Chapter VII
IMLEMENTATION PROVISIONS
Article 155. Amendments and supplements to Appendix IV to Law on Investment 61/2020/QH14 amended or supplemented by Law No. 03/2022/QH15
Amending, supplementing the sector or industry No. 29 and adding the sector or industry No. 29a underneath No.29 of Appendix IV on the Conditional Industry Classification as follows:
“29. Insurance brokerage
29a. Insurance ancillary services”
Article 156. Entry into force
1. This Law is entering into force as from January 01, 2023, unless otherwise prescribed in clause 2 of this Article.
2. Clause 3 of Article 86; clause 4 and 5 of Article 94; Article 95; clause 3 and 4 of Article 99; Article 109, 110, 111, 112, 113, 114 and 116 herein shall take effect as of January 1, 2028.
3. Law on Insurance Business No. 24/2000/QH10 amended and supplemented according to the Law No. 61/2010/QH12 and Law No. 42/2019/QH14 shall be expired after the entry into force of this Law, except in the following cases:
a) Clause 1 of Article 157 herein;
b) Article 77, 78, 79, 80, 81, 83, 94 and 98 of the Law on Insurance Business No. 24/2000/QH10 that have been amended and supplemented according to Law No. 61/2010/QH12 and Law No. 42/2019/QH14 shall be abolished by end of December 31, 2027.
Article 157. Transitional clauses
1. Insurance contracts that have been entered into before the effective date of this Law and remain valid can continue to apply in accordance with legislation at the time of conclusion of insurance contracts, except when contracting parties are agreed on amendments and supplements thereto to make them aligned with this Law and apply regulations of this Law.
2. Insurance agent practising certificates issued before the entry into force of this Law can continue to be used till end of December 31, 2025. Minister of Finance shall impose detailed regulations on transformation from insurance agent practising certificates issued before the entry into force of this Law into new ones referred to in this Law.
3. Insurance practising certificates, insurance agent practising certificates and certificates of practising in insurance ancillary services that have been issued before the entry into force of this Law shall continue to be used.
4. As from January 1, 2023, insurance companies and branches of foreign non-life insurance companies shall cease paying into the Fund for protection of insured persons.
5. Disposal and management of balance of the Fund for protection of insured persons stipulated in Article 97 in the Law on Insurance Business No. 24/2000/QH10 amended and supplemented by the Law No. 61/2010/QH12 and the Law No. 42/2019/QH14 shall be subject to the following regulations:
a) All balance existing in the Fund for protection of insured persons shall be in the custody of the Ministry of Finance to serve the purposes of protecting insured persons' interests when insurance companies are declared insolvent or bankrupt;
b) The Government shall impose detailed regulations on management and use of balance of the Fund for protection of insured persons.
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