance of the contract, and
within the limits agreed in the insurance contract, the insurer may change the
ratio of the fees after notifying the insurance buyer and the Ministry of
Finance in writing at least 3 months before the official change.
Article 8. Additional
insurance premium
1. Apart from the periodic insurance premium
agreed in the insurance contract, the insurance buyer may pay additional
insurance premium to purchase the units of the unit-linked fund.
2. After dedecting the initial fee, the
additional insurance premium shall be invested in the corresponding unit-linked
fund according to the selection of the insurance buyer, and used for purchasing
fund units at the sale prices determined in the valuation day succeeding the day
of paying additional insurance premium.
3. In each contractual year, the total
additional insurance premium must not exceed 10 times of the insurance premium
of the first year, applicable to instalment contracts, or not exceeding the
first insurance premium, applicable to lump-sum contracts.
Article 9. The unit-linked
funds of lump-sum insurance contracts
For lump-sum insurance contracts, the insurer
must design the insurance product to ensure that the insurance premium paid by
the insurance buyer is only able to purchase the units of the funds of which
the proportion of the investment inform of bank deposit, Government bonds, and
other securities that generate fix incomes, is not lower than 60% of the total
value of the assets of such unit-linked funds.
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The refund value of a unit-linked insurance
contract is determined based on the purchase price of the units of the
unit-linked fund on the valuation day succeeding the day of terminating the
insurance contract, after deducting the fee for terminating the insurance
contracts.
Article 11. Requirements
for insurers to provide unit-linked insurance
1. The insurer must obtain the written approval
from the Ministry of Finance before implementing the unit-linked insurance
products.
2. The dossier of application for implementing
the unit-linked insurance product is composed of:
a) The written application for approving the
unit-linked insurance product, made according to the form in Annex I of this
Circular;
b) The plan and the explanation for the
provision of the unit-linked insurance products in the next 03 years,
including:
- Analyzing the insurance market, the finance
market, and the client demand;
- Forecasting the market in the next 03 years;
- Summarizing the main content of the unit-linked
insurance product planed to be provided, including the information aobu the
target market of the products, the insurance benefit, the investment benefit,
and the minimum indemnity;
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- Anticipating result of the insurer and the
unit-linked insurance product within the next 03 years, including the income,
costs, profit, and solvency of the insurer and unit-linked funds;
- Explaning the technical facilities for
providing unit-linked insurance products, including: the information technology
system, the accounting system; the process of selecting, training, and managing
the distributing agents of unit-linked insurance product; the content and
training program for insurance agents about the unit-linked insurance products
planned to be provided, the list and documents of the trainers for the
unit-linked insurance agents, the method of managing the distribution agents of
unit-linked insurance products;
- The unit-linked funds, the methods of analysis,
and the sources of the analysis data, the investment policy planned to be
applied to the assets of each unit-linked fund by the insurer ;
- The foundation for distributing the insurance
premium and costs among the unit-linked funds;
- The plan of the insurer for settling the
unit-linked funds in case the client claims the indemnity upon the occurrence
of the insured event; the client terminates the insurance contract ahead of
time, the client wishes to withdraw part of the insurance premium, advance from
the refund value, insurance contracts maturity, the client requests the
transfer of the unit-linked fund; the unit-linked fund is incorrectly valuated,
and other cases in the terms and conditions of the products approved by the
Ministry of Finance.
c) The written commitment enclosed with the
detailed explanation for the fulfillment of the conditions prescribed in
Article 4 of this Circular;
d) The rules, terms and conditions, and fees for
the unit linked insurance products to be provided;
dd) The technical bases of the unit-linked
insurance product to be provided, specifying the formula, method, and
explanation for the technical bases for calculating prices and technical
reserve of the unit-linked insurance product to be provided;
e) The documents introducing the product, the
illustrating documents, the form of the request for insurance, the form of the
insurance certificate, and other papers that the client must fill and sign when
buying insurance;
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h) The qualifications and certificates proving
the education and proficiency of the leader of the team in charge of providing
the unit-linked insurance product.
3. The application for approving the unit-linked
insurance product must be signed by the legal representative and the actuary of
the insurer.
4. In case the insurer applies for providing a
new unit-linked insurance product other than the approved one, the dossier of
application for approving the new unit-linked insurance product does not
include the documents prescribed in Point b, g, and h Clause 2 this Article,
unless such documents are changed compared to the last time the unit-linked
insurance product is approved by the Ministry of Finance.
Section 2. Concluding the
unit-linked insurance contract
Article 12. Analyzing the
demand for insurance of the client
1. Before concluding a insurance contracts, the
insurer must analyze the demand and the ability to buy insurance of the client
to provide consultancy about the insurance product and the insurance premium
suitable for the financial condition and the future financial demand of the
client.
2. The insurer must issue a form of client
demand analysis and a set of questions to assess the investment risk acceptance
of the client. Based on the information provided by the client when answering
the questions, the insurer must determine the investment risk acceptance of the
client, according to the following 5 groups of clients: the group of safe
investment, the group of relatively safe investment, the group of neutral
investment; the group of relatively risky investment, the group of risky
investment The client must sign the sheet of assessment of investment risk
acceptance.
3. The client must sign and certify that they
completely understand the insurance products that they want to buy, are aware
of the insurance benefit, investment benefit, and the investment risk thay they
may encounter, and the fees charged by the insurer.
4. The insurer must check the result of
information provision, and provide consultancy about the unit-linked insurance
product to their clients in accordance with law and the internal process of
providing the unit-linked insurance product.
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The unit-linked insurance contract must be
conformable with law and contain the following information:
1. The benefit and mechanism for biding such
benefit with the operation of the unit-linked fund selected by the insurance
buyer;
2. The investment policy and target of the
unit-linked funds;
3. The unit-linked funds selected by the
insurance buyer, and the proportion of insurance premium used for buying the
units of the unit-linked funds;
4. The proportion, the specific amount, the
maximum limit, and the method of calculating the fees relevant to the
unit-linked insurance contract;
5. The method and the period of valuation the
units of unit-linked funds:
6. The selection for the insurance buyer to
change the risk benefit, the proportion of insurance premium distributed to the
unit-linked funds, the insurance premium, the transfer among the unit-linked
funds and the extension of the deadline for paying insurance premium.
7. Specifying the cases where the insurer may
take the measures below to protect and enhance the benefit of the insurance
buyer:
a) Closing the unit-linked fund to transfer the
assets to a new unit-linked fund with the same investment target;
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c) Dividing, splitting, or merging the existing
units of the unit-linked fund;
d) Stopping valuating the units of the
unit-linked fund and the transactions relevant to the insurance contract in
case the transaction at the Stock Exchange in which the unit-linked fund is
investing is suspended;
dd) Other measures at the request of competent
State agencies and laws.
When taking the measures prescribed in Point a,
b, c and dd Clause 7 this Article, the insurer must send report to the Ministry
of Finance, and notify the insurance buyer in writing at least 3 days before
the application.
Article 14. Rights and
obligations of the insurance buyer
1. The insurance buyer is entitled to:
a) Request the insurer to completely provide the
information and explain the terms and conditions of insurance so as to be aware
of the relevant risks before concluding the unit-linked insurance contract;
b) Consider the terms and conditions of the
insurance contract within at least 21 days as from receiving the insurance
contract. While considering, if the insurance buyer wishes to terminate the
insurance contract, the insurer must return the entire insurance premium paid
after deducting the cost of health examination (if any);
c) Temporarily stop paying insurance premium
after the insurance contract takes effect as agreed in the insurance contract.
After the client stops paying insurance premium, the insurance contract is in
force, the risk management fee and contract management fee shall be deducted
from the monthly account of the client;
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dd) Transfer the unit-linked fund by
transferring part or all the value of the fund units of the insurance contract
from one unit-linked fund to another in a distribution ratio requested by the
insurance buyer;
e) Change the proportion of investment in the
unit-linked funds as agreed in the insurance contract. The change is
applicable to the paid insurance premium after the change is requested and in
the ratio accepted by the insurer;
g) Change the indemnity as prescribed by the
insurance contract, unless insurance premium is temporarily stoped being paid.
The increase or decrease of the indemnity only takes effect in the next
contractual year after the request of the insurance buyer is accepted;
h) Change the insurance premium as prescribed by
the insurance contract. The increase or decrease of the insurance premium only
takes effect in the next contractual year after the request of the insurance
buyer is accepted; The decreased insurance premium must not be lower than the
minimum insurance premium prescribed by the insurer;
i) Terminate the insurance contract before the
time agreed in the insurance contract;
k) Recover the insurance contract within 02
years as from the closest date the insurance contract is void;
l) Receive the annual reports relevant to the
insurance contract, the unit-linked fund and other relevant information as
prescribed by law;
m) Other rights prescribed in the rules and
conditions of the unit-linked insurance product approved by the Ministry of
Finance.
2. The insurance buyer is obliged to:
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b) Read the introduction documents and illustration
documents carefully, and sign the docuemtns provided by the insurer;
c) Pay the insurance premium as agreed in the
insurance contract;
d) Fullfill other obligation according to the
agreement made by the insurer and the insurance buyer in accordance with the
terms and condititons of the unit-linked insurance product approved by the
Ministry of Finance.
Article 15. Rights and
obligations of the insurer
1. The insurer is entitled to:
a) Collect the fees as prescribed in Article 7
of this Circular;
b) Choose a fund management company and a
supervising bank to manage the unit-linked funds;
c) Other rights as prescribed by current laws.
2. The insurer is obliged to:
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b) When the client’s account is not sufficient
for paying the risk insurance fee and the contract management fee for the next
month, the insurer must notify the status of the insurance contract to their
client;
c) Completely, accuarately, promptly, and
clearly record the information of each clients relevant to the conclusion and
performance of the unit-linked insurance contract;
d) Other obligation as prescribed by current
laws.
Section 3. Establishing and
managing the unit-linked funds
Article 16. Unit-linked
funds
1. The insurer must establish at least 02
unit-linked fund with different investment targets for each unit-linked
insurance product.
2. The insurer must ensure that the assets
derived from unit-linked fund must be separated from the owner’s fund, the policyholder’s
fund, and among the unit-linked funds of the insurer.
3. After 60 days as from the signing date of the
first unit-linked insurance contract, the insurer must ensure that the total
value of the unit-linked fund is never lower than 100 billion VND.
4. In case the insurance premium being
distributed to the unit-linked fund does not satisfy the requirements in Clause
3 this Article, the insurer must use part of the owner’s fund to make up the
assets of the unit-linked fund, and may enjoy the investment benefit
proportionally to the amount contributed to the establishment of the
unit-linked fund. The insurer may return part or all the contributed amount if
such return satisfy the requirements in Clause 3 this Article.
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6. In any case, the unit-linked fund must be
managed and invested in accordance with the investment policy, targets, and the
financial regime applicable to the insurers.
Article 17. Targets of
unit-linked funds;
1. The targets of the unit-linked funds must be
clear and specific so that the insurance buyer may objectively assess the
efficiency of the unit-linked fund as well as the characteristics of the assets
in the unit-linked fund, and the risks that the unit-linked fund may face.
2. The insurer must ensure that the unit-linked
fund is invested in accordance with the announced targets, and adhere to the
investment limits as prescribed by law and Article 18 of this Circular..
3. The targets and method of distributing the
invested assets of the unit-linked fund must be completely and evidently
provided in the introduction documents and the insurance contracts.
Article 18. Investment
limits of unit-linked funds
1. The investment portfolio of a unit-linked
fund must be congruent with the investment policy and targets specified in the
terms, conditions, and technical bases of the products approved by the Ministry
of Finance.
2. The structure of a unit-linked funds must
satisfy the following requirements:
a) Each unit-linked fund must not invest in more
than 10% of the total circulating securities of a issuing
organization, except for Government bonds;
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c) The assets of a unit-linked fund must not be
directly invested in real estate, gold, silver, precious metal, and gems;
b) Each unit-linked fund must not invest more
than 30% of the total assets of the fund in the companies in the same
corporation or a group of companies under mutual ownership;
dd) Do not invest in the securities investment
funds and shares of the investment companies established and operated in
Vietnam.
3. The investment structure of a unit-linked
fund must not vary more than 15% of the investment limits prescribed in Clause
2 this Article. The variations must be the results of the increase or decrease
of the value of the investment assets, and the legitimate payment s of the
unit-linked fund. In this case, the unit-linked fund must not invest in the
assets subject to variation, and within 03 months as from the variation occurs,
the insurer must request the fund management company to adjust the investment
portfolio in order to ensure the investment limits prescribed in this Article.
The enterprise must sent written reports to the
Ministry of Finance, and inform the insurance buyer of the reasons of such
variations, the remedial measures, and the results.
4. If the variation is occurs because the
insurer or the fund management company does not adhere to the investment limits
prescribed in this Article, or the investment policy and targets of the
unit-linked fund stated in the technical foundation, the insurer must request
the fund management company to adjust the investment portfolio within 15 days
as from the variation occurs.
5. The insurer are responsible for paying
compensation for the damage caused for the insurance buyer and unit-linked fund
in the following cases:
a) Not adhering to the investment pocity and
targets specified in the terms, conditions, and technical foundation of the
products approved by the Ministry of Finance, or
b) Investing in the restricted assets, or
exceeding the investment limits prescribed in this Article.
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Article 19. Valuating
unit-linked funds
1. The insurer must periodically valuate the
assets of the unit-linked fund at least evey week, according to the market
price or reasonable value (in case the market price is not available) of the
assets in the investment portfolio of the unit-linked fund.
2. The valuation of the net asset value of the
unit-linked fund must adhere to the rules prescribed in Article 18 and 19 of
the Circular No. 183/2011/TT-BTC dated December 16th 2011 of the
Ministry of Finance, guiding the establishment and management of open funds,
and the documents amending, supplementing, and superseding the documents above
(if any).
3. The supervising bank legally established and
operated in Vietnam shall approve the net asset value of the unit-linked fund.
4. The insurer is responsible for any mistake
when valuating the units of the unit-linked fund, and must pay compensation to
the insurance buyer and the unit-linked fund for the damage caused during the
trade of the fund units due to the error when the margin of error reaches:
a) At
least 0.25% of the net asset value, when investing in shares;
a) At least 0.75% of the net asset value, when
investing in bonds;
a) At least 1.00% of the net asset value, when
investing in other assets.
5. In case the fund units are improperly traded
when valuating units of the unit-linked fund, the compensation paid to the
insurance buyer and unit-linked fund is calculated as follows::
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- If the insurance premium is distributed for
purchasing the fund units before the fund is incorrectly valuated, and the fund
units have been sold when while the fund is incorrectly valuated, then the
compensation paid to the insurance buyer shall be determined based on the
margin of error and the amount of fund units sold by the insurance buyers;
- If the insurance premium is distributed for
purchasing the fund units while the fund is incorrectly valuated, and they are
still held after the fund is incorrectly valuated, then insurer shall pay
compensation to the unit-linked fund, the the compensation is be determined
based on the margin of error and the amount of fund units purchased and held
after the incorrect valuation by the insurance buyers;
a) If the fund is overvalued, the compensation
paid to the insurance buyer and the unit-linked fund is determined as follows:
- If the insurance premium is distributed for
purchasing fund units before the fund is incorrectly valuatedm and the fund
units are sold while the fund is incorrectly valuated, then the insurer shall
pay compensation to the unit-linked fund, the compensation is determined based
on the margin of error and the amount of fund units sold by the insurance
buyers while the fund is incorrectly valuated;
- If the insurance premium is distributed for
purchasing the fund units while the fund is incorrectly valuated, and they are
still held after the fund is incorrectly valuated, then the compensation is be
determined based on the margin of error and the amount of fund units purchased
and held after the incorrect valuation by the insurance buyers;
c) The compensation paid to the insurance buyer
and the unit-linked fund must be included in the costs of unit-linked fund of
the insurer.
6. The insurer must report the plan for
correcting the error when vaulating fund unit to the Ministry of Finance within
03 working days as from the discovery of the error. Within 15 working days as
from reporting btc, the insurer must pay compensation for the damage to the
insurance buyer and the unit-linked fund.
Article 20. Calculating the sale price and purchase price of units of
unit-linked funds
1. The sale price and purchase price of units of
the unit-linked fund are determined based on the net asset value of each unit
of the unit-linked fund on the next valuation day, after the insurer is
receives the purchase or trade order from the unit-linked fund. The difference
between the sale price and purchase price of units of a unit-linked fund must
not exceed 5% of the sale price.
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Article 21. The process of
selling and purchasing units of unit-linked funds
1. The insurance buyer is entitled to purchase
more or sell the units of the unit-linked fund to the insurer. The units of the
unit-linked fund may be sold or additionally purchased via a insurance agent,
or directly by the insurance buyer and the insurer at the head office, branch,
representative office, or customer care center of the insurer.
2. The insurance buyer may purchase more units
of the unit-linked fund when the following requirements are satisfied:
a) The insurance contract of the insurance buyer
is unexpired, and the money for additional purchase satisfy the requirements in
Clause 3 Article 8 of this Circular;
b) Having a written request for purchasing more
units of the unit-linked fund made according to the form of the insurer,
specifying the money for additional purchase of units of the unit-linked fund
and the percentage in each unit-linked fund and sign on the written request for
additional purchase of units of the unit-linked fund.
3. The insurance buyer may sell units of the
unit-linked fund when the following requirements are satisfied:
a) The insurance contract of the insurance buyer
is unexpired, and the quantity of fund units being sold satisfies the
requirements for the minimum amount of money set by the insurer when selling
units of the unit-linked fund of the insurance buyer;
b) Having a written request for selling units of
the unit-linked fund made according to the form of the insurer, specifying the
money for additional purchase of units of the unit-linked fund and the
percentage in each unit-linked fund and sign on the written request for
additional purchase of units of the unit-linked fund.
4. The insurer must settle the request for
purchasing or selling the units of the unit-linked fund on the next valuation
day. The sale price or purchase price of units of the unit-linked fund is
determined as prescribed in Article 20 of this Circular.
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6. The insurer must not reject the additional
purchase or sale of units of the unit-linked fund when the insurance buyer has
satisfied the requirements in Clause 2 and Clause 3 this Article.
Article 22. The Investment
council
1. The insurer must establish an Investment
council to perform the following tasks:
a) Approving the investment process, policy, and
regulation of each unit-linked fund in the most prudent manner in order to
ensure the safety of the assets in the unit-linked fund, and suit the
investment strategy and target of each unit-linked fund that have been informed
to the clients. All changes in the process, policy, and regulation of
each unit-linked fund must be approved by the Investment council before the
application;
b) Making decisions on closing a unit-linked fund
to transfer the assets to a new unit-linked fund with the same investment
target; changing the name of the unit-linked fund; dividing, splitting, or
merging the existing units of the unit-linked fund, suspending the valuation of
units of the unit-linked fund and the transactions relevant to the insurance
contract in special cases are specified in the insurance contract in order to
ensure the benefits of the insurance buyer;
c) Approving the selection of investment assets
in conformity with the investment limits in Article 18 of this Circular;
d) Other tasks at the request of competent State
agencies and laws.
2. The Investment council is composed of at
least 3 members, including:
a) 1 actuary of the insurer;
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c) 01 lawyer, proficient in investment laws.
3. The Investment council must hold quarterly
meetings, and may hold irregular meeting at the request of the insurer. The
Decisions made by the Investmet council shall be voted in direct meetings,
telephone-based meetings, internet-based meetings, via audio-visual media, or
in written opinions.
Article 23. The fund
management company
1. The insurer that provides a unit-linked
insurance product must authorize a fund management company experienced in
managing funds in order to invest the assets of the unit-linked funds in
accordance with the investment strategy, limits, and target of each one, and in
conformity with law.
2. The insurer must open and separate the
investment assets of its unit-linked funds from their other funds and from the
clients’. The fund management company must not use the assets of the unit-linked
fund to make any transaction or for any purpose other than that prescribed in
the authorization of the insurer.
3. At least every week, according to the
authorization, and before the next valuation day, the fund management company
must provide information about the value of investment assets to the insurer,
cooperate with the supervising abnk and the insurer to periodically valuate the
net asset of the unit-linked fund and the net asset of a unit of the
unit-linked fund, and send reports about the investment porfolion, the
valuation, and the operation of the unit-linked fund in accordance with this
Circular, in the Circular No. 183/2011/TT-BTC dated December 16th
2011 of the Ministry of Finance, guiding the establishment and management of
open funds, and the authorization contract between the insurer and the fund
management company.
The insurer shall compare the investments of the
fund management company and the depository account in the bank, ensuring the
consistency of the balance of the individual accounts and the net asset value
of thee unit-linked fund.
4. The fund management company is responsible
for for any error or damage caused by incorrect valuation according to the
authorization contract of the insurer about the management of unit-linked funds.
Article 24. The supervising
bank
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a) Deposit the assets of unit-linked funds as
prescribed in the Circular No. 183/2011/TT-BTC dated December 16th
2011 of the Ministry of Finance, guiding the establishment Decree management of
open funds;
b) Supervising the asset management of
unit-linked funds of the insurer or the fund management company authorized by
the insurer in accordance with the investment limits, the investment target of
the insurer, and current law provisions. When detecting a violation of laws and
the investment trust contract, the supervising bank must immediately notify the
Ministry of Finance (the Department of Insurance Management and Supervision)
and notify the fund management company within 24 hours as from detecting the
violation, and request the rectification or remedial measures within a
specified period;
c) Supervising, ensuring the legitimacy and
appropriateness of the payments made from the fund assets;
dd) Cooperate with the insurer and the fund
management company in periodically reviewing the net asset value, valuating the
unit-linked fund, and the net asset value of a unit of the unit-linked fund,
ensuring that these values are accurately and legally calculated;
dd) Supervising and appraising the
consolidation, merger, dissolution, and liquidation of assets of unit-linked
funds when the insurer is allowed to take such measures;
2. The assets of the unit-linked fund at the
supervising under the name of the insurer is the assets under the ownership of
the unit-linked fund, not the supervising bank or the fund management company.
The supervising bank must not use the assets of the unit-linked fund for making
payment or underwriting payment for their debts or for a third party.
3. The supervising bank must make and deposits
the documents in the form of paper and electronic files for 10 years, in order
to certify the conformity of the fund management company and the insurer to the
investment target of the unit-linked fund and to the law. These documents must
be provided when the Ministry of Finance requests in writing.
Section 4. Providing
information about the insurer
Article 25. Introduction
documentss
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1. The information in the introduction documents
must be accurate, objective, sufficient, and suitable for the unit-linked
insurance product is approved by the Ministry of Finance.
2. Apart from the general regulations in life
insurance, the documents introducing the unit-linked insurance product must at
least contain the following information:
a) Introducing the basic characteristics of the
unit-linked insurance plan;
b) The existing types of unit-linked funds of
the insurer, the investment policy of each unit-linked fund, the invesment
assets, the proportion of distributing the investment asset of each fund, and
the characteristics of investment risks;
c) The benefits according to the unit-linked
insurance contract shall vary according to the operation of the unit-linked
funds, and the insurance buyer may enjoy all the investment result, and incur
all the investment risks from the selected unit-linked funds proportionally to
the value of the contract in the unit-linked funds;
d) In some cases, the insurer may suspend the
sale or purchase of units of the unit-linked fund;
dd) The proportion of distributing insurance
premium for purchasing units of the unit-linked fund, the method of
calculation, and the maximum limits of the initial fee, fund management fee,
risk insurance fee, insurance contract management fee, and other fees. The
information above must have examples about the method of distributing insurance
premium for purchasing units of the unit-linked fund;
e) All guaranteed benefits of the insurance
buyer must be specified, including death benefit, maturity benefit, and
contract termination. The non-guaranteed benefits must be notified to the
insurance buyer by the insurer;
g) The foundation and the period of valuating
the assets of the unit-linked funds;
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i) Notice the insurance buyer that the
conclusion of the unit-linked insurance contract is a long-term commitment, and
the insurance buyer should not terminate the insurance contract be cause the fee
payable by the insurance buyer might be very high in the early period of the
contract;
k) Notice the insurance buyer to comply with the
regulations in the insurance contract in order to ensure their rights and
interests.
Article 26. Illustrating
documents
The illustrating documents must comply with law
and the regulations below:
1. The documents illustrating the unit-linked
insurance product must be provided to the client before concluding the
insurance contract, and contain the least information according to Annex II of
this Circular.
2. The insurer must explain the benefits that
the insurance buyer may have when concluding the insurance contract, including
the risk insurance benefit and the benefit derived from the unit-linked funds,
even the income of the unit-linked fund is negative.
3. The actual investment ratio of each
unit-linked fund must be separately calculated every year. The actual
investment ratios are calculated based on the net interest of the unit-linked
fund in the last 05 years, or the period that the unit-linked fund have been
operated if it has not operated for 05 years. The insurer must explain that the
enumeration of the investment ratios regardlessof the difference between the
sale price and purchase price or other fees may be included for the insurance
buyer. The insurer must not illustrate the investment benefit longer than
20 years.
4. The fees and maximum limits payable by the
insurance buyer must be specified, and separated from the insurance premium for
risk insurance benefits and other fees.
5. In case the unit-linked insurance contract
has supplementaty insurance benefit, the insurer must explain them in the
illustrating documents, and their effects on the insurance buyers.
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Article 27. Providing
information to the insurance buyer
1. The insurer must accurately, sufficiently,
and promptly provide the information relevant to the concluded unit-linked
insurance contract for the insurance buyer. The information provided for the
insurance buyer must be congruent with the unit-linked insurance product
approved by the Ministry of Finance.
2. The insurer must provide the following
documents on its website:
a) The terms and conditions of the insurance
products approved by the Ministry of Finance;
b) The introduction documents;
c) The documents illustrating the typical cases;
d) The operation of the unit-linked fund;
dd) The prices of units of the unit-linked fund
as prescribed in Article 19 and Article 20 of this Circular.
Article 28. Informing the
contract status to the insurance buyer
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1. The status
of the unit-linked insurance contract, including:
a) The quantity and value of the fund units
being held at the beginning of the reported year;
b) The total insurance premium paid and the
insurance premium distributed for purchasing the fund units in the reported
year;
c) The details of each fee paid by the client in
the year;
d) The quantity and value of the fund units
being purchased and sold in the reported year;
dd) The amount of money that the clients has
withdrawn from the value of the contract account, the loans from the insurance
contract (if any)
e) Prices, quantity, and value of the fund units
being held at the end of the reported year;
g) The risk insurance benefit and the refund
value at the beginning of the reported year;
h) The risk insurance benefit and the refund
value at the beginning of the reported year.
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a) The summary about the financial status of the
unit-linked fund made according to the form in Annex III of this Circular;
b) The analysis of the results of the
unit-linked funds, including:
- The investment tagets of the unit-linked funds
and the method of distributing assets at the reported time;
- The change of the investment target (if any),
and the limitations of the unit-linked funds in the year;
- The analysis about the operation, regarding
the net investment ratio, of the unit-linked fund in the last 05 years, or the
period that the unit-linked fund have been operated if it has not operated for
05 years;
- The expenditures relevant to unit-linked
funds, and the expenditures arising in the year;
- The details about the interest that has been
and will be distributed in the reported year; and the effect of the net asset
value on each units of the unit-linked fund before and after distributing the
interest;
- The assessment of the prospect of the
investments, and the anticipated investment policy of the unit-linked fund; and
some cases that may change such prospect assessment;
- The indices relevant to the sectors in which
the unit-linked funds are investing;
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Article 29. Announcing the
price of units of the unit-linked fund
1. The insurer must provide the following
information on at least one central newspapaer and on its website every week:
a) The sale price of units of the unit-linked
fund;
b) The purchase price of units of the
unit-linked fund;
c) The net asset value of each unit of the
unit-linked fund.
2. The information provision in Clause 1 this
Article must suit the period of valuating the units of the unit-linked fund of
the insurer, and be done on the working day succeeding the valuation day. The
insurer must ensure that their clients may access the values of the fund units
of the contiguous weeks in the previous 03 years on their website.
Article 30. Regulations on
the information provision and advertisements for unit-linked insurance product
1. The insurer may provide information and
and advertise their unit-linked insurance products as prescribed by law,
and bear responsibility for the information provided.
2. The insurer and relevant organizations and
individuals must not advertise or providing information about the unit-linked
insurance product that have not been approved by the Ministry of Finance.
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4. The advertisements must be evident, without
misleading into thinking that unit-linked funds are financial instruments that
generate steady income or guarantee profits. The advertisement and
introductions must not contain the opinions that mislead the clients into
thinking that the investment value is always increasing; must not commit or
forecast the positive investment results of unit-linked funds in the future.
5. The insurer and insurance agents must not
compare the advertisements and guarantee that one unit-linked fund will give
better results than another or that of another insurer.
6. The use of the opinions and assessments from a
third party, or poll results, or rankings to advertise and introduce the
unit-linked insurance product, the insurer and relevant organizations and
individuals must ensure that:
a) The opinions, assessments, poll results, and
rankings must be reliable, objective, and based on real comparison, data, and
facts;
b) The opinions, assessments, poll results, and
rankings must be announced or organized by an accredited provider of financial
information and statistics services;
c) The reference sources, including the document
names, the publishers, and the time of publishing must be specified;
d) The rankings and poll results are given
within one year (12 months) as from the unit-linked insurance product is voted,
ranked, or awarded.
7. The information and advertisements for a
unit-linked insurance product must not imply that a State management agency
guarantees the information, the advertisements the investment strategy and
target of the unit-linked fund, the assets of the unit-linked fund, the value
of fund units, the profitability, and the level of risks of the unit-linked
fund.
The insurer must not emply tha name, symbol,
image, position, reputation, and mails of State management agencies, officers
and officials in State management agencies, the thank-you letters from clients
to advertise, introduce, and offer the unit-linked insurance products.
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a) Clients must carefully read the introduction,
the illustrating documents, the terms and conditions before buying the
unit-linked insurance product, and pay attention to the fees of the product;
b) The unit-linked insurance product is
different from other traditional insurance products, and clients must incur all
the investment risks proportional to the paid insurance premium, according to
the kind of risk of the unit-linked fund chosen by the clients;
c) The account value of the insurance contract
may vary depending on the market, and clients may lose the paid insurance
premium in case of investment makes a loss;
d) The information about the results of the
previous unit-linked funds (if any) is for reference only, and does not meant
these funds will generate a profit in the future.
Section 5. The solvency, the
technical reserve, and reporting regime
Article 31. The solvency
1. The insurer must maintain the solvency as
prescribed by law.
2. The minimum solvency margin of unit-linked
insurance contracts equals 1.5% of the technical reserve plus 0.3% of the risk
insurance premium.
3. The solvency margin of the insurer must be
200 billion VND higher than the minimum solvency margin.
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1. The insurer must make the technical reserve
as follows:
a) Mathematical reserve, comprising:
- Insurance risk reserve: is the bigger number
between the unearned premium reserve or the cash flow reserve in order to cover
all the costs in the future in the entire period of the contract.
- The
technical reserve for the unit-linked part is the sum of the following amounts:
+ The sum of investment units of the insurance
buyer on the valuation day, multiplied by the purchase price of the fund unit
on the valuation day;
+ The total insurance premium received from the
insurance buyer on the valuation day after deducting the fees payable by the
insurance buyer, that is supposed to be used for purchasing fund units, but has
not been used.
b) The indemnity reserve: extracted based on
each dossier; the extracted amount is calculated based on the indemnity being
paid for each dossier that has claim indemnity that has not been settled at the
end of the fiscal year;
c) The resilience reserve: this reserve is to
ensure the fulfillment commitment of the insurer to its clients as agreed in
the insurance contract when the investment market undergoes fluctuations;
d) Other reserves after approved by the Ministry
of Finance.
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Article 33. Responsibility
of insurers and the reporting regime
1. The insurer providing unit-linked insurance
products must comply with this Circular and relevant laws.
2. Based on this Circular and relevant laws, the
insurers shall promulgate the technical process to provide unit-linked
insurance products in accordance with their conditions, characteristics, and
charter.
3. The actuaries shall assess the conformity of
the insurers to this Circular during the provision of unit-linked insurance
products. The assessment of the actuary shall be sent to the Ministry of Finance
within 05 working days as from the end of the month. When detecting misconduct
of the insurer, the actuary must send reports to the Ministry of Finance within
03 working days as detecting the misconduct.
4. The insurer shall send reports on the result
of the unit-linked insurance products to the Ministry of Finance every month,
using the form in Annex IV promulgated together with this Circular.
5. The insurer shall send reports on data of the
technical reserve for unit-linked insurance products every quarter, using the
form in Annex V promulgated together with this Circular.
6. The insurer must cooperate and report the
provision of unit-linked insurance product at the request of the Ministry of
Finance.
Section 6. The insurance
agents, insurance commission, and insurance distribution
Article 34. The
requirements for insurance agents
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a) Not violating the rules professional ethics
while running the agent;
b) Having a certificate of agents unit-linked
insurance agent as prescribed by law. These regulations are not applicable to
the qualified insurance agents that have been employed by the insurer to sell
unit-linked insurance product before this Circular takes effect.
c) Satisfying one of the requirements for
experience below:
- Being a insurance agent and having at least 01
year of experience in running a insurance agent; or
- Being a insurance agent and having at least 06
months of experience in the finance, banking, insurance, and having
professional qualifications in securities issued by the State Securities
Commission; or
- Being a insurance agent and having at least 06
year of experience in running a insurance agent, and having at least a college
degree in finance, banking, or insurance.
2. The insurer is responsible for the damage or
loss caused by their agents as agree in the insurance agent contract.
Article 35. The training
program for unit-linked insurance agents
1. Apart from the general knowledge about
insurance agents, the training program for unit-linked insurance agents must
include the following content:
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b) The basic knowledge about investment;
c) The content about the unit-linked insurance
products that the insurer may sell;
d) The laws on insurance business applicable to
unit-linked insurance products;
dd) The skills in selling unit-linked insurance
products;
e) The practice of consultancy and sale of
unit-linked insurance products;
2. The period of the training program for
unit-linked insurance agents:
a) For students that have professional
qualifications in securities issued by the State Securities Commission, the
minimum training period is 24 hours;
b) For students that have qualifications or
experience in the finance, banking, or insurance, the minimum training period
is 28 hours;
c) For other subjects, the minimum training
period is 40 hours;
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Article 36. Insurance
commission
The maximum commissions that the insurer may pay
the insurance agent in each insurance contract are provided in Annex VI of this
Circular.
Article 37. Technical
instruction
The insurer that provide unit-linked insurance
products must issues handbooks guiding the unit-linked insurance products, and
supervise the implementation of such handbooks in accordance with following
requirements:
1. The handbook must be enclosed with the rules
professional ethics when distributing unit-linked insurance products in order
to avoid misconduct when distributing unit-linked insurance products;
2. The request for insurance of the client must
include the documents proving that the client has read, consulted, and
understood the chosen unit-linked insurance product;
3. Including the process and requirement of
cross inspection of the consultancy results for the unit-linked insurance
contracts;
4. Including the technical process relevant to
the distribution of unit-linked insurance products, the duty assignment, the
responsibility, and cooperation among the departments of the insurer during the
distribution of unit-linked insurance products;
5. Including the internal inspection of the
provision of unit-linked insurance products as prescribed by law.
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7. Including the responsibility for raising the
clients’ awareness about the unit-linked insurance products. The clients
participating in unit-linked insurance products must be aware of the risks,
terminologies, fees, terms and conditions of the insurance contract.
Article 38. The
distribution of unit-linked insurance products
That agents that distribute unit-linked
insurance products must perform the following tasks:
1. Complying with the laws on insurance agents,
the insurance agent contract signed with the insurer, and the rules
professional ethics issued by the insurer.
2. Provide consultancy in accordance with the
guided process and other processes issued by the insurer. During the
consultation , the insurance agent must analyze the client’s information,
including their demand and financial resources, survey the risk acceptance,
and suggest appropriate products.
3. The insurance agent must ensure that all
clients receive explanation about the benefit of the products, are aware of the
typical risks of the chosen products before signing the request for insurance;
have documents proving that the clients under stand the chosen insurance
products, and such insurance products suit their demand and financial
resources.
4. The insurance agent must report the
consultancy results to the insurer, including their basic information and
financial resources for participating in insurance, and describe the
consultation. This report is part of the request for insurance.
5. The insurance agent must not induce clients
to replace or terminate their existing insurance contracts for participating in
unit-linked insurance.
Chapter III
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Article 39. The supervision
and penalties for violations
1. Insurers, insurance agents, relevant organizations
and individuals are subject to the supervision from the Ministry of Finance
(the Department of Insurance Management and Supervision) during the provision
of unit-linked insurance products as prescribed by law.
2. The Department of Insurance Management and
Supervision shall assess the provision of unit-linked insurance products every
quarter; cooperate with relevant units in requesting the Ministry of Finance to
appropriately amend and supplement this Circular.
3. The violations committed by insurer, insurance
agents, relevant organizations and individuals shall be penalized as prescribed
by law.
Article 40. Effects
1. This Circular takes effect on October 01st
2012.
2. This Circular supersedes the Decision No.
102/2007/QĐ-BTC dated December 14th 2007, promulgating the
Regulation on the provision of unit-linked insurance products.
3. Within 12 months as from this Circular takes
effect, the insurers that have provided unit-linked insurance products
according to the Decision No. 102/2007/QĐ-BTC must implement this Circular.
4. The difficulties arising during the course of
implementation should be reported to the Ministry of Finance for consideration
and settlement./.
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FOR THE
MINISTER
DEPUTY MINISTER
Tran Xuan Ha