Chương VII Nghị định 73/2016/NĐ-CP hướng dẫn Luật kinh doanh bảo hiểm và Luật kinh doanh bảo hiểm sửa đổi: Văn phòng đại diện của doanh nghiệp bảo hiểm, doanh nghiệp môi giới bảo hiểm nước ngoài

Chapter VII

REPRESENTATIVE OFFICES OF FOREIGN INSURANCE ENTERPRISES AND FOREIGN INSURANCE BROKER ENTERPRISES

Article 95. Representative offices

Vietnam-based representative offices of a foreign insurance enterprise or foreign insurance broker enterprise are dependant units of that enterprise.

Article 96. Activities of representative offices

1. Vietnam-based representative offices of a foreign insurance enterprise or foreign insurance broker enterprise can conduct these activities:

a) Act as a bureau of communication;

b) Market research;

c) Facilitate investment projects of the foreign insurance enterprise or foreign insurance broker enterprise;

d) Expedite and monitor the implementation of projects in Vietnam, which are sponsored by the foreign insurance enterprise or foreign insurance broker enterprise;

dd) Other activities in conformity to the laws of Vietnam.

2. Representative offices of a foreign insurance enterprise or foreign insurance broker enterprise in Vietnam shall not carry out business activities in Vietnam.

Article 97. Licensing of representative offices

1. A foreign insurance enterprise or foreign insurance broker enterprise intending to establish a representative office in Vietnam must submit 01 application to the Ministry of Finance for licensing of the representative office as per Article 110 of the Law on insurance business.

2. In 30 days upon receiving the valid and adequate application, the Ministry of Finance shall issue the license for the foreign insurance enterprise or foreign insurance broker enterprise to set up the representative office in Vietnam. Ministry of Finance, if rejecting an application, shall provide explanations in writing.

3. In 12 months upon licensing, the representative office must launch its official operation.

Article 98. Amendment to the license of representative office

1. Foreign insurance enterprises and foreign insurance broker enterprises can have the license of their representative office amended by the Ministry of Finance in these events:

a) Changes in the name, nationality and address of the foreign insurance enterprise or foreign insurance broker enterprise;

b) Changes in the name of the representative office;

c) Changes in the content of operations of the representative office.

2. The application for amendment to the license includes:

a) A filled-in form of application as prescribed by the Ministry of Finance;

b) The written approval of competent persons as defined in the charter of the foreign insurance enterprise or foreign insurance broker enterprise, or evidences of the changes stated in Section 1 of this Article.

3. Ministry of Finance, in 11 working days upon receiving the valid and adequate application, shall issue its approval in writing. Ministry of Finance, if rejecting an application, shall provide explanations in writing.

Article 99. Announcement of operations

In 30 days upon the issuance of or amendment to its license, the representative office must publish the following details in 05 consecutive issues of a daily newspaper circulating in the area where the representative office is mainly located:

1. The name, nationality and address of the foreign insurance enterprise or foreign insurance broker enterprise.

2. The name and main address of the representative office.

3. The content and duration of operations of the representative office.

Article 100. Duration of operations

1. The duration of operations of a representative office of a foreign insurance enterprise or foreign insurance broker enterprise in Vietnam shall not exceed 05 years and may be extendable.

2. A foreign insurance enterprise or foreign insurance broker enterprise must satisfy the following requirements to extend the duration of a representative office:

a) The representative office of the foreign insurance enterprise or foreign insurance broker enterprise in Vietnam has not incurred fine(s) of 200 million Vietnam dongs or more for any violations in relation to the insurance business in 12 months prior to the submission of the application of extension;

b) The foreign insurance enterprise or foreign insurance broker enterprise is operating legally upon its application for extending the duration of the representative office.

3. The application for extension of the duration of a representative office:

a) The filled-in form of application for extension of the duration of the representative office, as prescribed by the Ministry of Finance;

b) The notarized copy of the license of the foreign insurance enterprise or foreign insurance broker enterprise;

c) The notarized copies of the audited financial statements of the foreign insurance enterprise or foreign insurance broker enterprise for 03 consecutive years immediately preceding the year that the application for extension is lodged;

d) The resume and copy of the citizen identity card, ID card, passport or valid personal identification paper of the person to be appointed as the head of the representative office (if such position is changed).

4. Ministry of Finance, in 21 working days upon receiving the valid and adequate application, shall issue its approval in writing. Ministry of Finance, if rejecting an application, shall provide explanations in writing.

Article 101. Closure of representative offices

1. A representative office closes down in these events:

a) Upon request of the foreign insurance enterprise or foreign insurance broker enterprise;

b) Upon the shutdown of the foreign insurance enterprise or foreign insurance broker enterprise;

c) In 30 days after the expiration of its term without extension or without the Ministry of Finance’s approval of extension;

d) The license of the foreign insurance enterprise or foreign insurance broker enterprise is revoked;

dd) The representative office pursues awry objective(s) or is in contravention of its license.

2. A foreign insurance enterprise or foreign insurance broker enterprise must submit 01 application to the Ministry of Finance for closure of a representative office:

a) The filled-in form of application for closure, as prescribed by the Ministry of Finance;

b) Evidences of the fulfillment of duties towards employees and other entities in Vietnam;

c) The original of the license of the representative office;

d) Relevant licenses and decisions that ensue during the operations of the representative office.

3. In 14 working days upon receiving the valid and adequate application, the Ministry of Finance shall approve the closure of the representative office in writing.

4. Upon its closure, a representative office of a foreign insurance enterprise or foreign insurance broker enterprise must fulfill formalities and duties as per the law.

Article 102. Reporting of operations

1. A representative of a foreign insurance enterprise or foreign insurance broker enterprise in Vietnam shall submit periodic reports of the office’s operations according to guidelines of the Ministry of Finance.

2. In 30 days upon the change of the head, main address and employees of a representative office, the foreign insurance enterprise or foreign insurance broker enterprise shall notify the Ministry of Finance of such change(s). The notification shall include:

a) A filled-in form of notice as prescribed by the Ministry of Finance;

b) The resume and copy of the citizen identity card, ID card, passport or valid personal identification paper, as per the law, of the substitutes of the head or personnel of the representative office;

c) Evidences of the right to use the location of the representative office if relocated.