Chương 6 Nghị định 18/2005/NĐ-CP: Quản lý nhà nước đối với tổ chức bảo hiểm tương hỗ

Chapter 6:

STATE MANAGEMENT ON A RECIPROCAL INSURANCE ORGANIZATION

Article 38. State management on a reciprocal insurance organization

1. The Ministry of Finance shall carry out state management on the formation, organization and operation a reciprocal insurance organization as follows:

a) Instruct the implementation of legal documents concerning a reciprocal insurance organization; construct relevant policies and regulations;

b) Grant and revoke the establishment and operation license from a reciprocal insurance organization;

c) Promulgate, approve and instruct the implementation of rules, provisions, fee list, insurance commission applied by a reciprocal insurance organization;

d) Take necessary measures to ensure that the reciprocal insurance organization meet financial requirements and fulfill commitments made with insurance buyers;

dd) Help construct a team of management officers and provide training in professional competence in insurance to a reciprocal insurance organization;

e) Investigate and inspect the operation of insurance business, compliance with financial regulations by a reciprocal insurance organization; settle complaints, denunciation and handle violations concerning reciprocal insurance;  

2. The ministries, ministerial-level agencies, and Governmental agencies within their scope of duties and powers shall be responsible for organization and operation of a reciprocal insurance organization according to the law provisions.

3. People’s Committees at all levels within their scope of duties and powers shall carry out state management on the organization and operation of a local reciprocal insurance organization according to the law provisions.

Article 39. Amalgamation, separation, merging, conversion, bankruptcy or dissolution of a reciprocal insurance company

1. Amalgamation, separation, merging, conversion, or dissolution of a reciprocal insurance organization shall be done in accordance with the law provisions.

2. As for bankruptcy of a reciprocal insurance organization, the provisions of the Law on Bankruptcy of Insurers shall be applied.

Article 40. Commendation and handling of violations

Commendation and handling of violations during the formation, organization and operation of a reciprocal insurance organization shall be implemented in accordance with the provisions set out in Chapter VIII of the Law on Insurance Business.