Chương 1 Thông tư 115/2013/TT-BTC: Quy định chung

Chapter 1.

GENERAL PROVISIONS

Article 1. Scope of regulation and subjects of application

1. This Circular guides the implementation of pension insurance and voluntary pension fund as prescribed in Clause 1 Article 1 of the 2010 Law on amending and supplementing a number of articles of Law on insurance business.

2. This Circular applies to life insurers carrying out pension insurance (hereinafter abbreviated to insurers) and relevant individuals and organizations on the territory of the Socialist Republic of Viet Nam.

Article 2. Pension insurance

1. Pension insurance is a product of life insurance which is performed by insurers with the aim to provide an additional income to insured persons upon they passed the working age.

2. Pension insurance includes pension insurance for each individual and pension insurance for group of laborers. Case of pension insurance for a group of laborers (hereinafter referred to as the for-group pension insurance), the insurance buyer will be the employer, laborers will be received all rights and benefits of insurance contract after a defined time according to agreements between parties and stated in insurance contract.  

3. On the basis of insurance premium payment of the insurance buyer, the insured person will begin receiving rights and benefits of pension insurance when reaching age as agreed in insurance contract, but not less than 55 (fifty five) years old for female and 60 (sixty) years old for male.

4. The basic insurance rights and benefits include the periodical pension rights and benefits and rights and benefits of risk insurance.

5. Each insured person according to contract of individual pension insurance or contract of for-group pension insurance will has a separate pension insurance account as prescribed in this Circular.  

Article 3. Voluntary pension fund

1. Voluntary pension fund is formed from insurance premium and is a collection of pension insurance accounts of the insured persons.

2. When carrying out pension insurance, the insurers must set up voluntary pension fund, monitor, split it and make accounting separately revenue, cost, assets and capital source of voluntary pension fund from other policyholders' funds and owners' funds.

Article 4. Conditions for the insurers carrying out products of pension insurance

When carrying out products of pension insurance, the insurers must meet the following conditions:

1. Equity capital is not less than 1,000 (one thousand) billion VND;

2. Solvency margin is higher than the minimum solvency margin with a minimum difference of 300 (three hundred) billion VND;

3. To set up voluntary pension fund as prescribed in section 2 Chapter II of this Circular;

4. Information technology system for monitoring and managing in details each transaction of pension insurance accounts;

5. There are 05 (five) officers minimally in charge of managing voluntary pension fund with at least 05 (five) experience years on managing insurance pension funds or policyholders' funds;

6. Agents selling products of pension insurance meet conditions specified in Article 25 of this Circular;

7. Products of pension insurance have been approved by the Ministry of Finance.