Chương I Nghị định 73/2016/NĐ-CP hướng dẫn Luật kinh doanh bảo hiểm và Luật kinh doanh bảo hiểm sửa đổi: Những quy định chung

Chapter I

GENERAL

Article 1. Scope and regulated entities

1. The Decree defines the details of implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business, with regard to:

a) The establishment and operation of enterprises providing life insurance, non-life insurance, health insurance and reinsurance (hereinafter referred to as insurance enterprises), branches of foreign non-life insurance enterprises (hereinafter referred to as foreign branches), insurance broker enterprises, insurance agencies, providers of cross border insurance services, representative offices of insurance enterprises, foreign insurance broker enterprises and fund(s) for the protection of the insured;

b) Financial management regulations for insurance enterprises, foreign branches and insurance broker enterprises.

2. This Decree applies to:

a) Insurance enterprises;

b) Foreign branches;

c) Insurance broker enterprises and insurance agencies;

d) Other entities involved.

Article 2. Policy of insurance market development

1. Develop the complete, secure and virtuous insurance market in order to meet the needs of insurance of the economy and people; assure the adherence of insurance products to international standards; establish an unbiased business regulatory environment to utilize the most of resources of economic sectors, enhance the competitiveness of the insurance industry and meet the requirements of international economic integration.

2. The government shall support insurance enterprises, foreign branches and insurance broker enterprises to research and develop insurance products and to motivate entities' purchase of insurance.

3. The government shall support Association of Vietnamese Insurers and social - employment organizations to augment the autonomy in the insurance industry; maintain fair competition for legitimate rights and interests of purchasers of insurance.

Article 3. Principles on purchase and provision of insurance in Vietnam

1. Organizations and individuals aspiring to conduct business in insurance, reinsurance and insurance brokerage in Vietnam must possess a License for establishment and operation (referred to as the License) from the Ministry of Finance or fulfill requirements for provision of cross border insurance services as per Section 1, Article 90 and Article 91 of this Decree.

2. Organizations and individuals desiring to purchase insurance shall choose insurance enterprises in their discretion but can only purchase insurance from insurance enterprises and foreign branches licensed to operate in Vietnam, except cross border insurance services defined in Section 2 and Section 3, Article 90 of this Decree. No entity can interfere in buyers' choice of insurance enterprises and foreign branches against the law.

Article 4. Practice and products of insurance

1. Life insurance refers to practices in Section 1, Article 7 of the Law on insurance business and Section 3, Article 1 of the Law on amendments to certain articles of the Law on insurance business.

2. Non-life insurance refers to practices in Section 2, Article 7 of the Law on insurance business and Section 3, Article 1 of the Law on amendments to certain articles of the Law on insurance business.

Guarantee insurance refers to an insurance business in which an insurance enterprise or foreign branch assumes the risks of the insured on a fee basis as to carry out duties of the insured upon the insured's inability or failure to perform such duties at a defined time. The insured must undertake to be in debt and repay such debt to the insurance enterprise or foreign branch according to their insurance contract. Their agreement may stipulate that the insurance enterprise or foreign branch carries out duties only upon the insured's inability to perform such duties.

3. Health insurance refers to practices in Section 3, Article 1 of the Law on amendments to certain articles of the Law on insurance business.

4. Insurance enterprises shall only trade in insurance products under the insurance practices defined in their license(s). Furthermore, they ought to abide by business requirements in this Decree.

Article 5. Compulsory insurance

1. Insurance enterprises and foreign branches selling compulsory insurance cannot refuse to provide compulsory insurance to buyers who have fulfilled requirements for purchase of compulsory insurance as per the law.

2. Organizations and individuals bound to take out compulsory insurance shall incur the duty to purchase compulsory insurance as per the law.