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THE GOVERNMENT
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 48/2018/ND-CP
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Hanoi, March 21, 2018
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DECREE
ON AMENDMENTS TO DECREE NO. 98/2013/ND-CP DATED AUGUST 28,
2013 ON PENALTIES FOR ADMINISTRATIVE VIOLATIONS IN INSURANCE BUSINESS AND
LOTTERY BUSINESS
Pursuant to the Law on
organization of Government dated June 19, 2015;
Pursuant to the Law on
Penalties for administrative violations dated June 20, 2012;
Pursuant to the Law on
Insurance Business dated December 9, 2000, Law on amendments to the Law on
Insurance Business dated November 24, 2010;
At the request of the
Minister of Finance;
The Government
promulgates a Decree on amendments to Decree No. 98/2013/ND-CP dated August 28,
2013 on penalties for administrative violations in insurance business and
lottery business.
Article 1. Certain
articles of Decree No. 98/2013/ND-CP dated August 28, 2013 on penalties for
administrative violations in insurance business and lottery business shall be
amended as follows:
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“1. Vietnamese,
foreign organizations and individuals that commit administrative violations in
insurance business and lottery business specified in this Decree.
Organizations subject to
penalties for administrative violations in insurance business and lottery
business prescribed in this Decree include: life insurers, non-life insurers,
health insurers, reinsurers, insurance brokerages, branches of foreign non-life
insurers, representative offices of foreign insurers, representative offices of
foreign reinsurers, representative offices of insurance brokerages, insurance
agencies which are lottery business firms, lottery agencies and other relevant
organizations as prescribed in this Decree”.
2. Article 7 shall be
amended as follows:
a) Clause 1 Article 7
shall be amended as follows:
“1. A warning shall be
imposed for any of following violations:
a) Failing to have the
mandatory information posted in 05 consecutive issues of a daily newspaper as
per the law.
b) Announcing at
variance with time limit about one of contents in the license for
establishment and operation or representative office license as prescribed by
law.
c) Failing to announce
the contents or amending contents in the license to establish representative
office as prescribed by law”.
b) Clause 4a shall be
added after Clause 4 Article 7 as follows:
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Confiscating exhibits of
violations in case of violation prescribed in Point c Clause 2 of this
Article”.
3. Clause 2, Clause 3,
Clause 4 Article 9 shall be amended as follows:
a) Point d Clause 2
Article 9 shall be amended as follows:
“d) Appointing the
General Director (Director), Deputy General Director (Deputy Director), branch
manager, representative office manager of the insurer, reinsurer, insurance
broker to concurrently hold the head position of more than one (01) branch or
representative office of such insurer, reinsurer, insurance broker, or branch
of foreign non-life insurer, or professional departments. Appointing Director,
Deputy Director of foreign branch to concurrently hold the head position of
more than one professional departments of such branch.”
b) Point dd shall be
added after Point d Clause 2 Article 9 as follows:
“dd) Appointing actuaries
of life insurer, health insurer, reserving actuaries of non-life insurer,
reinsurer, or foreign branch to concurrently hold position of General Director
(Director) or chief accountant”.
c) Point a Clause 3
Article 9 shall be amended as follows:
“a) Appointing Deputy
General Director (Deputy Director), actuary, branch manager, representative
office manager, chief of the control board, controller, internal audit chief,
head of professional department, members of the Board of Directors or the
Member assembly who fail to meet standards as prescribed by law”.
d) Point a, Point b
Clause 4 Article 9 shall be amended as follows:
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“b) Falling to appoint
the President of the Board of Directors (the President of the Member assembly
or the company’s president), General Director (Director); appointed actuary, or
reserving actuary as per the law;”
4. Clause 2, Clause 3,
Clause 4, Clause 5 Article 10 shall be amended as follows:
"2. A fine of from
VND 30,000,000 to VND 40,000,000 shall be imposed for life insurer
actuary’s failure to comply with law in conducting one of following tasks:
a) Calculating insurance
premium of insurance products and formulating principles, terms and conditions
of insurance products, or certifying insurance premium;
b) Assessing the
difference between the presumptive and actual costs of each product annually;
c) Assessing reinsurance
program, reinsurance contracts before submit them to General Director, Board of
Directors (Board of members, President) for approval;
d) Reporting on
significant cases that possibly prejudice solvency ratio of the insurer to the
Ministry of Finance directly.
3. A fine of from VND
30,000,000 to VND 40,000,000 shall be imposed for failure of reserving
actuary of non-life insurer, reinsurer, or foreign branch to comply with law in
conducting one of following tasks:
a) Calculating insurance
premium and formulating principles, terms and conditions of insurance or
reinsurance products, or certifying insurance premium;
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c) Assessing reinsurance
program, reinsurance contracts before submit them to General Director, Board of
Directors (Board of members, President) for approval;
d) Reporting on
significant cases that possibly prejudice solvency ratio of the insurer to the
Ministry of Finance directly.
4. A fine of from VND
90,000,000 to VND 100,000,000 shall be imposed for failure of appointed
actuary of life insurer or health insurer to comply with law in conducting one
of following tasks:
a) Calculating to build
up professional insurance reserve;
b) Separating funds and
distributing annual surplus of policyholder fund.
c) Assessing solvency
ratio of life insurer or health insurer monthly, certifying it to solvency
ratio report and send it to the Ministry of Finance.
5. A fine of from VND
90,000,000 to VND 100.000.000 shall be imposed for failure of reserving
actuary of non-life insurer, reinsurer, or foreign branch to comply with law in
conducting one of following tasks:
a) Calculating to build
up professional insurance reserve;
b) Separating the owner’s
equity and insurance premium as per the law;
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5. Point b Clause 2
Article 12 shall be amended as follows:
“b) Retaining the maximum
liability for each risk or separate damage in excess of 10% of the owner’s
equity”
6. Clause 3 Article 14
shall be amended as follows:
“3. A fine of from VND
90,000,000 VND to VND 100,000,000 shall be imposed for frauds in insurance
business with appropriated amount of under VND 20,000,000 or causing damage of under
VND 50,000,000 or not to a degree subject to criminal prosecution, in
particular:
a) Collaborating with
beneficiary of insurance benefits to pay indemnities or insurance payout
against the law;
b) Forging documents,
deliberately falsifying information to refuse indemnities or insurance payout
upon occurrence of insured events;
c) Forging documents,
deliberately falsifying information in the claim on compensation or insurance
payout;
d) Causing damage to
assets and health for the purpose of claiming insurance benefit unless
otherwise prescribed by law”.
7. Point dd shall be
added after Point d Clause 2 Article 17 as follows:
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8. Clause 2, Clause 3
Article 18 shall be amended as follows:
“2. A fine of from VND
10,000,000 to VND 20,000,000 shall be imposed for one of the following
violations:
a) Failing to report the
list of new products that are provided in the previous month;
b) Announcing insurance
products before the competent authority grants an approval as per the law;
c) Announcing inadequate
contents of insurance products obtaining approval as per the law.
3. A fine of from VND
60,000,000 to VND 70,000,000 shall be imposed for one of the following
violations:
a) Initiating principles,
terms, and schedule of premiums of insurance products of motor vehicles lines
before registration approved by the Ministry of Finance;
b) Initiating life
insurance products and health insurance before the Ministry of Finance grants
an approval;
c) Failing to comply with
principles, terms and schedule registered with the Ministry of Finance;
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dd) Amending principles,
terms, and schedule without written consent of the Ministry of Finance;
e) Failing to report the
Ministry of Finance the non-life insurance products that do not ensure
financial safety as prescribed by law.”
9. Clause 5 Article 24
shall be added as follows:
“5. Additional penalty:
a) Suspending insurance
agency certificates from 2 to 3 months (in case of individuals) or mandatorily
suspending insurance agency certificates from 2 to 3 months (in case of
organizations) applied to violations prescribed in Clause 2 of this Article.
b) Mandatorily suspending
operation of agency training facilities from 1 to 3 months in case of
violations prescribed in Clause 3 of this Article”.
10. Point a Clause 1
Article 26 shall be amended as follows:
“a) Owner’s equity is
lower than legal capital as prescribed by law;”
11. Clause 2 Article 29
shall be amended as follows:
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a) Making investments
from capital sources other than those allowed investing as prescribed by law;
b) Investing idle capital
from professional reserve against the law;
c) Investing over 30% of
investment capital in companies in a same corporation or group of companies
having mutual proprietorial relation as per the law;
d) Investing from owner’s
equity against the law”.
12. Article 31 shall be
amended as follows:
a) The title of Article
31 shall be amended as follows:
“Article
31. Penalties for violations against regulations on separation of equity source
and insurance premium, surplus distribution”
b) Clause 1, Clause 2,
Clause 3 Article 31 shall be amended as follows:
“1. A fine of from VND
10,000,000 to VND 20,000,000 shall be imposed for one of the following
violations:
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b) Life insurer applying
distributing annual surplus of funds to owners before the Ministry of Finance
grants an approval.
2. A fine of between VND
30,000,000 and 40,000,000 for transferring assets and financing deficit of
policyholder fund of life insurer against the law.
3. A fine of from VND
60,000,000 to VND 70,000,000 shall be imposed for one of the following
violations:
a) Separating owner’s
equity and insurance premium of insurer/foreign branch against the law,
b) Distributing annual
surplus of funds to owners of life insurer against the law”.
Article 2. Certain
articles of Decree No. 98/2013/ND-CP dated August 28, 2013 on penalties for
administrative violations in insurance business and lottery business shall be
annulled:
1. Clause 1 Article 9.
2. Point b Clause 2
Article 14.
3. Point a Clause 3
Article 23.
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5. Point b, Point c,
Point d and Point dd Clause 1 Article 26.
Article 3. Entry in
force and implementation:
1. This Decree comes into
force as of May 10, 2018.
2. Ministers, Heads of
ministerial agencies, Heads of Governmental agencies, Presidents of People’s
Committees of provinces and central-affiliated cities, and regulated entities
of this Decree shall implement this Decree./.
PP THE GOVERNMENT
PRIME MINISTER
Nguyen Xuan Phuc