Chương V Nghị định 46/2023/NĐ-CP: Phối hợp quản lý, giám sát, thanh tra, kiểm tra đối với chi nhánh nước ngoài tại việt nam

Chapter V

COOPERATION IN MANAGEMENT, SUPERVISION, AND INSPECTION OF FOREIGN BRANCHES IN VIETNAM

Article 91. Mechanism for coordination in management and supervision of foreign branches in Vietnam

1. The Ministry of Finance shall coordinate with foreign insurance authority through sharing information on management and supervision of foreign branches in Vietnam in order to protect the legitimate rights and interests of parties in insurance business and ensure the healthy and sustainable development of Vietnam's insurance market.

2. Information sharing with foreign insurance authorities shall be carried out on the basis of written requests, on the case to case basis, or through a communication cooperation mechanism under international agreements on cooperation and information sharing with foreign insurance authorities in the home country where the foreign non-life insurer, foreign reinsurer with foreign branch in Vietnam is headquartered.

3. The content and scope of information shared between the Ministry of Finance and the foreign insurance authority shall comply with the following provisions:

a) Based on the requirements of management and supervision on a case-by-case basis, the Ministry of Finance shall clearly determine the need to request the foreign insurance authority to provide information related to professional operations, financial situation, corporate governance, risk management and the observance of the law on insurance business by the foreign non-life insurer, or foreign reinsurer with foreign branch in Vietnam;

b) In case of receiving a request to share information from a foreign insurance authority, the Ministry of Finance shall assess and clearly determine the extent and scope of information that can be shared with each individual request, providing that the sharing ensures state management objectives, complies with the law on protection of state secrets, protection of private life, personal secrets, family secrets and business secrets;

c) In case a foreign branch in Vietnam fails to ensure the capital adequacy ratio as prescribed, the Ministry of Finance can proactively inform and share with the foreign insurance authority about the early intervention measures, control measures applied to foreign branch in Vietnam.

4. The signing of an international agreement by a competent Vietnamese authority on cooperation and information sharing with foreign insurance authorities can be done bilaterally or multilaterally under regional and international cooperation frameworks of the International Association of Insurance Supervisors (IAIS), in compliance with the Law of International Agreements.

5. Contents of international agreements on cooperation and information sharing with foreign insurance authorities must contain the following:

a) Principles and scope of cooperation and information sharing;

b) Method of requesting information sharing;

c) Procedures for settlement of requests for information sharing of the parties to the agreement;

d) Providing information in some exceptional cases, including cases where foreign non-life insurers, foreign reinsurers, or foreign branches in Vietnam of these insurers/reinsurers do not meet the requirement pertaining to  capital adequacy ratio; the case of a fiscal crisis;

dd) Regulations on information confidentiality and regulations on consultation and periodic review of agreement contents.

Article 92. Inspection of foreign branches in Vietnam

The inspection of insurance business of foreign branches in Vietnam shall comply with the following:

1. The Ministry of Finance of Vietnam shall inspect the operation of foreign branches in Vietnam in accordance with law.

2. The foreign insurance authority where the enterprise's head office is located shall inspect the operation of the foreign branch in Vietnam as follows:

a) Before conducting the inspection, the foreign insurance authority where the enterprise is headquartered must notify the inspection plan to the Ministry of Finance;

b) After the inspection is completed, the foreign insurance authority where the enterprise is headquartered must provide inspection results for the Ministry of Finance.