The Vietnamese government is proposing a comprehensive review and reform of the insurance legal framework covering all legal aspects, from corporate establishment and operations to financial and investment regimes, and available for insurers, insurance brokers, agents and insurance-related entities iin Vietnam.
The government recently released drafts of two new decrees to propose reforms and amendments to replace the nearly 10-year-old rules under decree No. 45, decree No. 46, as amended in 2011 by decree No. 123, and in 2014 by decree No. 68 (collectively, the current rules), implementing the Law on Insurance Business.
The draft new decrees aim to improve and streamline the legal framework and address practical issues for the development of the market. However, they also contain some stricter or new requirements on, among other things, qualifications and shareholding structure for institutional shareholders in local joint stock insurers, IT systems, additional operational reserves, and restrictions on offshore reinsurance.
Set out below are some key proposed amendments under the draft new decrees.
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