THE
MINISTRY OF FINANCE
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
72/2001/TT-BTC
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Hanoi,
August 28, 2001
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CIRCULAR
GUIDING THE IMPLEMENTATION OF THE GOVERNMENT�S DECREE No. 43/2001/ND-CP OF AUGUST 1, 2001
PRESCRIBING THE FINANCIAL REGIME FOR INSURANCE ENTERPRISES AND INSURANCE
BROKERAGE ENTERPRISES
Pursuant to December 9, 2000 Insurance
Business Law No. 24/2000/QH10;
Pursuant to the Government’s Decree No. 43/2001/ND-CP of August 1, 2001
prescribing the financial regime for insurance enterprises and insurance
brokerage enterprises;
The Ministry of Finance hereby provides the following detailed guidance:
I. CHARTER CAPITAL
1. The provisions on charter capital of
insurance enterprises and insurance brokerage enterprises shall comply with
Article 5 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001
prescribing the financial regime for insurance enterprises and insurance
brokerage enterprises.
2. Contributed charter capital of insurance
enterprises and insurance brokerage enterprises is the amount of charter
capital actually contributed by owners to the enterprises.
3. Where insurance enterprises or insurance
brokerage enterprises, which had been established, organized and operating
before the effective date of the Insurance Business Law, have a charter capital
level lower than the legal capital level prescribed in Article 4 of the
Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the
financial regime for insurance enterprises and insurance brokerage enterprises,
they must elaborate plans for making sufficient additions to their charter
capital within three years, and report them to the Ministry of Finance.
If, after three years, insurance enterprises or
insurance brokerage enterprises still fail to make sufficient additions to the
contributed charter capital as prescribed, they shall be considered as failing
to satisfy the financial requirements and the Ministry of Finance may withdraw
their establishment and operation licenses under the provisions at Point f,
Clause 1, Article 68 of the Insurance Business Law.
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1. The escrow depositing by insurance
enterprises shall comply with Article 6 of the Government’s Decree No.
43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance
enterprises and insurance brokerage enterprises.
2. Where the escrow amounts of insurance
enterprises are lower than the levels set in Clause 2, Article 6 of the Government’s
Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for
insurance enterprises and insurance brokerage enterprises, such insurance
enterprises shall have to supplement the escrow amounts as prescribed.
3. Where the escrow amounts of insurance
enterprises are higher than the levels set in Clause 2, Article 6 of the
Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the
financial regime for insurance enterprises and insurance brokerage enterprises,
such insurance enterprises may readjust their escrow amounts to the prescribed
levels.
III. INSURANCE OPERATION
RESERVES
1. Insurance operation reserves
are amounts which must be deducted by enterprises in order to cover
pre-determined insurance liabilities arising from the signed insurance
contracts.
2. Insurance enterprises must
make deductions to set up adequate insurance operation reserves for each
insurance operation and each insurance contract corresponding to their retained
liability proportion.
3. For non-life insurance
business enterprises:
3.1. Non-life insurance business enterprises
must set up various insurance operation reserves as provided for in Article 8
of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the
financial regime for insurance enterprises and insurance brokerage enterprises.
3.2. Non-life insurance business enterprises may
opt for method of making deductions to set up non-life insurance operation
reserves under the guidance at Point 3.4, Clause 3, Section III of this Circular
or other methods of making deductions for setting up operation reserves
suitable to their business activities but must register the deduction method
with the Ministry of Finance before application.
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3.4. The method of making deductions for setting
up non-life insurance operation reserves:
a/ The reserve for premiums not yet earned:
- The method of making deductions according to a
percentage of total insurance premiums:
+ For insurance of cargoes transported by land,
sea, river, railway and air: An amount equal to 17% of total insurance premiums
of this insurance operation, retained in the fiscal year.
+ For other insurance operations: An amount
equal to 40% of total insurance premiums of these insurance operations retained
in the fiscal year.
- The method of making deductions according to
co-efficients of insurance contract durations:
+ For insurance of cargoes transported by land,
sea, river, railway and air: To apply a co-efficient of 1/8.
For example: Assuming that all insurance
premiums calculated in a given quarter are supposed to belong to contracts
which are effective by mid of this quarter, i.e. there is uniform distribution
thereof among the quarters and the date of closing accounting records is
December 31, 2000. The time for making deductions to set up the reserve for
premiums not yet earned is December 31, 2000 and such deductions shall be
calculated for 2001.
Time when
insurance contracts are effective
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Proportion
of insurance premiums not yet earned
31/03/2000
7/8
1/8
30/06/2000
5/8
3/8
30/09/2000
3/8
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31/12/2000
1/8
7/8
The reserve for premiums not yet earned is calculated
according to the following formula:
The reserve for
premiums not yet earned
=
Insurance
premiums
x
The percentage
of insurance premiums not yet earned
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* The deduction method using co-efficient of
1/24: For example, assuming that all insurance contracts exploited in a given
month are effective from the mid of the month and the date for closing
accounting records is December 31, 2000. The time for making deductions to set
up the reserve for premiums not yet earned is December 31, 2000 and such
deductions shall be calculated for 2001.
Time when
insurance contracts are effective
Proportion
of insurance premiums to be earned
Proportion
of insurance premiums not yet earned
January 2000
23/24
1/24
February 2000
21/24
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March 2000
19/24
5/24
April 2000
17/24
7/24
May 2000
15/24
9/24
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13/24
11/24
July 2000
11/24
13/24
August 2000
9/24
15/24
September 2000
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17/24
October 2000
5/24
19/24
November 2000
3/24
21/24
December 2000
1/24
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The reserve for premiums not yet earned shall be
calculated according to the following formula:
The reserve for
premiums not yet earned
=
Insurance
premiums
x
The percentage
of insurance premiums not yet earned
* The deduction method using co-efficient of
1/365: For example, assuming that all insurance contracts have a duration of 12
months. The reserve for premiums not yet earned shall be calculated according
to the following formula:
The number of remaining The reserve for days of
the insurance contract premiums = Insurance premiums x not yet earned 365
+ For insurance operations with a duration of
over one year: To apply the deduction method according to a percentage of 40%
of the total amount of retained insurance premiums of these operations in the
fiscal year.
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- The reserve for compensation for losses
already claimed but not yet settled by the end of the fiscal year:
+ By the statistical method:
Total
compensation for losses already claimed but not yet settled at the end of
each of the latest three consecutive fiscal years
The average
reserve for compensation for losses already claimed but not yet settled
=
3
* Where the average reserve for compensation for
losses already claimed but not yet settled, which is calculated according to
the above formula, is higher than the preceding fiscal year’s total amount of
compensation for losses already claimed but not yet settled, the reserve for
compensation for losses already claimed but not yet settled shall equal the
average one.
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The reserve for
compensation for losses already claimed but not yet settled
=
The preceding
fiscal year’s reserve compensation for losses already claimed but not yet
settled
+
The preceding
fiscal year’s reserve compensation for losses already claimed but not yet
settled
x
The growth rate
of collectible for insurance premiums arising in the fiscal year from the
signed insurance contracts
+ By the dossier-based method: The deduction
level shall be calculated on the basis of summing up the to-be-compensated
amounts for each dossier of claim filed with the insurance enterprise which
remains unsettled by the end of the fiscal year.
- The reserve for compensation for arising
losses which fall under the insurance liability but have not yet been claimed
shall be calculated by the statistical method:
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=
The total
amount of losses not yet claimed by the end of each of the latest three consecutive
fiscal years
x
Insurance
premiums retained in the fiscal year
The total
amount of insurance premiums retained in the corresponding three years
* Where the average reserve for compensation for
losses not yet claimed, which is calculated according to the above formula, is
higher than the preceding fiscal year’s total amount of compensation for losses
not yet claimed, the reserve for compensation for losses not yet claimed shall
equal the average one.
* Where the average compensation reserve for
losses not yet claimed, which is calculated according to the above formula, is
lower than or equal to the preceding fiscal year’s total amount of compensation
for losses not yet claimed, the reserve for compensation for losses not yet
claimed shall be calculated according to the following formula:
The reserve for
compensation for losses not yet claimed
=
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+
The preceding
fiscal year’s reserve for
compensation for losses not yet claimed
x
The grow rate
of collectible insurance premiums arising in the fiscal year from the signed
insurance contracts
c/ The reserve for compensation for big
fluctuations of loss: To be set up and added annually till it is equal to the
amount of premiums actually retained in the fiscal year by the insurance
enterprise. The calculation of annual deductions for setting up this reserve
shall be made according to the statistical method.
4. For life insurance business
enterprises:
4.1. Life insurance business enterprises must
set up insurance operation reserves as provided for in Article 9 of the
Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the
financial regime for insurance enterprises and insurance brokerage enterprises.
4.2. Life insurance business enterprises may opt
for the method of making deductions for setting up non-life insurance operation
reserves under the guidance at Point 4.4, Clause 4, Section III of this
Circular or other methods of making deductions for setting up operation
reserves suitable to their business activities but must register such methods
with the Ministry of Finance before application.
4.3. Life insurance business enterprises must
not change the method of making deductions for setting up insurance operation
reserves for insurance products, which has been approved by the Ministry of
Finance.
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4.4. Method of making deductions for setting up
life insurance operation reserves:
a/ Mathematical reserves:
- The net premium reserve method:
The net premium reserve is calculated according
to the following principle:
The net premium
reserve
=
The current
value of total insurance liability payable in future
-
The current
value of total net premiums collectible in future
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Vx+t =
(S + B) x Ax+t:n-t - (P x äx+t:n-t)
in which:
x is the age group of the insured persons
eligible for insurance
t is the effective duration of the insurance
contract, starting from the time of its signing
n is the term of the insurance contract
Vx+t is the insurance premium reserve
in the (t)th contractual year
S is the insurance sum
B is the divided profit already publicized for
the (t)th contractual year
Ax+t:n-t , äx+t:n-t are
standard functions reflecting the indexes of insurance sums and periodical
times of insurance permium payment
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- The gross premium reserve method:
The gross premium reserve is calculated
according to the following principle:
The gross
premium reserve
=
The current
value of total insurance liability payable in future
+
The current
value of total estimated expenditures in future
-
The current
value of total gross premiums collectible in future
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Vx+t = (S x Ax+t:n-t) +
(RE x äx+t:n-t) - (P’
x äx+t:n-t)
in which:
x is the age group of the insured persons
eligible for insurance
t is the effective duration of the insurance
contract, starting from the time of its signing
n is the term of the insurance contract
Vx+t is the insurance premium reserve
in the (t)th contractual year
S is the insurance sum
RE is the supposed expenses of the renewed
contractual year to be included in the insurance premiums
Ax+t:n-t , äx+t:n-t are standard
functions reflecting the indexes of insurance sums and periodical times of
insurance permium payment
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b/ The reserve of premiums not yet earned
applicable to contracts of a term of under one year:
This reserve shall apply only to insurance
contracts involving periodical premium payments and be calculated according to
the following formula:
The reserve
=
The periodical
premium
x
The remaining
duration of the insurance permium payment period
The total
duration of the insurance premium payment period
The remaining duration of the premium payment
period and the total duration of the premium payment period shall be calculated
in months or days; if calculated in months, the remaining duration of the
premium payment period shall be rounded down.
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d/ The profit-sharing reserve: To be applicable
only to contracts involving shared profits which are accumulated through the
insurance contractual years and calculated according to the following formula:
The profit- The total profit shared The
accumulated value of the profit sharing = to the contract owner + shared to the
contract owner in the previous reserve in the fiscal year fiscal years but not
yet paid thereto
e/ The balance assurance reserve: To be set up
and added annually till it is equal to 5% of the insurance premiums collected
by an insurance enterprise in the fiscal year. The annual deduction level is 1%
of the pre-tax profit of each insurance enterprise.
IV. CAPITAL INVESTMENT
The insurance enterprises shall invest their
capital under the provisions in Section 3, Chapter II of the Government�s
Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for
insurance enterprises and insurance brokerage enterprises.
V. SOLVENCY OF INSURANCE
ENTERPRISES
1. The insurance enterprises must maintain their
solvency throughout the process of their insurance business activities under
the provisions of Article 14 of the Government’s Decree No. 43/2001/ND-CP of
August 1, 2001 prescribing the financial regime for insurance enterprises and
insurance brokerage enterprises.
2. An insurance enterprise is in danger of
losing its solvency when its solvency limit is lower than the minimum one.
3. The minimum solvency limit:
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For example: At the time of determination of its
solvency limit, insurance enterprise A, which conducts non-life insurance
business, has VND 1,000 billion as total amount of actually retained insurance
premiums. Its minimum solvency limit would be VND 1,000 billion x 20% = VND 200
billion.
b/ The minimum solvency limit of life insurance
business enterprises:
- For life insurance contracts with a term of 10
years or under, it is equal to the sum of 4% of the insurance operation reserve
plus 0.1% of the insurance amount at risk;
- For life insurance contracts with a term of
over 10 years, it is equal to the sum of 4% of the insurance operation reserve
plus 0.3% of the insurance amount at risk.
For example: At the time of determination of its
solvency limit, insurance enterprise B, which is engaged in life insurance business,
has:
+ VND 200 billion as operation reserve for life
insurance contracts with a term of 10 years or under.
+ VND 20,200 billion as total insurance amount
of life insurance contracts with a term of 10 years or under.
+ VND 300 billion as operation reserve for life
insurance contracts with a term of over 10 years.
+ VND 50,300 billion as total insurance amount
of life insurance contracts with a term of over 10 years.
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4. The solvency limit of an insurance enterprise
is the difference between the asset value and the payable debts of the
enterprise.
VI. TURNOVER AND EXPENDITURES
OF INSURANCE ENTERPRISES
1. Turnover:
1.1. Turnover of an insurance enterprise
consists of revenues as specified in Article 19 of the Government’s Decree No.
43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance
enterprises and insurance brokerage enterprises, including:
a/ Turnover from insurance business activities:
Collected principal insurance premiums, charges for re-insurance acceptance;
collected commissions for re-insurance ceding, collected charges for agency
services including loss assessment, consideration and payment of compensations,
request of indemnification by a third party, handling of 100% compensated goods;
collected charges for loss assessment, excluding the assessment requested among
internal accounting member units within the same independent accounting
insurance enterprise, subtracting the to be-spent amounts for revenue reduction
such as refunded insurance premiums, reduced insurance premiums charges for
re-insurance ceding, refunded charges for re-insurance acceptance, reduced
charges for re-insurance acceptance; refunded commissions for re-insurance
ceding; reduced commissions for re-insurance ceding.
b/ Turnover from financial activities: Revenues
from investment activities as specified in Section 3, Chapter II of the
Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the
financial regime for insurance enterprises and insurance brokerage enterprises;
revenues from the sale and purchase of securities; collected interests on
escrow amounts; revenues from the lease of assets; reimbursed balance of the
reserve for decrease in the securities prices and revenues from other financial
activities as provided for by law.
c/ Incomes from other activities: Proceeds from
the sale and liquidation of fixed assets; recovered bad debts which had been
written off; collected fines on contractual breaches and other revenues as
provided for by law.
1.2. The principles for determination of
turnover:
a/ Turnover from insurance business activities,
which consists of collectible money amounts arising in the period, shall be
determined according to the following principle:
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- For the remaining revenues: Insurance
enterprises shall account them in their incomes right after the economic
activities arise and there is evidence of acceptance of payment by the involved
parties, regardless of whether or not they have been collected.
- For amounts to be spent in order to reduce
revenues: Insurance enterprises shall account them as income decrease
immediately after the economic activities arise and there is evidence of
acceptance of payment by the involved parties, regardless of whether or not
they have been paid.
b/ Turnover from financial activities means the
collectible amounts arising in the fiscal year.
c/ Incomes from other activities mean all
proceeds from the sale of goods and the provision of services after subtracting
(-) decreased amounts in the prices of sold goods or returned sold goods (if
they are accompanied with valid vouchers), which the customers accept to pay,
regardless of whether or not they have been collected.
1.3. The insurance enterprises revenues arising
in the period must be accompanied with valid invoices or vouchers and fully
accounted in their turnover.
2. Expenditures:
2.1. The insurance enterprises’ expenditures,
which are payable and deductible amounts arising in the period as specified in
Article 20 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001
prescribing the financial regime for insurance enterprises and insurance
brokerage enterprises, include:
2.1.1. Expenditures on business insurance
activities:
a/ Compensation paid for principal insurance,
for non-life insurance, paid insurance, for life insurance; compensation paid
for re-insurance acceptance when insured events occur as committed in insurance
contracts or re-insurance contracts, subtracting collectible amounts in order
to reduce expenses such as collected compensations for re-insurance transfer,
indemnities collected from third parties, collected goods which have been
already handled and compensated 100%;
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c/ Paid insurance commissions as provided for at
Point 3, Section II of the Finance Ministry’s Circular No. 71/2001/TT-BTC of
August 28, 2001 guiding the implementation of the Government’s Decree No.
42/2001/ND-CP of August 1, 2001 detailing the implementation of a number of
articles of the Insurance Business Law;
d/ Expenses for loss assessment under the
provisions of Article 26 of the Government’s Decree No. 42/2001/ND-CP of August
1, 2001 detailing the implementation of a number of articles of the Insurance
Business Law;
e/ Expenses for agency services, including loss
assessment, consideration and payment of compensations, request of
indemnification by third parties;
f/ Expenses for handling of 100% compensated
goods;
g/ Expenses for management of insurance agents;
h/ Expenses for risk and loss prevention and
restriction as provided for in Section VIII of the Finance Ministry’s Circular
No. 71/2001/TT-BTC of August 28, 2001 guiding the implementation of the
Government’s Decree No. 42/2001/ND-CP of August 1, 2001 detailing the
implementation of a number of articles of the Insurance Business Law;
i/ Expenses for assessment of risks of insurance
subjects, including expenses for gathering of information on, investigation and
evaluation of, insurance subjects;
j/ Salaries, wages, bonuses, severance
allowances and amounts of wage or salary nature according to the relevant law
provisions applicable to each type of enterprise;
k/ Social insurance and health insurance payable
according to law provisions;
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2.1.2. Expenditures on financial activities,
which are amounts to be spent in the fiscal year, include:
a/ Expenses for investment activities as
provided for in Section 3, Chapter II of the Government’s Decree No.
43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance
enterprises and insurance brokerage enterprises;
b/ Interests paid to life insurance contract
owners as committed in the signed insurance contracts;
c/ Expenses for the lease of assets;
d/ Banking fees and loan interests;
e/ Deductions for the reserve for decrease in
the securities prices.
f/ Other expenses as provided for by law.
2.1.3. Expenditures on other activities, which
are amounts to be spent in the fiscal year, include:
a/ Expenses for the sale and liquidation of
fixed assets;
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c/ Fines for contractual breaches;
d/ Other expenses as prescribed by law.
2.2. Insurance enterprises must not account into
their expenditures the following amounts:
a/ Fines payable by collectives and individuals
for their law violations;
b/ Expenses for capital construction investment,
procurement of fixed assets, allowances for laborers meeting with difficulties,
donations for organizations and individuals according to the relevant law
provisions applicable to each type of enterprise;
c/ Public service expenses, rewards, welfare
expenses, regular and irregular difficulty allowances, and other expenses
covered by other funding sources;
d/ Other unreasonable expenses as prescribed by
law.
VII. TURNOVER AND
EXPENDITURES OF INSURANCE BROKERAGE ENTERPRISES
1. Turnover
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1.1. Turnover from insurance brokerage
activities, consisting of collectible amounts arising in the period.
1.2. Turnover from financial activities,
consisting of collectible amounts arising in the fiscal year.
1.3. Incomes from other activities, consisting
of all proceeds from the sale of goods and the provision of services after subtracting
(-) the decreased amounts of the prices of sold goods, returned sold goods (if
they are accompanied with valid vouchers), which the customers accept to pay,
regardless of whether they have been collected or not.
2. Expenditures
2.1. The insurance brokerage enterprises’ expenditures consist of payable
amounts arising in the period as prescribed in Article 23 of the Government’s Decree No. 43/2001/ND-CP of
August 1, 2001 prescribing the financial regime for insurance enterprises and
insurance brokerage enterprises.
2.2. The insurance brokerage enterprises’ expenditures arising in the
period must be accompanied with valid invoices or vouchers.
VIII. PROFITS AND
DISTRIBUTION OF PROFITS
Profits and distribution of profits of insurance
enterprises and insurance brokerage enterprises shall comply with the
provisions of Chapter V of the Government’s
Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for
insurance enterprises and insurance brokerage enterprises.
IX. THE REPORTING REGIME
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1. Financial statements:
1.1. Insurance enterprises and insurance
brokerage enterprises shall carry out final financial settlement and observe
all regulations on financial statements, make and send financial statements to
the State’s finance
offices, the statistic offices and tax offices according to current law provisions.
1.2. Accounting balance sheets as well as
reports on business operation results and monetary circulation must be
certified by independent auditing organizations licensed to operate in Vietnam.
2. Statistical reports, operation
reports: Insurance enterprises and insurance brokerage enterprises shall make
and send to the Ministry of Finance quarterly and annual statistical reports
and operation reports, specifically as follows:
- For non-life insurance business enterprises:
+ Report on the insurance premium turnover:
according to form No. 1-PNT
+ Report on insurance compensation: according to
form No. 2-PNT
+ Report on the payment of insurance
commissions: according to form No. 3-PNT
+ Report on deductions for setting up the
operation reserve: according to form No. 4-PNT
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+ Report on solvency: according to form No.
6-PNT (insurance enterprises shall make annual reports only).
- Particularly for Vietnam National Re-insurance
Company, apart from the reports made according to forms No. 4-PNT, No. 5-PNT
and No. 6-PNT above, it must make and send also the following reports:
+ Report on re-insurance turnover: according to
form No. 1-TBH
+ Report on re-insurance compensation: according
to form No. 2-TBH
+ Report on collection and payment of
re-insurance commissions: according to form No. 3-TBH
- For life insurance business enterprises:
+ Report on the number of contracts and the life
insurance amounts: according to form No. 1-NT
+ Report on life insurance premium turnover:
according to form No. 2-NT
+ Report on the payment of life insurance
amounts: according to form No. 3-NT
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+ Report on the cancellation of life insurance
contracts: according to form No. 5-NT
+ Report on the deductions for setting up the
operation reserve: according to forms from No. 6-NT(A) to 6-NT(E)
+ Report on investment activities: according to
form No. 7-NT
+ Report on solvency: according to form No. 8-NT
(insurance enterprises shall make annual reports only).
- For insurance brokerage enterprises: According
to the form of report on insurance brokerage activities - form No. 1-MGBH.
- Quarterly reports: Insurance enterprises must
make and send them to the Ministry of Finance within 30 days after the end of
each quarter.
- Annual reports: Insurance enterprises must
make and send them to the Ministry of Finance within 90 days after the end of
each fiscal year.
3. Financial publicity for insurance
enterprises and insurance brokerage enterprises: On a quarterly basis,
insurance enterprises and insurance brokerage enterprises must make and send
financial statements to State management bodies stated at Point 1, Section VII
of this Circular.
4. Supervision and inspection of the
observance of financial regimes
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4.1. Insurance enterprises and insurance
brokerage enterprises shall be accountable for the accuracy and truthfulness of
their financial statements. The financial supervisions shall be conducted in
the following forms:
a/ Periodical or unexpected supervision;
b/ Supervision by topic according to the
financial management requirements.
4.2. Insurance enterprises and insurance
brokerage enterprises, which violate the State�s financial regimes,
shall be sanctioned according to law provisions.
X. ORGANIZATION OF
IMPLEMENTATION
1. This Circular takes effect for implementation
from August 16, 2001. Particularly for the setting up of operation reserves,
accounting of turnover, expenditures, profits, profit distribution as well as
the reporting regime, the insurance enterprises and insurance brokerage
enterprises shall abide by current regulations till the end of 2001.
2. The Finance Ministry’s
Circular No. 45/TC-CDTC of May 30, 1994 stipulating the financial management
regime applicable to insurance enterprises ceases to be effective as from the
effective date of this Circular.
3. Any problems arising in the course of
implementation should be reported to the Ministry of Finance for study and
settlement.
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FOR THE MINISTER OF FINANCE
VICE MINISTER
Le Thi Bang Tam