Chương VI Nghị định 73/2016/NĐ-CP hướng dẫn Luật kinh doanh bảo hiểm và Luật kinh doanh bảo hiểm sửa đổi: Cung cấp và sử dụng dịch vụ bảo hiểm qua biên giới

Chapter VI

PROVISION AND USE OF CROSS-BORDER INSURANCE SERVICES

Article 90. Providers and users of cross-border services of insurance and insurance brokerage

1. Providers of cross-border services of insurance and insurance brokerage (referred to as providers of cross-border insurance services) are foreign insurance enterprises and foreign insurance broker enterprises whose home country and Vietnam have entered international trade agreements on the provision of cross-border insurance services in Vietnam.

2. Users of cross-border insurance services are enterprises that are incorporated in Vietnam, have 49% of its charter capital held by foreign investors and recruit foreign employees working in Vietnam.

3. Services of reinsurance, international maritime insurance, international aviation insurance, international reinsurance brokerage, consultancy, actuarial service, risk assessment and claim settlement shall be governed by current laws and best practices.

4. Life insurance and health insurance shall not be subject to regulations on provision and use of cross-border insurance services in this Decree.

Article 91. Requirements for provision of cross-border insurance services

Foreign insurance enterprises and foreign insurance broker enterprises providing cross-border insurance services in Vietnam must meet these requirements:

1. General requirement:

a) Possess license(s) awarded by state authorities managing overseas insurance in the home country of the enterprise for operating cross-border insurance services that it intends to provide in Vietnam, as well as evidences of the enterprise having legally operated for at least 10 years up to its provision of cross-border insurance services in Vietnam;

b) Have written permission(s) and confirmation(s) by state authorities managing overseas insurance in the home country of the enterprise for providing cross-border insurance services in Vietnam and of the enterprise having not violated any laws on insurance business and insurance brokerage and other foreign regulations in 03 consecutive years prior to the year that cross-border services are provided in Vietnam.

2. Financial capacity:

a) Have total worth of assets of at least 02 billion US dollars in case of a foreign insurance enterprise or at least 100 million US dollars in case of an insurance broker enterprise in the fiscal year prior to the year that cross-border insurance services are provided in Vietnam;

b) Foreign insurance enterprises are ranked at least “BBB” by Standard & Poor’s or Fitch, “B++” by A.M. Best, "Baal" by Moody's or earn an equivalent rank given by other experienced ranking organizations in the fiscal year prior to the year that cross-border insurance services are provided in Vietnam;

c) Have carried out profitable business for 03 years immediately preceding the year that cross-border insurance services are provided in Vietnam.

3. Settlement of adversity:

a) Foreign insurance enterprises must deposit at least 100 billion Vietnam dongs in a bank licensed to operate in Vietnam and have a letter of guarantee from such bank that undertakes to make payments when liabilities under cross-border insurance contracts in Vietnam exceed the mandatory deposit. The deposit shall only be used to deliver on commitments to insurance buyers upon the foreign insurance enterprise's insolvency as determined by foreign government authorities in the home country of the enterprise. The deposit shall yield interest according to the agreement with the bank retaining the deposit. The foreign insurance enterprise can withdraw the entire deposit upon the termination of its liabilities under the contracts for its provision of cross-border services in Vietnam;

b) Foreign insurance enterprises must implement a procedure of claim settlement, which specifies formalities, steps and time for settling damage and claims for insurance buyers in Vietnam. In all circumstances, foreign insurance enterprises or authorized representatives must be present at the site where damage has taken place in forty eight hours upon the receipt of the notice of damage. The maximum time limit for claim settlement is subject to the Article 29 of the Law on insurance business;

c) Foreign insurance broker enterprises must purchase the insurance of liabilities for the provision of cross-border services of insurance brokerage in Vietnam.

Article 92. Provision of cross-border insurance services in Vietnam

1. Foreign insurance enterprises shall provide cross-border insurance services in Vietnam through an insurance broker enterprise licensed to operate in Vietnam.

2. Foreign insurance broker enterprises providing cross-border insurance services in Vietnam shall broker services provided by insurance enterprises or foreign branches licensed to operate in Vietnam.

Article 93. Responsibilities of providers of cross-border insurance services

1. Provide written evidences of the satisfaction of requirements for providing cross-border insurance services as defined in Article 91 of this Decree to insurance enterprises, foreign branches and insurance broker enterprises licensed to operate in Vietnam and participating in the provision of cross-border insurance services as stated in Article 92 of this Decree.

2. In 120 days from the end of a fiscal year, submit the financial statement of the year immediately preceding the said year to the Ministry of Finance. Such financial statement must contain an endorsement of an independent audit organization and a written verification by state authorities managing overseas insurance in the home country of the enterprise of its abidance by the law.

3. Pay taxes and fulfill other financial obligations in relation to the provision of cross-border insurance services in Vietnam as per legal regulations on taxation.

Article 94. Responsibilities of participants in the provision of cross-border insurance services

Insurance enterprises, foreign branches and insurance broker enterprises licensed to operate in Vietnam and participating in the provision of cross-border insurance services as per Article 92 of this Decree shall bear responsibilities to:

1. Retain written evidences of the fulfillment of providers of cross-border insurance services in Vietnam, with which they engage in the provision of such services, of requirements as defined in Article 91 of this Decree and provide such evidences to the authorities upon request.

2. On quarterly basis, report to the Ministry of Finance about their periodic participation in the provision of cross-border insurance services in Vietnam in 30 days from the end of a quarter. Ministry of Finance shall define the format of such report.