Chapter VI
REPORTING BY INSURERS, RE-INSURERS, FOREIGN BRANCHES IN VIETNAM, MUTUAL MICROINSURERS, INSURANCE BROKERS, FOREIGN REPRESENTATIVE OFFICES IN VIETNAM
Article 57. Responsibility for preparing and sending reports
1. Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers are responsible for preparing and submitting financial statements, statistical reports, and operational reports in accordance with Article 58 and Article 59 of this Circular.
2. Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers are responsible for the accuracy and authenticity of financial statements, statistical reports, operational reports, and other additional reports as required by law.
Article 58. Report content
1. Financial statements:
a) Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers shall carry out financial settlement and comply fully with the regulations on financial reporting, prepare and submit financial statements to the Ministry of Finance as per applicable law;
b) Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers must prepare and submit quarterly financial statements, semi-annual financial statements, and annual financial statements to the Ministry of Finance;
c) As for annual financial statements: they shall be implemented in accordance with the regulations of the law on accounting and must be audited by an independent audit organization approved to audit public interest entities in Vietnam. The opinion of the independent audit organization must include at least the following material financial matters:
- As for insurers, foreign branches in Vietnam, reinsurers: Reinsurance and retrocession, establishment of technical reserves, solvency, commissions, revenues, expenses, profits and profit distribution, investments from equity, investments from technical reserves, fixed assets and depreciation, receivables, liabilities, equity, construction in progress costs.
- As for insurance brokers: Revenues, expenses, profits and profit distribution, investments, fixed assets and depreciation, receivables, payables, and equity.
2. Owner’s fund and policyholders’ fund separation report:
a) Every year, insurers, foreign branches in Vietnam, and reinsurers shall prepare an owner’s fund and policyholders’ fund separation report in accordance with the accounting regulations and have the confirmation of an independent auditor that the mentioned report is prepared and presented in accordance with the regulations of the law;
b) The confirmation of the independent auditor for the owner’s fund and policyholders’ fund separation report must include at least the following material matters: The surplus distribution between the policyholder's fund and the policyholders’ fund; the compensation for deficit between the owner’s fund and the policyholders’ fund; the amount transferred from the policyholders’ fund to the owner’s fund in the period;
c) The confirmation of the independent auditor for the owner’s fund and policyholders’ fund separation report of the non-life insurer, foreign branch in Vietnam, or reinsurer must include at least the following material matters:
- Investment assets and investment performance results of the annual report on investment activities from owner’s equity and the annual report on investment activities from idle capital from technical reserves; allocation of revenues, expenses and financial performance of each insurance type of the annual report on separate monitoring of revenues and expenses from insurance business activities by each type.
- The separation, recording, and separation tracking of owner’s fund and policyholders’ fund are done in accordance with the regulations of the law.
3. Report on performance of universal life fund, unit linked fund, and voluntary retirement fund:
a) Every year, life insurers shall prepare a report on performance of universal life fund, unit-linked fund, and voluntary retirement fund and have confirmation from an independent auditor that the report on performance of universal life fund, unit-linked fund, and voluntary retirement fund are established and presented in accordance with law;
b) The confirmation of the independent audit organization must include at least the following material financial matters: the initial investment capital contribution to form the fund and the interests generated; the difference arising between the assets at the general life fund, unit-linked fund, and voluntary retirement fund and owner’s fund and policyholders’ fund separation report (if any);
c) The report on performance of the universal insurance fund, unit-linked fund, and voluntary retirement fund must include at least the information in Forms 14-NT, 15-NT, and 16-NT in Appendix VIII to this Circular.
4. Operational reports: insurers, foreign branches in Vietnam, reinsurers, and insurance brokers shall prepare and submit to the Ministry of Finance the operational reports on the monthly, quarterly, and annual basis, and with the electronic version as follows:
a) As for non-life insurers and branches of foreign non-life insurers, the report forms are set out in Appendix VI issued with this Circular:
- Monthly report on performance: Form No. 1-PNT
- Quarterly/annual report on insurance premium revenue: Form No. 2-PNT
- Quarterly/annual report on revenues and claims by distribution channels: Form No. 3-PNT
- Quarterly/annual report on claims: Form No. 4-PNT
- Quarterly/annual report on technical reserves:
+ Detailed report on establishment of technical reserves: Form No. 5A-PNT
+ Summary report on establishment of technical reserves: Form No. 5B-PNT
- Quarterly/annual report on investment:
+ Report on investment activities from equity: Form No. 6A-PNT
+ Report on investment from idle capital from technical reserves: Form No. 6B-PNT
- Quarterly/annual report on solvency: Form No. 7-PNT
- Annual ASEAN Report: Form No. 8-PNT
- Annual report on participation in cross-border insurance service provision Form No. 9-PNT
- Quarterly/annual separate monitoring report of revenues and expenses from insurance business for each type: Form No. 10A-PNT
- Quarterly/annual separate monitoring report of revenues and expenses from mandatory insurance business: Form No. 10B-PNT
- Quarterly/annual report on financial performance of motor vehicle physical insurance: Form No. 11-PNT
- Owner’s fund and policyholders’ fund separation report: Form No. 12-PNT
b) As for reinsurers and branches of foreign non-life insurers, the report forms are set out in Appendix VII issued with this Circular:
- Quarterly/annual report on reinsurance revenues: Form No. 1-TBH.
- Quarterly/annual report on claims, reinsurance payouts of reinsurer: Form No. 2-TBH.
- Quarterly/annual technical reserve report: using the same forms as non-life insurers (for non-life reinsurance and health reinsurance), using the same forms as life insurers (for life reinsurance).
- Quarterly/annual report on investment:
+ Report on investment activities from equity: Form No. 6A-PNT.
+ Report on investment from idle capital from technical reserves: using the same forms as non-life insurers (for non-life reinsurance and health reinsurance), using the same forms as life insurers (for life reinsurance).
- Quarterly/annual report on solvency: Form No. 3-TBH.
- Owner’s fund and policyholders’ fund separation report: Form No. 12-PNT
c) As for life insurers, the report forms are set out in Appendix VIII issued with this Circular:
- Monthly report on performance: Form No. 1-NT
- Quarterly/annual report on number of policies and sum insured: Form No. 2-NT
- Quarterly/annual report on cancellation, termination, maturity of insurance policies and payment of insurance benefits: Form No. 3-NT
- Monthly report on unit-linked insurance product provision: Form No. 17PNT
- Quarterly/annual report on establishment of technical reserves:
+ Report on establishment of mathematical reserves: Form No. 4-PNT
+ Report on establishment of unearned premium reserves: Form No. 4-PNT
+ Report on establishment of claim reserves: Form No. 4-PNT
+ Report on establishment of dividend reserves: Form No. 4-PNT
+ Report on establishment of guaranteed interest rate reserves: Form No. 4-PNT
+ Report on establishment of equalization reserves: Form No. 4-PNT
+ Quarterly/annual report on establishment of technical reserves for unit-linked insurance: Form No. 18PNT
- Quarterly/annual report on investment: Form No. 5-NT
- Monthly/quarterly/annual report on solvency: Form No. 6-NT
- Annual ASEAN Report: Form No. 7-NT
- Owner’s fund and policyholders’ fund separation report: Form No. 8-NT
- Quarterly/annual report on distribution channel scale: Form No. 9-NT
- Quarterly/annual report on revenues by distribution channels: Form No. 10PNT
- Quarterly/annual report on branches, representative offices, and customer service centers: Form No. 11PNT
- Annual report on bonuses, support, and other benefits for insurance agents: Form No. 19PNT
- Quarterly/annual report on rates of cancellation and termination of policies by distribution channels: Form No. 21PNT
d) As for health insurers, the report forms are set out in Appendix IX issued with this Circular:
- Monthly report on performance: Form No. 1-SK
- Quarterly/annual report on number of policies and sum insured: Form No. 2-SK
- Quarterly/annual report on cancellation of health insurance policies: Form No. 3-SK
- Quarterly/annual report on establishment of technical reserves:
+ Report on establishment of mathematical reserves for health insurance: Form No. 4-PNT
+ Report on establishment of unearned premium reserves for health insurance: Form No. 4-PNT
+ Report on establishment of claim reserves: Form No. 4-PNT
+ Report on establishment of equalization reserves: Form No. 4-PNT
- Quarterly/annual report on investment: Form No. 5-SK
- Monthly/quarterly/annual report on solvency: Form No. 6-SK
- Annual ASEAN Report: Form No. 7-SK
- Separate monitoring report of revenues and expenses from insurance business for each type: Form No. 8-SK
- Quarterly/annual report on revenues by distribution channels: Form No. 11PNT
dd) As for insurance brokers, the report forms are set out in Appendix IX issued with this Circular:
- Quarterly/annual report on insurance brokerage: Form No. 1-MGBH
- Quarterly/annual report on insurance broker performance: Form No. 2-MGBH
- Quarterly/annual report on participation in cross-border insurance service provision: Form No. 3-MGBH
- Annual report on online insurance provision: Form No. 4-MGBH
5. Report on insurance agent activities: Insurers, foreign branches of non-life insurers, and mutual microinsurers shall prepare and submit quarterly and annual reports to the Ministry of Finance, along with an electronic version, in accordance with Appendix XI attached to this Circular:
a) Report on the list of agents who violate legal regulations and have had their agent contracts terminated by insurers, branches of foreign non-life insurers, and mutual microinsurers using the Form No. 1 - DLBH. This report must be simultaneously sent to the Vietnam Insurance Association to notify other insurers, branches of foreign non-life insurers, and mutual microinsurers;
b) Report on the implementation of insurance agent activities of credit institutions and foreign bank branches to life insurers using the Form No. 02-DLBH;
c) Report on insurance agent training activities using the Form No. 03-DLBH;
d) Report on the list of insurance agents using the Form No. 04-DLBH.
6. Report on insurance products: Within the first 15 days of each month, insurers and branches of foreign non-life insurers shall report to the Ministry of Finance the list of new products that have been implemented or discontinued in the previous month (if any).
a) Non-life insurers, branches of foreign non-life insurers: Form No. 13CSDL, Appendix I issued with this Circular;
b) Life insurers: Form No. 12-NT, Appendix VIII issued with this Circular;
c) Health insurers: Form No. 9-SK Appendix IX issued with this Circular.
7. Report on unexpected developments: Within 7 days of the occurrence of unexpected developments or non-compliance with financial requirements or other regulatory requirements, insurers, reinsurers, and foreign branches in Vietnam are required to report to the Ministry of Finance on the developments, their qualitative and quantitative impact on the company's or branch's solvency, financial condition, and reputation, and any proposed solutions or recommendations to the Ministry of Finance (if any).
8. In addition to the financial statements, statistical reports, and operational reports required under Articles 1, 2, and 3 of this Regulation, the Ministry of Finance may request insurers, foreign branches in Vietnam, reinsurers, and insurance brokers to submit additional reports on the company's or branch's operating and financial condition for statistical and market analysis purposes.
Article 59. Data cutoff time, reporting deadlines, reporting methods
1. Monthly reports:
a) Data cutoff time is from the 1st to the last day of the reporting month;
b) Reporting deadline is no later than 15 days after the end of the month;
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
2. Quarterly reports:
a) Data cutoff time is from the 1st day of the first month of the quarter to the 30th or 31st day of the last month of the reporting quarter.
b) Reporting deadline is no later than 30 days after the end of the quarter.
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
3. Semi-annual reports:
a) Data cutoff time is from January 1 to June 30 of the reporting year.
b) Reporting deadline is no later than 45 days after the end of the first 6 months of the fiscal year.
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
4. Annual reports:
a) Data cutoff time is from January 1 to December 31 of the reporting year.
b) Reporting deadline is no later than March 31 of the following fiscal year.
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance. From July 1, 2024, the application used is the Insurance Business Supervision and Management Information System of the Ministry of Finance.
Article 60. Report on performance of foreign representative offices in Vietnam
1. Foreign representative offices in Vietnam must report to the Ministry of Finance on their performance every 6 months and annually using the form specified in Appendix XII of this Circular, in specific:
a) Data cutoff time for the first 6 months is from January 1 to June 30 of the reporting year. Data cutoff time for the year is from January 1 to December 31 of the reporting year;
b) Reporting deadline is no later than July 30 for the first six months of the year, March 31 of the following fiscal year for the year;
c) Reporting methods: In person, by post, by email, or via a reporting system developed by the Ministry of Finance.
2. In addition to the regular reports mentioned above, where necessary, the Ministry of Finance may request foreign insurance representative offices in Vietnam to provide reports, documents, or explanations related to their activities.
Article 61. Notice of changes and information disclosure of foreign representative offices in Vietnam
1. Within 30 days from the date of issuance or amendment or supplementation of the representative office license, the foreign representative office in Vietnam must publish the following information in a Vietnamese newspaper or on a Vietnamese electronic newspaper:
a) Name, country of origin, and address of the foreign insurer, foreign reinsurer, foreign financial conglomerate, or foreign insurance broker;
b) Name and location of the representative office;
c) Scope and duration of the representative office's activities.
2. Within 30 days of any change, the foreign insurer, foreign reinsurer, foreign financial conglomerate, or foreign insurance broker (in the case of a change in the head of the representative office) or the foreign insurance representative office in Vietnam (in the case of a change in the location of the representative office or the personnel of the representative office) must notify the Ministry of Finance. The notification must include the following:
a) Written notice according to the form specified in Appendix XIII of this Circular;
b) Curriculum vitae, copy of 12-digit or 9-digit ID card, or passport or other legal personal identification documents as prescribed by law in case of changing the head of representative office and personnel of the foreign representative office in Vietnam;
c) A copy of the lease agreement for the location of the representative office or evidence of the right to use the location of the representative office in the case of a change in the location of the representative office.
Tìm kiếm
Thông tư 67/2023/TT-BTC (Bản Word)
Thông tư 67/2023/TT-BTC (Bản Pdf)
Thông tư 67/2023/TT-BTC (Bản Zip)
