THE NATIONAL
ASSEMBLY’S OFFICE
-------
|
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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|
No.:
12/VBHN-VPQH
|
Hanoi, July
23, 2013
|
LAW
ON
INSURANCE BUSINESS
Law on insurance business No. 24/2000/QH10 dated December
09, 2000, of National Assembly, coming into effect on April 01, 2001, being
amended and supplemented by:
Law No. 61/2010/QH12 dated November 24, 2010, of
National Assembly, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
In order to protect the legitimate rights and
interests of organizations and individuals participating in insurance; to step
up insurance business activities; contribute to promoting and maintaining the
sustainable socio-economic development, stabilizing the people’s life; and to
enhance the effectiveness of the State management over insurance business
activities;
Pursuant to the 1992 Constitution of the Socialist
Republic of Vietnam;
This Law prescribes the insurance business1.
Chapter 1.
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Article 1. Scope of regulation
1. This Law shall govern the organization and
operation of insurance business and define the rights and obligations of
organizations as well as individuals participating in insurance.
2. This Law shall not apply to social insurance,
health insurance, deposit insurance and other types of insurance, which are
provided by the State and do not bear the commercial nature.
Article 2. Application of the
Law on Insurance Business, relevant legislation, international treaties and
international practices
1. The organization and operation of insurance
business in the territory of the Socialist Republic of Vietnam must comply with
the provisions of this Law and other provisions of relevant legislation.
2. In cases where the international treaties which
the Socialist Republic of Vietnam has signed or acceded to contain provisions
different from the provisions of this Law, the provisions of such international
treaties shall apply.
3. Parties participating in insurance may agree to
apply international practices if such practices do not run counter to
Vietnamese laws.
Article 3. Interpretation of
terms
In this Law, the following terms are construed as
follows:
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2. Reinsurance business means the operation
carried out by insurance enterprises for the purpose of profit generation,
whereby the insurance enterprises receive an amount of premium paid by other
insurance enterprises for the commitment to pay compensation for the
liabilities which the former have accepted for insurance.
3. Insurance agency activities mean the
activities of introducing, offering and selling insurance, arranging the
conclusion of insurance contracts and other activities aiming to perform the
insurance contracts under authorization of insurance enterprises.
4. Insurance brokerage activities mean the
provision of information and consultancy to the insurance buyers on insurance
products, insurance conditions, premium rates, insurance enterprises and
activities relating to the negotiation, arrangement and performance of insurance
contracts at the request of the insurance buyers.
5. Insurance enterprises are those which are
established, organized and operate under the provisions of this Law and other
provisions of relevant legislation, for insurance or reinsurance business.
6. Insurance buyers are organizations or
individuals that enter into insurance contracts with insurance enterprises and
pay premium. An insurance buyer may also be concurrently the insured or the
beneficiary.
7. The insured means organizations or
individuals that have property, civil liabilities and/or life are insured under
insurance contracts. The insured may also be concurrently the beneficiary.
8. The beneficiaries mean organizations or
individuals designated by the insurance buyers to receive insurance money under
person insurance contracts.
9. Insurable interests mean the rights to
ownership, the rights to possession, the right to use, the property rights; the
rights and obligations to foster and provide financial support for insured
objects.
10. Insured events mean objective events
mutually agreed upon by the parties or prescribed by law upon the occurrence of
which the insurance enterprises shall have to pay the insurance money to the
beneficiaries or pay indemnities to the insured.
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12. Life insurance means a class of
insurance provided to cases where the insured is alive or dead.
13. Endowment insurance means a class of
insurance provided to cases where the insured lives till a certain point of
time, whereby the insurance enterprises shall have to pay insurance money to the
beneficiaries, should the insured remain alive till the time limit agreed upon
in the insurance contracts.
14. Term life insurance means a class of
insurance provided to cases where the insured dies within a certain period of
time, whereby the insurance enterprises shall have to pay insurance money to
the beneficiaries, should the insured die within the time limits agreed upon in
the insurance contracts.
15. Combined insurance means a class of
insurance which combines endowment insurance and term life insurance.
16. Whole life insurance means a class of
insurance provided to cases where the insured dies at any time during his/her
life.
17. Annuity insurance means a class of
insurance provided to cases where the insured lives for a certain time limit;
then after such time limit the insurance enterprises shall have to pay
insurance money periodically to the beneficiaries as agreed upon in the
insurance contracts.
18. Non-life insurance means a class of
property, civil liability and other insurances other than life insurance.
19. 2Pension
insurance means a class of insurance in case where the insured person reaches
a determined age shall be paid insurance money by insurance enterprise as
agreed in the insurance contract.
20. 3
Health insurance means a class of insurance in case the insured person
is injured, in an accident, illness, disease or health-care is paid insurance
by insurance enterprise as agreed in the insurance contract.
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1. The State shall protect the legitimate rights
and interests of organizations and individuals participating in insurance and
organizations engaged in insurance business.
2. The State shall invest capital and other
resources for the State enterprises engaged in insurance business to develop and
play the leading role on the insurance market
3. The State shall adopt the policies to develop
the insurance market in Vietnam, the policies of preferences for insurance
operations in service of the socio-economic development objectives, especially
the programs for development of agriculture, forestry and fishery.
Article 5. International
cooperation in the field of insurance business
The State shall exercise the uniform management of
and work out policies for expanding, the international cooperation in the field
of insurance business on the basis of respect for each other’s independence,
sovereignty, equality and mutual benefits along the direction of
multilateralization and diversification; encourage foreign insurance
enterprises and insurance brokerage enterprises to attract foreign investors,
to invest their capital in Vietnam and reinvest their profits earned from
insurance business activities in service of the cause of socio-economic
development in Vietnam; create conditions for insurance enterprises and
insurance brokerage enterprises to promote cooperation with foreign countries
in order to raise the efficiency of insurance business.
Article 6. Basic principles in
insurance activities
1. 4
Organizations and individuals having demands for insurance may only participate
in insurance in the insurance enterprise operating in Vietnam; foreign-invested
enterprises, foreigners working in Vietnam having demands for insurance may
choose to participate in insurance in the insurance enterprise operating in
Vietnam or use cross border insurance services.
2. The insurance enterprises must satisfy all
financial requirements in order to fulfill their commitments to the insurance
buyers.
Article 7. The types of
insurance operation5
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a) Whole life insurance;
b) Endowment insurance;
c) Term life insurance;
d) Combined insurance;
e) Annuity insurance;
f) Investment-linked insurance;
g) Pension insurance.
2. Non-life insurance includes:
a) Property insurance and damage insurance;
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c) Aviation insurance;
d) Motor vehicle insurance;
e) Fire and explosion insurance;
f) Hull insurance and ship-owners’ civil liability
insurance;
g) Common liability insurance;
h) Credit insurance and financial risks insurance;
i) Business loss insurance;
k) Agricultural insurance.
3. Health insurance includes:
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b) Medical insurance;
c) Health-care insurance.
4. Other classes of insurance regulated by the
Government.
5. The Ministry of Finance shall issue a list of
insurance products.
Article 8. Compulsory insurance
1. The compulsory insurance means a type of
insurance for which the conditions, premium rates and minimum insurance sum are
prescribed by law for compulsory implementation by both the organizations and
individuals participating in insurance and the insurance enterprises.
The compulsory insurance shall only apply to a
number of insurance types for the purpose of protecting the public interests
and social safety.
2. Compulsory insurance includes:
a) Motorized vehicle owners’ civil liability insurance,
insurance of air carriers’ civil liability toward passengers;
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c) Insurance brokerage enterprises’ professional
liability insurance;
d) Fire and explosion insurance.
3. Depending on the socio-economic development
demands of each period, the Government shall submit to the National Assembly
Standing Committee other types of compulsory insurance for its prescription.
Article 9. Reinsurance6
Insurance enterprises may provide reinsurance for
other insurance enterprises, including foreign insurance enterprises; foreign
organizations getting reinsurance. Foreign insurance enterprises, foreign
organizations getting reinsurance have to reach trust coefficient in accordance
with rank of the international trust assessment company specified by the
Ministry of Finance.
Article 10. Cooperation,
competition and bidding in insurance business7
1. Insurance enterprises, insurance brokerage
enterprises may cooperate in reinsurance, co-insurance, damage assessment,
settlement of insurance’s benefits, precaution and loss limit, human resource
development, insurance product development, training and management of
insurance agents, sharing information for risk management.
2. Insurance enterprises are able to compete on the
conditions, scope, level of responsibility, cost, service quality, and
insurance capacity and financial capability.
The competition must be complied with provisions of
law on competition and finance safety guarantee of insurance enterprises; the
premium rates must be in accordance with the conditions, scope and insurance liability
level.
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The bidding must be open and transparent in
accordance with this Law and the law on bidding.
4. Strictly prohibit the following acts:
a) Collusion among insurance enterprises or between
insurance enterprise and insurance buyers to divide insurance market, close
insurance services;
b) Illegal intervention in the selection of
insurance enterprises;
c) Abusing positions and powers in order to design,
require, force, or prevent organizations and individuals engaged in insurance;
d) Providing untruthful information or
advertisement on insurance contents, operation scope and conditions, which
cause harms to the legitimate rights and interests of the insurance buyers.
e) Competing for customers by forms of obstructing,
inducing, buying off or intimidating employees or customers of other insurance
enterprises, agents or brokerage enterprises;
f) Illegal sales promotion;
g) Other illegal acts in cooperation, competition
and bidding.
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Insurance enterprises, insurance agents and
insurance brokerage enterprises may joint in socio-professional insurance
business associations for the purpose of developing the insurance markets and
protecting the legitimate rights and interests of members under the provisions
of law.
Chapter 2.
INSURANCE CONTRACT
Section 1. GENERAL PROVISIONS ON
INSURANCE CONTRACT
Article 12. Insurance contract
1. An insurance contract is the agreement reached
between the insurance buyer and an insurance enterprise whereby the insurance
buyer shall have to pay premiums while the insurance enterprise shall have to
pay insurance money to the beneficiary or the indemnity to the insured upon the
occurrence of the insured event.
2. Types of insurance contract shall include:
a) Person insurance contracts;
b) Property insurance contracts;
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3. Maritime insurance contracts shall comply with
the provisions of the Maritime Code; for matters not prescribed by the Maritime
Code, the provisions of this Law shall apply.
4. Matters relating to insurance contracts, which
are not prescribed in this Chapter, shall comply with the provisions of the
Civil Code and other relevant law provisions.
Article 13. Contents of
insurance contract
1. An insurance contract must contain the following
details:
a) Names and addresses of the insurance enterprise,
the insurance buyer, the insured or the beneficiary;
b) The object of insurance;
c) The sum insured, the value of the insured
property for property insurance;
d) The insurance scope, insurance conditions,
insurance terms;
e) Terms on exclusion of insurance liability;
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g) Premium rate, mode of premium payment;
h) Time limit and mode of paying insurance money or
indemnity;
i) Provisions on settlement of disputes;
k) Day, month and year of concluding the contract.
2. Apart from the contents specified in Clause 1 of
this Article, an insurance contract may also contain other details mutually
agreed upon by the parties concerned.
Article 14. Forms of insurance
contract
The insurance contracts must be made in writing.
The evidence of conclusion of insurance contracts
shall be the insurance certificates, insurance applications, telegrams,
telexes, faxes and other forms prescribed by law.
Article 15. The time when the
insurance liability arises 8
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1. Insurance contract has been concluded and the
insurance buyer has fully paid premiums.
2. Insurance contract has been signed, including
agreements between an insurance enterprise and insurance buyer on insurance
buyer owes insurance premiums.
3. Having evidence of the insurance contract
concluded and the insurance buyer has fully paid insurance premiums.
Article 16. Provisions on
exclusion of insurance liability
1. The provisions on exclusion of insurance
liability shall stipulate cases where insurance enterprises shall not have to
pay indemnities or insurance money when the insured events occur.
2. The provisions on exclusion of insurance
liability must be clearly stated in the insurance contracts. The insurance
enterprises shall have to clearly explain them to the insurance buyers when the
contracts are made.
3. The provisions on exclusion of insurance
liability shall not apply in the following cases:
a) The insurance buyers breach laws
unintentionally;
b) The insurance buyers have plausible reasons for
the late notification of the occurrence of the insured events to the insurance
enterprises.
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1. An insurance enterprise shall have the following
rights:
a) To collect premiums as agreed upon in the
insurance contract;
b) To request the insurance buyer to fully and
honestly supply information relating to the conclusion and performance of the
insurance contract;
c) To unilaterally suspend the performance of the
insurance contract according to the provisions in Clause 2 of Article 19,
Clause 2 of Article 20, Clause 2 of Article 35 and Clause 3 of Article 50, of
this Law;
d) To decline to pay the insurance money to the
beneficiary or to pay indemnity to the insured for cases outside the scope of
insurance liability or cases of exclusion of insurance liability as agreed upon
in the insurance contract;
e) To request the insurance buyer to take measures
to prevent or limit losses according to the provisions of this Law and other
relevant law provisions;
f) To request the third party to refund the insurance
money which the insurance enterprise has indemnified the insured for the losses
caused by the third party to the property and civil liability;
g) Other rights prescribed by law.
2. An insurance enterprise shall have the following
obligations:
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b) To issue to the insurance buyer the insurance
certificate, the insurance policy immediately after the conclusion of the
insurance contract;
c) To pay insurance money to the beneficiary in
time or the indemnity to the insured when the insured event occurs;
d) To explain in writing the reasons for declining
to pay the insurance money or the indemnity;
e) To coordinate with the insurance buyer in
settling the third party’s claim for compensation for the losses which fall
under the insured liability when the insured event occurs;
f) Other obligations prescribed by law.
Article 18. Rights and
obligations of the insurance buyer
1. An insurance buyer shall have the following
rights:
a) To choose one from among the insurance
enterprises operating in Vietnam for the purchase of insurance;
b) To request the insurance enterprise to explain
the insurance conditions and terms; issue the insurance certificate or
insurance policy;
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d) To request the insurance enterprise to pay the
insurance money to the beneficiary or the indemnity to the insured as agreed
upon in the insurance contract when the insured event occurs.
e) To transfer the insurance contract as agreed
upon in the insurance contract or under the provisions of law;
f) Other rights prescribed by law.
2. An insurance buyer shall have the following
obligations:
a) To pay premiums fully, according to time limits
and mode agreed upon in the insurance contract;
b) To declare fully and honestly all details
relating to the insurance contract at the request of the insurance enterprise;
c) To notify cases where risks may increase or the
insurance enterprise’s additional liability may arise in the course of
performing the insurance contract to the insurance enterprise at the latter’s
request;
d) To notify the insurance enterprise of the
occurrence of the insured event as agreed upon in the insurance contract;
e) To apply measures to prevent or limit losses
according to the provisions of this Law and other relevant law provisions;
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Article 19. Responsibility to
supply information
1. When entering into insurance contracts, the
insurance enterprises have the responsibility to fully supply information on
the insurance contracts, explain insurance conditions and terms to the
insurance buyers; the insurance buyers have the responsibility to fully supply
information on the objects of insurance to the insurance enterprises. The
parties shall be accountable for the accuracy and truthfulness of such
information. The insurance enterprises shall have to keep confidential the
information supplied by the insurance buyers.
2. Insurance enterprises may unilaterally suspend
the performance of insurance contracts and collect the premiums to the time of
suspending the performance of the insurance contracts when the insurance buyers
commit one of the following acts:
a) Intentionally supplying untruthful information
with a view to entering into insurance contracts in order to be paid with the
insurance money or the indemnities;
b) Failing to fulfill the obligations to supply
information to the insurance enterprises as provided for at Point c, Clause 2,
Article 18 of this Law.
3. Where insurance enterprises intentionally supply
untruthful information with a view to entering into insurance contracts, the
insurance buyers may unilaterally suspend the performance of the insurance
contracts; such insurance enterprises shall have to pay compensation for the
damage caused to the insurance buyers due to the supply of untruthful
information.
Article 20. Changes in degrees
of insured risks
1. When there appear changes in the factors used as
basis for premium calculation, thus leading to the reduction in the insured
risks, the insurance buyers may request the insurance enterprises to reduce the
premiums for the remaining periods of the insurance contracts. Where the
insurance enterprises refuse to reduce the premiums, the insurance buyers may
unilaterally suspend the performance of the insurance contracts but have to
immediately notify such in writing to the insurance enterprises.
2. When there appear changes in the factors used as
basis for premium calculation, thus leading to the increase in the insured
risks, the insurance enterprises may recalculate the premium for the remaining
periods of the insurance contracts. Where the insurance buyers refuse to accept
the premium increase, the insurance enterprises may unilaterally suspend the
performance of the insurance contracts, but shall have to immediately notify
such in writing to the insurance buyers.
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Where an insurance contract contains ambiguous
clauses, such clauses shall be interpreted in favor of the insurance buyer.
Article 22. Null and void
insurance contracts
1. An insurance contract shall become null and void
in the following cases:
a) The insurance buyer has no interests which can
be insured;
b) The object of insurance no longer exists at the
time of entering into the insurance contract;
c) The insurance buyer, at the time of entering
into the insurance contract, knows the insured event has already occurred;
d) The insurance buyer or the insurance enterprise
commits acts of deception when entering into the insurance contract;
e) Other cases prescribed by law.
2. The handling of null and void insurance
contracts shall comply with the provisions of the Civil Code and other relevant
law provisions.
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Apart from cases of contract termination under the
provisions of the Civil Code, an insurance contract shall also be terminated in
the following circumstances:
1. The insurance buyer no longer has the interests
which can be insured.
2. The insurance buyer fails to fully pay the
premium or fails to pay the premium within the time limit agreed upon in the
insurance contract, except otherwise agreed upon by the parties.
3. The insurance buyer fails to fully pay the
premium during the extended time limit for premium payment as agreed upon in
the insurance contract.
Article 24. Legal consequences
of the termination of insurance contracts
1. In cases where an insurance contract is
terminated under the provisions in Clause 1, Article 23 of this Law, the insurance
enterprise shall have to refund the premium to the insurance buyer
corresponding to the remaining period of the insurance contract for which the
insurance buyer has paid the premium, after subtracting the reasonable expenses
related to the insurance contract.
2. Where an insurance contract is terminated under
the provisions in Clause 2, Article 23 of this Law, the insurance buyer shall
still have to fully pay the premium to the time of terminating the insurance
contract. This provision shall not apply to human insurance contracts.
3. Where an insurance contract is terminated under
the provisions in Clause 3, Article 23 of this Law, the insurance enterprise
shall still have to indemnify the insured when the insured event occurs within
the premium paying time limit; the insurance buyer shall still have to pay the
premium to the end of the extension period as agreed upon in the insurance
contract. This provision shall not apply to human insurance contracts.
4. The legal consequences of the termination of
insurance contracts in other cases shall comply with the provisions of the
Civil Code and other relevant law provisions.
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1. The insurance buyer and the insurance enterprise
may agree to amend and/or supplement the premium, the insurance conditions and
terms, except otherwise provided for by law.
2. All amendments and supplements to insurance
contracts must be made in writing.
Article 26. Assignment of
insurance contracts
1. The insurance buyer may assign the insurance
contract as agreed upon in the insurance contract.
2. The assignment of an insurance contract shall be
valid only when the insurance buyer notifies the assignment in writing to the insurance
enterprise and the insurance enterprise accepts such assignment in writing,
except where the assignment is effected according to international practices.
Article 27. Liability in case
of reinsurance
1. The insurance enterprises shall be responsible
only to the insurance buyers under the insurance contracts, including cases of
reinsurance of the insured liabilities.
2. The reinsurance enterprises must not demand the
insurance buyers pay the premiums directly to them, except otherwise agreed
upon in the insurance contracts.
3. The insurance buyers must not demand the
reinsurance enterprises pay the insurance money or indemnities to them, except
otherwise agreed upon in the insurance contracts.
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1. The time limit for claiming the insurance money
or indemnity under insurance contracts shall be one year from the date the
insured event occurs. The time when the force majeure event or other objective
obstacle occurs shall not be counted into the time limit for claiming the
insurance money or indemnities
2. Where the insurance buyers can prove that they
do not know the time when the insured events occur, the time limit prescribed
in Clause 1 of this Article shall be counted from the date the insurance buyers
know the occurrence of such insured events.
3. Where the third party demands the insurance
buyer compensate for damage covered by the insurance as agreed upon in the
insurance contract, the time limit prescribed in Clause 1 of this Article shall
be counted from the date the third party so demands.
Article 29. The time limit for
payment of insurance money or indemnities
Upon the occurrence of insured events, insurance
enterprises shall have to pay the insurance money or indemnities within the
time limit already agreed upon in the insurance contracts. In case of the
absence of the agreement on such time limit, the insurance enterprises shall
have to pay the insurance money or indemnities within 15 days from the date of
receiving complete and valid dossiers claiming insurance money or indemnities.
Article 30. Statute of
limitations for instituting a lawsuit
The statute of limitations for instituting a
lawsuit about an insurance contract shall be three years from the time the
dispute arises.
Section 2. HUMAN INSURANCE
CONTRACT
Article 31. Objects of human
insurance contract
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2. The insurance buyers may only buy insurance for
the following persons:
a) The insurance buyers themselves;
b) Their spouses, children and/or parents;
c) Their blood brothers and sisters; person with
ties of fostering and financial support;
d) Other persons, if the insurance buyers have the
interests that can be insured.
Article 32. Sums of insurance
money
Sums of insurance money or modes of determining the
sums of insurance money shall be agreed upon by the insurance buyers and the
insurance enterprises in the insurance contracts.
Article 33. Bases for paying
insurance money for human accidents, health
1. In human accident insurance, the insurance
enterprises shall have to pay the insurance money to the beneficiaries within
the limit of the insurance money amount, depending on the actual infirmity
suffered by the insured and the mutual agreement in the insurance contracts.
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Article 34. Disclosure of age
in life insurance
1. The insurance buyers shall be obliged to
disclose the accurate ages of the insured at the time of entering into
insurance contracts for use as basis for calculating the insurance premiums.
2. Where the insurance buyers disclose inaccurate
ages of the insured while the latter’s accurate ages are not included in the
insurable age groups, the insurance enterprises may cancel the insurance
contracts and refund the already paid insurance premium amounts to the
insurance buyers after subtracting relevant reasonable expenses. Where the
insurance contracts have taken effect for more than two years, the insurance
enterprises shall have to return to the insurance buyers the reimbursed values
of the insurance contracts.
3. Where the insurance buyers disclose inaccurate ages
of the insured, thus reducing the payable insurance premium amounts, but the
accurate ages of the insured persons remain to be in the insurable age groups,
the insurance enterprises shall have the right:
a) To request the insurance buyers to pay additional
insurance premiums corresponding to the insurance money amounts already agreed
upon in the contracts;
b) To reduce the insurance money amounts already
agreed in the insurance contract corresponding to the already paid amount of
insurance premiums.
4. Where the insurance buyers disclose inaccurate
ages of the insured, thus leading to the increase in the payable insurance
premium amounts, but the accurate ages of the insured persons remain to be in
the insurable age groups, the insurance enterprises shall have to refund to the
insurance buyers the overpaid insurance premium amounts or increase the
insurance money amounts already agreed upon in the insurance contracts
corresponding to the paid insurance premium amount.
Article 35. Payment of life
insurance premiums
1. The insurance buyers may pay the insurance
premiums in lump sum or in installments according to the time limit and mode
agreed upon in the insurance contracts.
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3. Where the insurance buyers have already paid the
insurance premiums for two years or more while the insurance enterprises
unilaterally suspend the performance of the contracts as provided for in Clause
2 of this Article, the insurance enterprises shall have to refund to the
insurance buyers the returned values of the insurance contracts, except
otherwise agreed upon by the parties.
4. The parties may agree to restore the effect of
insurance contracts already unilaterally suspended from their performance as
provided for in Clause 2 of this Article within two years from the date the
contracts are suspended and the insurance buyers have already paid the lacked
insurance premium amounts.
Article 36. Not entitled to
initiate lawsuits to demand the insurance premium payment
In human insurance, if the insurance buyers have
not paid or have inadequately paid the insurance premiums, the insurance
enterprises are not allowed to initiate lawsuits, demanding the insurance
buyers to pay insurance premiums.
Article 37. Not entitled to
demand refund by the third party
Where the insured dies, gets disable or sick as a
direct or indirect result of the third party’s acts, the insurance enterprises
shall still be obliged to repay the insurance money amount but have no right to
demand the third party refund the money amount already paid to the beneficiary.
The third party shall have to indemnify the insured according to the provisions
of law.
Article 38. Entering into
person insurance contracts for case of death
1. When the insurance buyers enter into person
insurance contracts for case of other persons’ death, they must get the
latter’s written consents clearly inscribing the insurance money amount and the
beneficiary thereof.
All cases of change of the beneficiary must be
agreed upon in writing by the insurance buyers.
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a) Persons under 18 years of age, except where it
is agreed in writing by the fathers, mothers or guardians of such persons.
b) Persons suffering from mental diseases.
Article 39. Cases of
non-payment of insurance money
1. Insurance enterprises shall not have to pay the
insurance money in the following cases:
a) The insured dies of suicide within two years
counting from the date the first sum of insurance premium is paid or from the
date the insurance contract continues to be effective;
b) The insured dies or suffers from infirmity due
to the intentional fault of the insurance buyer or the intentional fault of the
beneficiary;
c) The insured dies due to the execution of death
sentence.
2. Where one or several beneficiaries intentionally
cause death or infirmity to the insured, the insurance enterprise shall still
have to pay the insurance money to other beneficiaries as agreed upon in the
insurance contract.
3. For cases prescribed in Clause 1 of this
Article, the insurance enterprises shall have to return to the insurance buyers
the return value of the insurance contracts or the entire paid premium amounts
after subtracting the relevant reasonable expenses; if the insurance buyers
die, the returned amount shall be handled according to the legislation on
inheritance.
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Article 40. Subjects of
property insurance contract
Subjects of property insurance contract shall
include tangible objects, currency, papers which can be valued in money and
property rights.
Article 41. Sums of insurance
money
The insurance money amount is the sum requested by the
insurance buyer to be insured for such property.
Article 42. Over-value
property insurance contract
1. Over-value property insurance contracts mean
contracts in which the insured sums are higher than the market prices of the
insured property at the time of entering into contracts. The insurance
enterprises and the insurance buyers must not enter over-value property
insurance contracts.
2. Where an over-value property insurance contract
is concluded due to unintentional faults of the insurance buyer, the insurance
enterprise shall have to return to the insurance buyer the already paid
insurance premium amount corresponding to the insured sum in excess of the
market price of the insured property, after subtracting relevant reasonable
expenses. In cases where the insured event occurs, the insurance enterprise
shall only have to pay indemnities for the damage not exceeding the market
price of the insured property.
Article 43. Under-value
property insurance contract
1. The under-value property insurance contracts
mean contracts in which the insured sums are lower that the market prices of
the insured property at the time of concluding the contracts.
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Article 44. Coincident
insurance contract
1. A coincident insurance contract is the case
where the insurance buyer concludes insurance contracts with two or more
insurance enterprises to insure the same objects, with the same insurance
conditions and insured event.
2. Where parties enter into a coincident insurance
contract, when the insured event occurs, each insurance enterprise shall only
have to make indemnity according to the proportion of the insured sum agreed
upon against the total insured sums of all contracts concluded by the insurance
buyer. The total sum of indemnities of the insurance enterprises shall not
exceed the value of actual damage caused to the property.
Article 45. Damage due to
natural tear and wear or inherent nature of the property
Insurance enterprises shall not bear responsibility
in cases where the insured property are damaged due to natural tear and wear or
their inherent nature, except otherwise agreed upon in the insurance contracts.
Article 46. Bases for
indemnity
1. The indemnity amounts which the insurance
enterprises have to pay to the insured shall be determined on the basis of the
market prices of the insured property at the time when and the place where the
damage is caused and the actual damage extent, except otherwise agreed upon in
the insurance contracts. The expenses for determining the market prices and
damage extent shall be borne by the insurance enterprises.
2. The indemnity amounts to be paid by the
insurance enterprises to the insured shall not exceed the insured sums, except
otherwise agreed upon in the insurance contracts.
3. Apart from the indemnity sums, the insurance
enterprises shall also have to pay to the insured necessary and reasonable
expenses for the loss prevention and limitation as well as arising expenses
incurred by the insured to follow the instructions of the insurance
enterprises.
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1. The insurance buyers and the insurance
enterprises may agree on one of the following indemnity forms:
a) Repairing the damaged property;
b) Replacing the damaged property with other
property;
c) Paying indemnity money.
2. Where the insurance enterprises and the
insurance buyers cannot reach agreement on indemnity forms, the compensation
shall be made in money.
3. Where the indemnity is made according to the
provisions at Points b and c, Clause 1 of this Article, the insurance
enterprises may recover the damaged property after they are replaced or fully
compensated at the market prices.
Article 48. Expertise of
damage
1. Upon the occurrence of the insured events, the
insurance enterprises or persons authorized by the insurance enterprises shall
carry out the expertise in order to determine the cause and extent of the
damage. The expenses for expertise of damage shall be borne by the insurance
enterprises.
2. Where the parties cannot reach agreement on the
cause and extent of the damage, they can invite independent experts, except
otherwise agreed upon in the insurance contracts. Where the parties cannot
reach agreement on inviting independent experts, one of the parties may request
the court in the locality where the damage is caused or where the insured
resides to designate the independent experts. The conclusions made by the
independent experts shall be binding on all parties.
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1. Where
the third party is at fault in causing damage to the insured and the insurance
enterprise has already paid the indemnity money to the insured, the insured
shall have to transfer the right to request the third party to refund the
indemnity sum he/she has received to the insurance enterprise.
2. Where
the insured refuses to transfer such right to the insurance enterprise, fail to
reserve or give up the right to request the third party to indemnify, the
insurance enterprise may deduct the indemnity sum depending on the degree of
fault committed by the insured.
3. The
insurance enterprises must not request fathers, mothers, spouses, offspring,
and siblings of the insured to refund the sums they have paid to the insured,
except where these persons intentionally cause the damage.
Article 50. Regulations on safety
1. The
insured must abide by the regulations on fire prevention and fighting, on labor
safety, labor hygiene and other relevant law provisions in order to ensure
safety for the insurance objects.
2. The
insurance enterprises may inspect the conditions to ensure safety for insurance
objects or propose, request the insured to apply measures to prevent and limit
risks.
3. Where
the insured fails to take measures to ensure safety for the insurance objects,
the insurance enterprises may set a time limit for the insured to apply such
measures; if past such time limit the safety measures are not applied, the
insurance enterprises may raise the insurance premiums or unilaterally suspend
the performance of the insurance contracts.
4. The
insurance enterprises may apply preventive measures to ensure safety for
insurance objects when so agreed by the insurance buyers or competent State
bodies.
Article 51. Not to abandon insured property
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Section 4. CIVIL LIABILITY INSURANCE CONTRACT
Article 52. Subject of civil liability insurance contract
Subject of civil liability insurance contract shall
be the insured’s civil liability toward the third party as prescribed by law.
Article 53. Responsibility of insurance enterprises
1. The
insurance enterprises’ responsibility shall arise only if the third party
requests the insured to pay compensations for damage caused to the third party
during the insurance time by such persons who are at fault.
2. The
third party shall not be entitled to directly request the insurance enterprises
to pay the indemnities, except otherwise provided for by law.
Article 54. Sums of insurance money
The insurance money amounts mean the amounts of
money the insurance enterprises shall have to pay to the insured as agreed upon
in the insurance contracts.
Article 55. Limits of insured liability
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2. Apart
from paying the indemnities as provided for in Clause 1 of this Article, the
insurance enterprises shall also have to pay for expenses related to the
settlement of disputes over the liability for the third party and the interests
to be paid to the third party as the insured defer the payment of damages under
the instructions of the insurance enterprises.
3. The
total indemnities of the insurance enterprises prescribed in Clauses 1 and 2 of
this Article shall not exceed the insurance sums, except otherwise agreed upon
in the insurance contracts.
4. Where
the insured have to pay deposits or collateral in order to have the property
not kept in custody or to avoid lawsuits at courts, the insurance enterprises,
at the request of the insured, shall have to provide guarantee or collateral
within the limits of the insurance amounts.
Article 56. Right to represent the insured
The insurance enterprises may represent the
insurance buyers in negotiations with the third party on the levels of
compensation for damage, except otherwise agreed upon in the insurance
contracts.
Article 57. Mode of indemnification
At the insured’s request, the insurance enterprises
may pay indemnities directly to the insured or the victims being the third
party.
Chapter 3.
INSURANCE
ENTERPRISE
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Article 58. Establishment and operation of insurance enterprises
The insurance enterprises shall be established and
operate under the provisions of this Law and other relevant law provisions.
Article 59. The insurance business organizations 9
The insurance business
organizations including:
1. Insurance Joint stock;
2. Insurance limited
liability Company;
3. Insurance Cooperative;
4. Mutual support insurance
organization
Article 60. Contents
of operation of insurance enterprises
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a) Insurance business, re-insurance business;
b) Risk, loss prevention and limitation;
c) Damage expertise;
d) Damage expertise agency, consideration of
indemnity settlement, and request for refund by the third party;
e) Fund management and capital investment;
f) Other activities as prescribed by law.
2. The insurance enterprises may not concurrently
carry out life insurance business and non-life insurance business, except for
cases where the life insurance enterprises conduct health insurance and human
accident insurance business operation in support of life insurance
Article 61. Contents
of re-insurance business
The re-insurance business shall cover:
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2. Accepting the re-insurance of part or entire
liability already insured by other insurance enterprises
Article 62. Competence
to grant establishment and operation licenses
1. The Finance Ministry shall grant
establishment and operation licenses to insurance enterprises according to the
provisions of this Law and other relevant law provisions.
2. The granting of establishment and operation
licenses to insurance enterprises must be in line with the planning and plans
on orientation for the development of insurance market and the financial market
of Vietnam
Article 63. Conditions
for being granted the establishment and operation licenses
The conditions for being granted the
establishment and operation licenses include:
1. Having the contributed legal capital not
being lower than the legal capital amount prescribed by the Government.
2. Having the dossiers of application for establishment
and operation licenses made according to the provisions in Article 64 of this
Law.
3. Having types of enterprise and charters
compatible with the provisions of this Law and other law provisions;
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5. 10
Organizations and individuals contributing capital to found the
insurance enterprise, insurance brokerage enterprise must have sufficient
financial capacity and an evidence to prove the legal sources of finance when
contributing capital to establish insurance enterprises
Article 64. Dossiers
of application for establishment and operation licenses
A dossier of application for an establishment
and operation license shall include:
1. The application for the establishment and
operation license.
2. The draft charter of the enterprise.
3. The plan for operation in the first five
years, clearly stating the modes of deduction for setting up professional
reserves, re-insurance program, capital investment, business efficiency,
solvency of the insurance enterprise and economic benefits of the establishment
of the enterprise.
4. The list, curricula vitae and diplomas
evidencing the capabilities as well as professional qualifications, of the
administrators and executive officials of the enterprise.
5. The contributed capital level and mode of
capital contribution, the list of organizations and individuals that hold 10%
or more of the charter capital; the financial situation and other information
relating to such organizations and individuals.
6. Insurance rules, terms, charge and commission
rates of the insurance products planned for implementation.
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Within 60 days after the receipt of the full
dossiers of application for an establishment and operation license, the Finance
Ministry shall have to grant or refuse to grant the license. In case of refusal
to grant the license, the Finance Ministry must clearly explain in writing the
reasons therefor.
The establishment and operation licenses shall
also be valid as the business registration certificates
Article 66. Licensing
fee
The insurance enterprises which are granted the establishment
and operation licenses shall have to pay the licensing fees according to the
provisions of law.
Article 67. Disclosure
of operation contents
After being granted the establishment and
operation licenses, the insurance enterprises shall have to make public the
business operation contents according to the provisions of law
Article 68. Withdrawal
of establishment and operation licenses
1. Insurance enterprises may have their
establishment and operation licenses withdrawn in one of the following cases:
a) The dossiers of application for establishment
and operation licenses contain intentionally falsified information;
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c) The enterprises are dissolved according to
the provisions in Article 82 of this Law;
d) The enterprises are divided, separated,
merged, bankrupt, transformed in their types;
e) They operate for the wrong purposes or in
contravention of the contents prescribed in their establishment and operation
licenses;
f) They fail to meet the financial requirements
for the fulfillment of their commitments with the insurance buyers.
2. In case of having their establishment and
operation licenses withdrawn under the provisions at Points a, b, c, e and f,
Clause 1 of this Article, the insurance enterprises shall have to immediately
stop the conclusion of new insurance contracts, but still have the
responsibility to pay the insurance money to the beneficiaries or the indemnities
to the insured and have to perform the insurance contracts concluded before the
withdrawal of their establishment and operation licenses.
Where the establishment and operation licenses are
withdrawn under the provisions at Point d, Clause 1 of this Article, the rights
and obligations of the parties shall comply with the provisions of law.
3. The decisions to withdraw establishment and
operation licenses of insurance enterprises shall be announced by the Finance
Ministry on the mass media
Article 69. Changes
requiring approval
1. The insurance enterprises must get the
Finance Ministry’s approval when changing one of the following contents:
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b) The charter capital;
c) Setting up or closing branches and/or
representative offices;
d) Locations of head-offices, branches,
representative offices;
e) Operation contents, scope and duration;
f) Transfer of shares, contributed capital
representing 10% or more of the charter capital;
g) 11
Managing Board chairmen, general directors (directors), actuary;
h) 12
Division, separation, merger, consolidation, dissolution, transformation
of enterprise, oversea investment.
2. Within 30 days from the date the Finance
Ministry approves the changes prescribed in Clause 1 of this Article, the
insurance enterprises shall have to make public the approved changes as
provided for by law
SECTION 2. MUTUAL SUPPORT
INSURANCE ORGANIZATIONS
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The mutual support insurance organizations are
those having the legal person status, which are established to conduct
insurance business for the purpose of providing mutual support and assistance
among members. The members of mutual support insurance organizations are the
owners and the insurance buyers too.
Article 71. Members
of mutual support insurance organizations
1. Vietnamese organizations and citizens aged
full 18 years or older, who have full capacity for civil acts, that operate in
the same field, the same occupation and have the demand for insurance may all
join in founding the mutual support insurance organizations in the capacity as
the founding members.
2. Only organizations and individuals that enter
into insurance contracts with mutual support insurance organizations can become
members of the mutual support insurance organizations.
Article 72. Limit of
liability of the mutual support insurance organizations
The mutual support insurance organizations shall
only be liable to their debts and other property obligations within their
property.
Article 73. Establishment,
organization and operation of the mutual support insurance organizations
The establishment, organization and operation of
the mutual support insurance organizations shall be stipulated by the
Government.
SECTION 3. TRANSFER OF
INSURANCE CONTRACTS
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1. The transfer of an entire insurance contract
on one or several insurance operations between insurance enterprises shall be
implemented in the following cases:
a) The insurance enterprise is in the danger of
insolvency;
b) The insurance enterprise is split up,
separated, consolidated, merged or dissolved;
c) It is so agreed upon between insurance
enterprises.
2. Where the insurance enterprise is in danger
of insolvency or dissolution and cannot reach agreement on the transfer of insurance
contracts to other insurance enterprise, the Finance Ministry shall designate
the insurance enterprise to be transferee.
Article 75. Conditions
for transfer of insurance contracts
The transfer of insurance contracts shall be
carried out under the following conditions:
1. The transferee enterprises are dealing in the
insurance operations to be transferred;
2. The rights and obligations under the to be-
transferred insurance contracts shall not alter till the expiry of the
insurance contracts;
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Article 76. Procedures
for transfer of insurance contracts
The transfer of insurance contracts shall comply
with the following procedures:
1. The insurance enterprises transferring the
insurance contracts must file their applications proposing the transfer of
insurance contracts to the Finance Ministry, clearly stating the reasons and
plans of transfer, together with the transfer contracts. The transfer of
insurance contracts shall be carried out only after it is approved in writing
by the Finance Ministry;
2. Within 30 days from the date the Finance
Ministry approves the transfer of insurance contracts, the insurance
contract-transferring enterprises must make public the transfer and notify it
in writing to the insurance buyers.
SECTION 4. RESTORATION OF
SOLVENCY, DISSOLUTION AND BANKRUPTCY OF INSURANCE ENTERPRISES
Article 77. Solvency
1. Insurance enterprises must always maintain
their solvency throughout the process of their insurance business activities.
2. Insurance enterprises are considered solvent
when they fully set up through deductions the professional reserves as provided
for in Article 96 of this Law and have the solvency amplitude not lower than
the minimum solvency amplitude prescribed by the Government.
3. The solvency amplitude of an insurance
enterprise is the difference between the property value and the payable debts
of that insurance enterprise.
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1. An insurance enterprise is in danger of
insolvency when its solvency amplitude is lower than the minimum solvency
amplitude prescribed by the Government.
2. Where being in the danger of insolvency,
insurance enterprises shall have to immediately report to the Finance Ministry
on their real financial status, the causes leading to the danger of insolvency
and the remedial measures.
Article 79. Insurance
enterprises’ liability in case of insolvency danger
In case of being in danger of insolvency, the
insurance enterprises shall have to apply the following measures:
1. Drawing up plans for restoration of their
solvency, consolidation of their organization and operation, reporting them to
the Finance Ministry and implementing the plans already approved by the Finance
Ministry;
2. Meeting the Finance Ministry’s request for
restoration of solvency
Article 80. Control
over the insurance enterprises being in danger of insolvency
1. Where an insurance enterprise cannot restore
its solvency according to the approved plan, the Finance Ministry shall issue a
decision to set up the solvency control board for the application of measures
to restore the solvency of such insurance enterprise.
2. The solvency control board shall have the
following tasks and powers:
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b) To notify the concerned State bodies of the
application of measures to restore the solvency for coordinated implementation;
c) To restrict the scope and domain of operation
of the insurance enterprise;
d) To suspend the activities which may lead to
the insolvency of the insurance enterprise;
e) To request the insurance enterprise to transfer
the entire insurance contract on one or several insurance operations to other
insurance enterprises;
f) To temporarily suspend the administrative and
executive rights and request the insurance enterprise to replace Managing Board
members, general director (director), deputy general director (deputy director)
if deeming it necessary;
g) To request the Managing Board, the general
director to discharge from position or work persons who commit acts of law
offense, fail to abide by the solvency restoration plan already approved;
h) To propose the Finance Ministry to continue
or terminate the solvency restoration measures;
i) To report to the Finance Ministry on the
application of solvency restoration measures and the results thereof.
3. The solvency control board must bear
responsibility for its decisions as provided for by law in the course of
applying measures to restore the solvency of the insurance enterprise.
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Article 81. Terminating
the application of solvency restoration measures
1. The application of solvency restoration
measures shall terminate in the following cases:
a) The time limit for application of solvency
restoration measures has expired;
b) The insurance enterprise’s operation has
returned to normal;
c) The insurance enterprise has been
consolidated or merged before the expiry of the time limit for application of
solvency restoration measures;
d) The insurance enterprise falls into the state
of bankruptcy.
2. The termination of application of solvency
restoration measures shall comply with the decisions of the Finance Minister.
Such decisions shall be notified to concerned bodies.
Article 82. Dissolution
of insurance enterprises
1. An insurance enterprise shall be dissolved in
the following cases:
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b) Its operation duration prescribed in the
establishment and operation license has expired without any decision on the
extension thereof;
c) Its establishment and operation license has
been withdrawn under the provisions at Points a, b, e and f, Clause 1, Article
68 of this Law;
d) Other cases prescribed by law.
2. The dissolution of insurance enterprises must
be approved in writing by the Finance Ministry.
Article 83. Bankruptcy of
insurance enterprises
Where an insurance enterprise is incapable of
paying its due debts and becomes insolvent even after the application of
measures to restore its solvency, the bankruptcy of the insurance enterprise
shall comply with the provisions of the legislation on bankruptcy of
enterprises.
Chapter 4
INSURANCE AGENTS,
INSURANCE BROKERAGE ENTERPRISES
SECTION I. INSURANCE AGENTS
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Insurance agents are organizations and individuals,
that are authorized by insurance enterprises on the basis of insurance agency
contracts to carry out the insurance agency activities according to the
provisions of this Law and other relevant law provisions.
Article 85. Contents
of insurance agency activities
Insurance agents may be authorized by insurance
enterprises to carry out the following activities:
1. Making introduction, sale offer of insurance;
2. Arranging the conclusion of insurance
contracts;
3. Collecting insurance premiums;
4. Arranging the settlement of indemnities,
payment of insurance money when insured events occur;
5. Carrying out other activities relating to the
performance of insurance contracts.
Article 86. Conditions
for insurance agency activities
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a) Being Vietnamese citizens permanently
residing in Vietnam;
b) Being full 18 years of age or older, having
full civil act capacity;
c) 13
Having certificates of insurance agency, granted by training
institutions that the Ministry of Finance has approved.
The Ministry of Finance regulates on training
program, content, form, issuing of insurance agent certificate.
2. Organizations which conduct insurance agency
activities must fully meet the following conditions:
a) Being organizations lawfully established and
operating;
b) The agency organizations’ personnel directly
performing the insurance agency activities must satisfy all conditions
prescribed in Clause 1 of this Article.
3. Persons who are being examined for penal
liability or serving their imprisonment penalty or being deprived by the court
of the right to professional practice due to their commission of the crimes
prescribed by law are not allowed to sign insurance agency contracts.
Article 87. Contents
of insurance agency contracts
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1. The name and address of the insurance agent;
2. The name and address of the insurance
enterprise;
3. The rights and obligations of insurance
enterprise, insurance agent;
4. The contents and scope of operation of the
insurance agent;
5. The insurance agency commission;
6. The term of the contract;
7. The principles for settlement of disputes
Article 88. Responsibility
of insurance agents
Where insurance agents breach the insurance
agency contracts, causing damage to the legitimate rights and interests of the insured,
the insurance enterprises shall still have to bear the responsibility for the
insurance contracts concluded by the insurance agents; the insurance agents
shall have to refund to the insurance enterprises the amounts the latter have
paid to the insured.
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Article 89. Insurance
brokerage enterprises
The insurance brokerage enterprises are those
which perform the insurance brokerage activities under the provisions of this
Law and other relevant law provisions.
Article 90. Contents
of insurance brokerage activities
The insurance brokerage activities shall cover
the following contents:
1. Providing information on the insurance types,
conditions, terms, premiums and/or insurance enterprises to the insurance
buyers;
2. Advising the insurance buyers on the
evaluation of risks, selection of insurance types, conditions, terms, premium
rate index, insurance enterprises;
3. Negotiating, arranging the conclusion of
insurance contracts between insurance enterprises and insurance buyers;
4. Performing other jobs relating to the
performance of insurance contracts at the request of the insurance buyers.
Article 91. Rights
and obligations of insurance brokerage enterprises
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2. The insurance brokerage enterprises shall
have the obligations:
a) To conduct brokerage in an honest manner;
b) Not to disclose, supply information, causing
damage to the legitimate rights and interests of the insured;
c) To pay compensations to the insurance buyers
for the damage caused by their brokerage activities.
Article 92. Professional
liability insurance
The insurance brokerage enterprises shall have
to buy professional liability insurance for their insurance brokerage
activities at insurance enterprises operating in Vietnam.
Article 93. Granting
of establishment and operation licenses
The granting of licenses for the establishment
and operation of the insurance brokerage enterprises shall comply with the
provisions in Article 62, Article 63, Clauses 1, 2, 3 and 4 of Article 64, and
Articles 65, 66, 67, 68 and 69 of this Law.
Chapter 5.
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Article 94. Legal
capital, charter capital
1. The Government shall stipulate the levels of
legal capital of insurance enterprises and insurance brokerage enterprises.
2. In the course of operation, the insurance
enterprises and the insurance brokerage enterprises must always maintain the
contributed charter capital at the level not lower than the legal capital
level.
Article 95. Escrow
account
1. The insurance enterprises shall have to use
part of their charter capital for escrow account at commercial banks operating
in Vietnam.
2. The Government shall prescribe the escrow
account amounts and the ways of using the escrow account money.
Article 96. Professional
reserves
1. Professional reserves are the money amounts which
must be set up with deductions by the insurance enterprises for the purpose of
paying for insured liabilities, which have been pre-determined and arisen from
the concluded insurance contracts.
2. The professional reserves must be established
separately for each insurance operation and must correspond to the proportion
of liability of the insurance enterprises.
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Article
97. Reserve Fund and the insured protection fund 14
1. Insurance enterprises,
insurance brokerage enterprises must make a compulsory reserve fund to supplement
the charter capital and ensure their solvency. Compulsory reserve fund required
to be deducted each year by 5% of after-tax profits. Maximum rate of this fund
will be regulated by the Government.
2. In addition to compulsory
reserve fund regulated in Clause 1 of this article, insurance enterprise, and
insurance brokerage enterprises can set up other reserve funds from after-tax
profit of financial year as stipulated in the charters of insurance
enterprises, insurance brokerage enterprises.
3. The insured protection
fund is set up to protect the rights and interests of the insured in case of
insurance enterprise’s bankruptcy or insolvency.
The resource to set up the
insured protection fund is deducted by the percentage on the premium applicable
to all insurance contracts.
The Government provides for
the establishment, management, and use of the insured protection fund.
Article 98. Capital
investment
1. The investment of capital by insurance
enterprises must ensure safety and efficiency, and satisfy the requirements of
regular payment for the commitments under the insurance contracts.
2. The insurance enterprises may only use their
idle capital for investment in Vietnam in the following domains:
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b) Buying shares, enterprise bonds;
c) Dealing in real estate;
d) Contributing capital to other enterprises;
e) Providing loans according to the provisions
of the Law on Credit Institutions;
f) Making deposits at credit institutions.
3. The Government shall specify the list of
investment in the domains prescribed in Clause 2 of this Article and the
percentage of idle capital allowed for investment in each list of investment in
order to ensure that the insurance enterprises can always maintain their
solvency.
Article 99. Financial
revenue, expenditure
1. The financial revenues and expenditures of
insurance enterprises and insurance brokerage enterprises shall comply with the
provisions of law.
2. The Finance Ministry shall guide and inspect
the implementation of the financial regimes by the insurance enterprises and
the insurance brokerage enterprises
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The fiscal year of the insurance enterprises and
the insurance brokerage enterprises commences on January 1 and ends on December
31 of the same calendar year. The first fiscal years of the insurance
enterprises and the insurance brokerage enterprises shall start from the dates
they are granted the establishment and operation licenses and end on the last
day of the same year.
Article 101. The
accounting regime
The insurance enterprises and the insurance
brokerage enterprises must observe the financial regimes applicable to the
insurance business according to the provisions of the legislation on
accounting.
Article 102. Audit
The annual financial reports of the insurance
enterprises and the insurance brokerage enterprises must be certified by
independent auditing organizations
Article 103. Financial
report
1. The insurance enterprises and insurance
brokerage enterprises must observe the financial reporting regimes as
prescribed by the legislation on accounting and make periodical reports on
their professional activities as stipulated by the Finance Ministry.
2. Apart from the periodical reports, the
insurance enterprises shall also have to report to the Finance Ministry in the
following cases:
a) When abnormal developments occur in the
enterprises’ business operations;
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Article 104. Making
public financial reports
After the end of a fiscal year, the insurance
enterprises and the insurance brokerage enterprises must publicize the
financial reports as provided for by law.
Chapter 6.
INSURANCE ENTERPRISES
AND INSURANCE BROKERAGE ENTERPRISES WITH FOREIGN INVESTMENT CAPITAL
Article
105. Form of operation 15
1. Foreign insurance
enterprises and insurance brokerage enterprise are permitted to operate in
Vietnam under the following forms:
a) Limited liability
insurance company, limited liability insurance brokerage company;
b) Branch of foreign non-life
insurance enterprise.
2. Foreign insurance
enterprises and insurance brokerage enterprises provide cross border insurance
services as stipulated by the Government.
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Article 106. Conditions
for being granted the establishment and operation licenses
The conditions for insurance enterprises and
insurance brokerage enterprises with foreign investment capital to be granted
the establishment and operation licenses shall include:
1. The conditions prescribed in Article 63 of
this Law;
2. The foreign insurance enterprises and
insurance brokerage enterprises are operating lawfully and in the normal
financial state;
3. The foreign insurance enterprises and
insurance brokerage enterprises are permitted by competent bodies of foreign
countries to conduct insurance business or insurance brokerage activities in
the domains planned to be carried out in Vietnam.
Article 107. Conditions
for being grant licenses to set up representative offices in Vietnam
The conditions for foreign insurance enterprises
and insurance brokerage enterprises to be granted licenses for setting up their
representative offices in Vietnam shall include:
1. The foreign insurance enterprises and
insurance brokerage enterprises have operated for five years or more;
2 The foreign insurance enterprises and
insurance brokerage enterprises have cooperative ties with Vietnamese agencies
and/or organizations
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The Ministry of Finance shall
grant establishment and operation licenses for insurance enterprises, insurance
brokerage enterprises with foreign capital investment, branches of foreign
non-life insurance enterprises, licenses for locating representative offices of
foreign insurance enterprises and insurance brokerage enterprises in Vietnam.
Article 109. Dossiers
of application for establishment and operation licenses
1. Apart from the contents prescribed in Article
64 of this Law, the dossier of application for establishment and operation
licenses for the joint- venture insurance enterprises or insurance brokerage
enterprises shall also include:
a) The charter, the establishment and operation
licenses of the parties to the joint venture;
b) The joint venture contract;
c) The annual balance sheets and financial
reports, certified by independent auditing organizations about the situation of
operation of the joint venture parties for the three latest years.
2. Apart from the contents prescribed in Article
64 of this Law, the dossier of application for licenses for the establishment
and operation of insurance enterprises and insurance brokerage enterprises with
100% foreign investment capital shall also include:
a) The charter, establishment and operation
license of the foreign insurance enterprise or the foreign insurance brokerage
enterprise in the country where it is headquartered;
b) The letter of authorization for the general
director (director) in Vietnam;
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Article 110. Dossiers
of application for licenses to set up representative offices
The dossier of application for licenses to set
up representative offices in Vietnam of foreign insurance enterprises or
insurance brokerage enterprises shall include:
1. The application for setting up the
representative office;
2. The establishment and operation license of
the foreign insurance enterprise or foreign insurance brokerage enterprise in
the country where it is headquartered;
3. The annual balance sheet and financial
report, certified by the independent auditing organization of the situation of
operation of the foreign insurance enterprise or the foreign insurance
brokerage enterprise for the three latest years;
4. The full names, curricula vitae of the chiefs
of the representative offices in Vietnam;
5. The written introduction of the foreign
insurance enterprise or insurance brokerage enterprise as well as its
cooperation with Vietnamese agencies and/or organizations
Article 111. Licensing
time limits, licensing fees and announcement of operation contents
The licensing time limits, the licensing fees
and the announcement of operation contents for foreign-invested insurance
enterprises and insurance brokerage enterprises, representative offices of
foreign insurance enterprises or insurance brokerage enterprises shall comply
with the provisions in Articles 65, 66 and 67 of this Law.
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1. Apart from the provisions in Article 68 of
this Law, foreign-invested insurance enterprises and insurance brokerage
enterprises may have their establishment and operation licenses withdrawn when
the foreign insurance enterprises or insurance brokerage enterprises in the
countries where they are headquartered have their establishment and operation
licenses withdrawn.
2. Representative offices of foreign insurance
enterprises or insurance brokerage enterprises shall have their setting up
licenses withdrawn when the foreign insurance enterprises or insurance
brokerage enterprises in the countries where they are headquartered have their
establishment and operation licenses withdrawn.
Article 113. Changes
requiring approval
Changes requiring approvals for foreign-invested
insurance enterprises or insurance brokerage enterprises shall comply with the
provisions in Article 69 of this Law.
Article 114. Operation
contents
The contents of operation of foreign-invested
insurance enterprises or insurance brokerage enterprises, or representative
offices of foreign insurance enterprises or insurance brokerage enterprises
must comply with the provisions of this Law and other provisions of Vietnamese
legislation
Article 115. Capital,
reserve funds and financial revenue and expenditure of foreign-invested
insurance enterprises and insurance brokerage enterprises
1. The Government shall prescribe the legal
capital levels for foreign-invested insurance enterprises and insurance
brokerage enterprises.
2. The deductions for setting up compulsory
reserve funds and other reserve funds of foreign-invested enterprises or
insurance brokerage enterprises shall comply with the provisions in Article 97
of this Law.
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Article 116. Solvency,
escrow account, professional reserves and capital investment of
foreign-invested insurance enterprises
1. The foreign-invested insurance enterprises
must maintain their solvency as provided for in Article 77 of this Law.
2. The foreign-invested insurance enterprises
must make escrow account and deductions for establishment of professional
reserves as provided for in Article 95 and Article 96 of this Law.
3. The foreign-invested insurance enterprises
may invest their capital as provided for in Article 98 of this Law
Article 117. The
regimes of accounting, auditing and financial reporting
1. The foreign- invested insurance enterprises
and insurance brokerage enterprises must observe the accounting, auditing and
financial-reporting regimes as provided for in Articles 101, 102, 103 and 104
of this Law.
2. Within 180 days after the end of a fiscal
year, the foreign-invested insurance enterprises and insurance brokerage
enterprises as well as representative offices of foreign-invested insurance
enterprises or insurance brokerage enterprises must send the annual financial
reports of the foreign insurance enterprises and insurance brokerage
enterprises to the Finance Ministry.
Article 118. Transfer
of profits, property abroad
1. The insurance enterprises or insurance
brokerage enterprises with 100% foreign investment capital may transfer abroad
the remaining amounts of profits under their ownership after making deductions
for establishment of funds and fulfilling all financial obligations as provided
for by Vietnamese laws.
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3. The insurance enterprises with 100% foreign
capital and the foreign parties to the joint-venture insurance enterprises; the
insurance brokerage enterprises with 100% foreign capital and the foreign
parties to the joint-venture insurance brokerage enterprises may transfer
abroad the remainder of their property after liquidation, termination of their
operation in Vietnam.
4. The transfer abroad of money and other assets
as provided for in Clauses 1, 2 and 3 of this Article shall comply with the
provisions of Vietnamese laws.
Article 119. Other
provisions
The Government shall specify the contents,
scopes and areas of operation of foreign-invested insurance enterprises and
insurance brokerage enterprises as well as the Vietnam-based representative
offices of foreign insurance enterprises or insurance brokerage enterprises.
Chapter 7.
STATE MANAGEMENT OVER
INSURANCE BUSINESS
Article 120. Contents
of the State management over insurance business
The contents of the State management over insurance
business shall include:
1. Promulgating and guiding the implementation
of, legal documents on insurance business; elaborating strategies, planning,
plans and policies on development of insurance market in Vietnam;
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3. Promulgating, ratifying, guiding the
implementation of, insurance regulations, terms, premium and commission rate
index
4. 17
Supervising insurance business activities through professional activities,
financial status, enterprise administration, risk management and the law
observance of insurance enterprises, insurance brokerage enterprises; applying
measures so that insurance enterprises ensure financial requirements and
perform commitments to the insurance buyers.
5. Organizing briefings and forecasting the
situation on the insurance market;
6. Conducting international cooperation in the
insurance domain;
7. Approving the overseas operations of
insurance enterprises or insurance brokerage enterprises;
8. Managing the operation of the Vietnam-based
representative offices of foreign insurance enterprises or insurance brokerage
enterprises;
9. Organizing the training and building up of
the contingent of managerial and professional insurance personnel;
10. Inspecting and examining the insurance
business activities; settling complaints and denunciations about, and handling
violations of the legislation on insurance business.
Article 121. State
management bodies
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2. The Finance Ministry shall take
responsibility to the Government for the implementation of State management
over the insurance business.
3. The ministries, ministerial-level agencies
and agencies attached to the Government shall, within the scope of their
respective tasks and powers, exercise the State management over insurance
business according to the provisions of law.
4. The People’s Committees at all levels shall,
within the scope of their respective tasks and powers, exercise the State
management over insurance business in the localities according to the
provisions of law.
Article
122. Specialized inspection over insurance business 18
1. State management agency on
insurance business shall perform the function of specialized inspection over
insurance business.
2. Organization and operation
of specialized inspection over insurance business shall comply with provisions
of this Law and laws on inspection.
Chapter 8.
COMMENDATION, REWARD AND
HANDLING OF VIOLATIONS
Article 123. Commendation
and reward
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Article 124. Acts
of violating the legislation on insurance business
Acts of violating the legislation on insurance
business shall include:
1. Conducting insurance business without
establishment and operation licenses or in contravention of the contents of the
establishment and operation licenses;
2. Breaching regulations on the granting of
establishment and operation licenses, on inspection, examination and
supervision, by competent State bodies;
3. Illegal competition;
4. Compelling the conclusion of insurance
contracts;
5. Breaching the regulation on compulsory
insurance;
6. Breaching the duty to keep secret insurance
contract-related information supplied by the insurance buyers;
7. Supplying false information, data and/or
report;
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9. Breaching regulations on capital investment;
10. Other acts of violating the legislation on
insurance business.
Article 125. Handling
of violations
1. Those who breach the provisions of this Law
shall, depending on the nature and seriousness of their violations, be
administratively sanctioned or examined for penal liability; if causing damage,
they must make compensations therefor according to the provisions of law.
2. Those who abuse their positions and powers
and breach the regulations on the granting of establishment and operation
licenses, the licenses for setting up of Vietnam-based representative offices
of foreign insurance enterprises or insurance brokerage enterprises, on the
State management over insurance business and other provisions of this Law,
shall, depending on the nature and seriousness of their violations, be
disciplined or examined for penal liability; if causing damage, they must make
compensations therefor according to the provisions of law.
Article 126. Complaints
and lawsuits about decisions on sanctioning administrative violations
1. Organizations and individuals, which are
handled for administrative violations, may complain to competent State bodies
or initiate lawsuits at courts according to the provisions of law.
2. During the period of complaint or lawsuit,
the organizations and individuals, which are handled for administrative
violations, shall still have to execute the decisions on handling the
administrative violations. Where there are complaint-settling decisions of the
competent State bodies or the court’s judgments or decisions which have already
taken effect, the complaint-settling decisions of the competent State bodies or
the court’s judgments or decisions shall be complied with.
Chapter 9.
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Article 127. Regulations
for insurance enterprises, insurance brokerage enterprises, representative
offices, which have been established and operating; insurance contracts, which
have been concluded, before the effective date of this Law
1. Insurance enterprises and insurance brokerage
enterprises, which have been established and operating under the establishment
decisions, establishment licenses, investment licenses, certificates of full
eligibility and qualifications for insurance business; and representative
offices of foreign insurance enterprises or insurance brokerage enterprises, which
have operated under the licenses for setting up the representative offices,
granted before the effective date of this Law shall not have to carry out
procedures to apply for re-granting of licenses.
2. The insurance contracts which have been
concluded before this Law takes effect shall continue to be performed in
accordance with the law provisions at the time of concluding the contracts.
3. 20
Certificates of insurance agent training have been issued before the
effective date of this Law is still valid for use; it is not required to make
procedures for converter into certificate of insurance agent
Article 128. Implementation
effect
1. This Law takes effect as from April 01, 2001.
2. The previous regulations contrary to this Law
shall all be annulled.
Article 129. Implementation
guidance
The Government shall detail and guide the
implementation of this Law.
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CERTIFICATION OF CONSOLIDATED DOCUMENTS
CHAIRMAN OF NATIONAL ASSEMBLY’S OFFICE
Nguyen Hanh Phuc
1 Law
No. 61/2010/QH12 amending and supplementing a number of Articles of Law on
insurance business has the following grounds for promulgation:
"Pursuant to the 1992 Constitution of the
Socialist Republic of Vietnam already been amended and supplemented a number of
articles according to Resolution No. 51/2001/QH10;
National Assembly promulgates Law amending and
supplementing a number of articles Law on Insurance Business, No.
24/2000/QH10.”
2
This Clause is supplemented according to Clause 1 Article 1 of Law No.
61/2010/QH12, amending and supplementing a number of Articles Law on insurance
business, coming into effect on July 01, 2011.
3
This Clause is supplemented according to Clause 1 Article 1 of Law No.
61/2010/QH12, amending and supplementing a number of Articles Law on insurance
business, coming into effect on July 01, 2011.
4
This Clause is amended, supplemented according to Clause 2 Article 1 of Law No.
61/2010/QH12, amending and supplementing a number of Articles Law on insurance
business, coming into effect on July 01, 2011.
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6
This Article is amended, supplemented according to Clause 4 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
7
This Article is amended, supplemented according to Clause 5 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
8
This Article is amended, supplemented according to Clause 6 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
9
This Article is amended, supplemented according to Clause 7 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
10
This Clause is supplemented according to Clause 8 Article 1 of Law No.
61/2010/QH12, amending and supplementing a number of Articles Law on insurance
business, coming into effect on July 01, 2011.
11
This Clause is amended and supplemented according to Clause 9 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
12
This Clause is amended and supplemented according to Clause 9 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
13
This point is amended and supplemented according to Clause 10 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
14
This Article is amended, supplemented according to Clause 11 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
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16
This Article is amended, supplemented according to Clause 13 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
17
This Clause is amended and supplemented according to Clause 14 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
18
This Article is amended, supplemented according to Clause 15 Article 1 of Law
No. 61/2010/QH12, amending and supplementing a number of Articles Law on
insurance business, coming into effect on July 01, 2011.
19
Article 2 of Law No. 61/2010/QH12, amending and supplementing a number of
Articles Law on insurance business, coming into effect on July 01, 2011
provides as follows:
“Article
2
1. This Law takes effect on July 01, 2011.
2. Government shall detail and guide Articles,
Clauses assigned in Law; guide other necessary contents of this Law to meet
state management requirements.”
20
This Clause is supplemented according to Clause 16 Article 1 of Law No.
61/2010/QH12, amending and supplementing a number of Articles Law on insurance
business, coming into effect on July 01, 2011.