Chapter IV
FOREIGN-INVESTED INSURANCE ENTERPRISES AND INSURANCE BROKERAGE ENTERPRISES
Section I. FOREIGN-INVESTED INSURANCE ENTERPRISES AND INSURANCE BROKERAGE ENTERPRISES
Article 38.- Capital contribution percentages in joint-venture insurance enterprises and insurance brokerage enterprises
1. The percentages of capital contributed by the Vietnamese parties in joint- venture insurance enterprises or insurance brokerage enterprises must not be lower than 30% of the charter capital.
2. The parties in joint- venture insurance enterprises and insurance brokerage enterprises may agree on the transfer of the value of their contributed capital in the joint ventures but must give priority to the other parties within the joint-ventures.
Article 39.- Contents, scopes and geographical areas of operation
1. Foreign-invested insurance enterprises and insurance brokerage enterprises shall not face any restrictions on the contents and scopes of operation when selling insurance products to foreign-invested enterprises, foreign organizations and individuals; non-State enterprises; products in service of agricultural, forestry and fishery development programs, and financial risk insurance and occupational liability insurance.
2. Apart from the cases specified in Clause 1 of this Article, the expansion of the operation contents and scopes shall comply with the guidance of the Ministry of Finance, meet the market development demand and accord with international agreements which Vietnam has signed or acceded to.
3. In the first year of operation, foreign-invested insurance enterprises and insurance brokerage enterprises may open only one branch apart from their head offices so as to conduct insurance business and insurance brokerage activities.
4. After three years of operation, foreign-invested insurance enterprises and insurance brokerage enterprises may open two more branches to conduct insurance business and insurance brokerage activities.
5. After five years of operation, the opening of additional branches by foreign-invested insurance enterprises or insurance brokerage enterprises shall be based on the market development demand and accord with international agreements that Vietnam has signed or acceded to.
Article 40.- Application of other regulations
Other regulations on the establishment and operation, insurance exploitation, reinsurance and other activities of foreign-invested insurance enterprises and insurance brokerage enterprises shall be consistent with the provisions in Chapter II and Section 2 of Chapter III of this Decree.
Section 2. VIETNAM-BASED REPRESENTATIVE OFFICES OF FOREIGN INSURANCE ENTERPRISES AND INSURANCE BROKERAGE ENTERPRISES
Article 41.- Representative offices
Vietnam-based representative offices of foreign insurance enterprises or insurance brokerage enterprises are dependent units of such enterprises.
Article 42.- Contents of operation of representative offices
1. Vietnam-based representative offices of foreign insurance enterprises and insurance brokerage enterprises may conduct the following activities:
a/ Acting as liaison offices;
b/ Conducting market research;
c/ Formulating investment projects of foreign insurance enterprises or insurance brokerage enterprises;
d/ Promoting and overseeing the implementation of Vietnam-based projects financed by foreign insurance enterprises or insurance brokerage enterprises;
e/ Other activities in accordance with Vietnamese laws.
2. Vietnam-based representative offices of foreign insurance enterprises or insurance brokerage enterprises must not carry out business activities in Vietnam.
Article 43.- Licensing fees and publicization of operation contents
1. The fee level for a licensing or an extension of operation is VND one million.
2. Within 12 months after being granted licenses, representative offices must officially begin operating. Within 30 days after being licensed for their establishment, the representative offices must publicize the contents prescribed in the licenses.
Article 44.- Operating duration
1. The operating duration of Vietnam-based representative offices of foreign insurance enterprises or insurance brokerage enterprises shall not exceed five years.
2. Vietnam-based representative offices of foreign insurance enterprises or insurance brokerage enterprises that wish to extend their operating duration must file applications for extension.
3. Representative office-opening licenses shall be revoked in the following cases:
a/ The operating duration has expired but no extension thereof is applied for or the Ministry of Finance declines the extension thereof;
b/ The foreign insurance enterprises or insurance brokerage enterprises have their licenses revoked.
c/ The representative offices operate for wrong purposes or not according to the contents prescribed in the representative office-opening licenses.
4. Upon termination of their operation, the representative offices of foreign insurance enterprises or insurance brokerage enterprises shall have to fulfill all procedures and obligations prescribed by law.
Article 45.- Reporting on operation
Vietnam-based representative offices of foreign insurance enterprises or insurance brokerage enterprises shall have to make periodical reports on their operation under the guidance of the Ministry of Finance.
Tìm kiếm
Nghị định 42/2001/NĐ-CP (Bản Word)