IT ' S SMART

Unit-related insurance product deployment guide

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The National Insurance Business Base. 24 /2000/QH10 December 9, 2000;

The amended Law Base, which adds some of the provisions of the Digital Insurance Business Law 61 /2010/QH12 November 24, 2010;

Base of Protocol 45 /2007/NĐ-CP March 27, 2007 of the Government Regulation details of certain provisions of the Insurance Business Law;

Base of Protocol 123 /2011/NĐ-CP December 28, 2011 of the Government Regulation details the implementation of several provisions of the Amendment Law, which adds some of the provisions of the Insurance Business Law and the amendment, adding some of the provisions of the Protocol. 45 /2007/NĐ-CP October 27, 2007 detailed the implementation of some of the provisions of the Insurance Business Law;

Base of Protocol 118 /2008/NĐ-CP November 27, 2008 of the Government Regulation, mandate, authority, and organizational structure of the Ministry of Finance;

On the recommendation of the Director of the Bureau of Management, monitoring of insurance;

Minister of Finance issued the deployment of the deployment of the unit link insurance product.

Chapter I

GENERAL REGULATION

What? 1. Subject, scope of adjustment

This information regulates the deployment of the insurance product that links the unit of life insurance business (later called an insurance business) and organizations, individuals involved in the territory of the Socialist Republic of Vietnam.

What? 2. Unit link insurance

The unit linking unit is a life insurance product of the insurance business that connects the investment and has the following features:

1. The cost of premiums and insurance rights are segregated between the risk insurance section and the investment section. The insurance party is flexible in determining the premium and the amount insured under the insurance contract.

2. The insurance party is entitled to choose its own premium to buy units of unit-linked funds established by the insurance business, enjoy the entire investment and bear investment risk from the same-selected unit bond funds. You know, the insurance costs have invested. The purchase, sale of fund units is only made between the insurance business and the insurance buyer.

3. The insurance business is entitled to the fees paid by the insurance buyer in terms of the agreement at the insurance contract.

What? 3. Explain the term

1. Unit link fund is the fund that is formed from the insurance source of the insurance party's premiums for unit-linked insurance contracts and is part of the insurance contract fund.

2. The unit of the unit linking fund is the asset of the unit bond fund divided into multiple sections.

3. Sales price is the price of a unit of the unit linking unit when the insurance business sells to the insurance buyer.

4. Buy is the price of a unit of the unit link fund when the insurance business is purchased by the insurance buyer.

5. is the insurance business day that conducts the valuation of the purchase price and the sale prices of units of the unit link fund.

6. Next pricing date is the date of valuation immediately after the insurance business day that receives a request for purchase or sale of units of the unit linking unit from the insurance buyer.

What? 4. Conditions for the insurance business deployment of unit-related insurance products

When deploying a unit link insurance product, the insurance business must meet the following conditions:

1. The payment margin of the insurance business is greater than the minimum payment capacity margin of two hundred (200) Vietnamese dollars. The capital was higher than the two hundred (200) of the Vietnamese population.

2. The information technology system is suitable for managing and controlling unit-linked funds in a prudent and efficient manner.

3. The insurance business is capable of valuing the assets and units of the objective unit linking funds, exactly under a minimum of one (01) week one (01) time and public publication for the buyer insurance on the purchase price and sale of the fund unit.

4. The dealer sales of unit-linked insurance products are recruited and trained to meet the requirements under regulation at Article 34 and Article 35 of this.

5. The unit-linked insurance product is approved by the Ministry of Finance.

Chapter II

SPECIFIC REGULATION

Item 1

Product Regulation

What? 5. Unit link insurance

1. The insurance business must comply with the regulations at this Section and the provisions of the law when designing the unit-linked insurance product.

2. The name of the unit binding insurance product and of the unit bond fund must be clear, in line with the product nature, the goal of investing the assets of each unit bond fund and ensuring that the insurance buyer can be distinguished from other products.

3. The deadline for a minimum unit bond insurance is 10 years.

4. Language used in the literature, information related to the unit-linked insurance product is Vietnamese. For product refereholders, the sales illustration document, the font used is Time New Roman, the minimum size of 12 or other font with the equivalent size and must be consistent with the regulation at this message.

What? 6. Unit link insurance

1. The insurance rights under a unit-linked insurance contract must include the right to risk insurance and the right to investment. According to the agreement between the insurance business and the insurance buyer, the insurance business can design additional insurance benefits. The insurance party is not selected only to invest in investment without the benefit of the insurance. Risk.

2. Risk of Risk Insurance: Insurance insurance and the buyer insurance benefits risk insurance benefits but must ensure minimum benefits in the event that the insured is killed by the following regulations:

a) For the cost insurance contracts one time: 50,000,000 Vietnamese or 125% of the total number of closed premiums, depending on which number is greater;

b) For the periodic cost of insurance contracts: 50,000,000 Vietnamese or five (05) the number of premiums closed annually, depending on which number is greater;

c) The insurance business could provide the right of death with lower premiums than the minimum stipulated minimum for insured people aged 60 or older, but no less than 50,000,000;

d) Regulations on the minimum interest in the case of death do not apply to the additional insurance charges imposed on this Article 8;

The insurance business can provide an additional insurance product for unit-linked insurance products. The method of closing premiums for additional insurance products will be due to the parties agreement when the contract is delivered.

3. Investment rights: The insurance party is entitled to choose the investment of premiums into unit-linked funds established by the insurance business, which is entitled to the full investment and investment risk from the selected unit-linked funds corresponding to the investment. The insurance charges have been invested.

4. Insurance and insurance parties can deal with the content and the method of paying the insurance rights when the insurance event follows regulation at paragraph 2 and paragraph 3 This.

What? 7.

1. The insurance business is only allowed to charge the types of fees prescribed below:

a) The initial fee is the full amount of funds that the insurance business is allowed to deduct before the premium is allocated to the unit bond funds;

b) Risk premiums are a fee to pay the risk of risk insurance under a commitment to the insurance contract;

c) The insurance contract management fee is a fee to offset the costs associated with the maintenance of the insurance contract and provide information regarding the insurance contract for the insurance buyer;

d) The fund management fees are used to pay for unit link fund management activities;

The transfer fee of the unit linking a unit is a fee on the insurance party that must pay for the insurance business when it is made to convert investment assets between unit-linked funds. The insurance party is entitled to convert the free unit bond fund for the first transfer in each of the five contracts;

e) The cancellation of the insurance contract is a fee for customers when cancel the contract before the expiration date in order to offset the relevant reasonable expenses;

g) Other charges (if any) must be approved by the Ministry of Finance.

2. The insurance business must calculate the correct, fair and reasonable charge of the charges above, in accordance with the product that has been approved by the Ministry of Finance and informed by the insurance buyer when the contract is delivered.

3. The unit link insurance contract must specify the maximum charges applicable to the insurance buyer. The insurance business must publicly be clear, full of fees, how to define and rate the maximum charges applicable to the insurance buyer in the product introduction materials and sales illustrator documentation.

4. During the course of the contract implementation and in the maximum limit that has been agreed upon at the insurance contract, the insurance business may change the rate of applicable charges after the announcement to the insurance buyer and the Ministry of Finance by writing at least three (03). The months before the official change.

What? 8. Cost insurance

1. In addition to the expected basic insurance charges in advance of the insurance contract, the insurance buyer may close the premium to purchase unit-linked fund units.

2. After subtracted the initial fee, the added premium portion will be invested in the respective unit-based bond fund pursuits to the insurance buyer ' s designation and used to purchase the sale price unit specified on the next valuation date after the date of closing the premium. Oh,

3. In each of the five contracts, the total number of extra premiums is not overtaken (10) times the first year's premiums for a recurring contract or no more than the first premium for a one-time contract.

What? 9. The unit linking unit to the insurance contracts cost one time.

For a single-cost unit-link insurance contract, the insurance business is responsible for the insurance product design guarantee that the insurance buyer's premiums are only purchased units of the fund with an investment rate in the form of bank deposits, Government bonds and other fixed-income securities are not less than 60% of the total asset value of that unit.

What? 10. Value reimbursable

The refund value of a unit-link insurance contract is determined based on the unit purchase price of the unit link to the next valuation day after the date of the cancellation of the insurance contract except for the cancellation of the insurance contract.

What? 11. Approve of the deployment of insurance products

1. The insurance business must be approved by the Ministry of Finance before the deployment of the unit-linked insurance product.

2. The application for the deployment of the unit link insurance product includes:

a) The application for the approval of the insurance product linking the unit according to the template at this Appendix I;

b) The plan and process of deploying a unit link insurance product in the next three (03) years, including the following content:

-Analysis of the insurance market situation, financial markets, customer demand;

-Market forecast in the third round (03) next year;

-Summary of the main content of the unit-linking insurance product that is expected to deploy, including information: the target market of the product, the insurance rights, the investment rights, the minimum amount of insurance;

-The site is expected to deploy unit-linked insurance products;

-Expected the business results of the insurance business and the unit-linked insurance product in the third round (03) next year, which has the content of revenue, cost, profitability, the payment capacity of the insurance business and the unit bond fund;

-A secure engineering facilities program for the deployment of unit-linked insurance products, including: Information technology system; accounting system; selection process, training, agent management of the distribution of unit-linked insurance products; internal, social, and business. The insurance agent and insurance agent training program for the deployment project, the list and profile of unit-linked insurance agents, the way the management agents distribute unit-linked insurance products;

-Unit link funds, analytical methods and data source analysis, investment policy that the insurance business is expected to apply to assets belonging to unit-linked funds;

-The basis of the allocation of premiums and expenses between unit-linked funds;

-The insurance business of the insurance business on the unit link fund in cases: customers require an insurance payout when there is an insurance event; the customer asks for an end to a pre-term insurance contract; customers ask for a portion of the protection fee. The value of the insurance contract; the customer requires the transfer of the unit bond fund; the unit link fund is misvalued and other cases by regulation at the rule, the product terms recommend the Ministry of Finance to approve;

c) Committed with text accompanying the detailed solution of the insurance business that meets the regulatory conditions at Article 4 of this Information;

d) Rules, terms and cost of unit-link insurance products deployment;

The technical base of the unit-linking insurance product is expected to deploy, which specifies the formula, method, the technical base process used for charging, the business reserve of the unit-linked insurance product expected to deploy;

e) A product refereto product, sales illustrator, insurance request template, insurance certificate pattern, and other types of paperwork that the customer must prescribe and sign when purchasing insurance;

g) The degree of proof of the degree, capacity, professional experience of the members of the Council of Investment;

h) The degree, the certificate of competence, the level of the head of the department of the deployment of the insurance product of the unit.

3. The application for the approval of a unit-linked insurance product must have the signature of the representative before the law and the accounting expert of the insurance business.

4. In the case of an insurance business that permits the deployment of new unit-link insurance products outside the unit-linked insurance product that has been approved, the new unit-link insurance product approval profile does not include the regulatory documents. at point b, g and h paragraph 2 This, unless the case of these documents is changed compared to the time the unit-linked insurance product is approved by the Treasury Department in the latest time.

Item 2

Unit link insurance contracts

What? 12. Analysis of the customer ' s insurance participation

1. Before the contract of the insurance contract, the insurance business must conduct an analysis of the needs and ability to participate in the customer ' s insurance to advise customers on insurance products and the amount of insurance that is consistent with the situation. current fiscal and financial needs in the future of the customer.

2. The insurance business must build a sample of customer needs analysis and the questioner assessing the level of risk acceptance in the customer's investment. On the basis of customer-provided information when answering questions, the insurance business must determine the level of customer risk acceptance, minimum details of the year (05) of the following customer group: Investment Group on Investment; Relatively Kidney Group. weighted investment; the balance group on investment; the relatively risky group of investment and the Venture Group on investment. Client must sign a confirmation assessment of the risk acceptance in the investment.

3. Customers must sign a confirmation of the understanding of the insurance product they are expected to purchase, which is well aware of the benefits of insurance, investment rights and investment risks that may be encountered and the fees that the insurance business counts for the customer.

4. The insurance business is responsible for examining the results of providing information and consulting insurance products linking units to the customer, ensuring compliance with the regulation of the law and the internal process of the business on the deployment of insurance products related to the product. The unit.

What? 13. Insurance contract

The contract insurance contract must be consistent with the rule of law and there is full of information below:

1. The rights and mechanisms that bind those rights to the operating outcome of the unit link fund that the party purchases option;

2. The goal, the investment policy of the unit bond fund;

3. The unit-linking funds are selected by the buyer insurance and the premium allocation rate to purchase unit-linked fund units;

4. Rate, specific amount, maximum level and how to calculate the fees associated with the unit-linked insurance contract;

5. Method and unit valuation of the unit link fund;

6. The options for the side of the insurance purchase change the risk of risk, the ratio of the insurance fee allocated to the unit bond fund, the premium, the conversion between unit bond funds and the renewal of the insurance charge;

7. The clear regulation of the insurance business cases is allowed to apply the following measures to protect and increase the rights of the insurance party:

a) Close the unit link funds to convert the assets to a new unit linking fund with the same investment goals;

b) Change the name of the unit linking fund;

c) Split or merge the existing unit-linked fund units;

d) Disorder unit bond unit prices and transactions related to the insurance contract in the case of a stock exchange that the unit link fund is investing in temporarily suspended transaction;

) Other measures at the request of the state agency have the jurisdiction and regulations of the law.

When making prescribed measures at points a, b, c, and clause 7 This, the insurance business must report the Ministry of Finance, while also informing the party to purchase the insurance by writing at least three (03) days before the application.

What? 14. The rights and obligations of the insurance party

1. The right of the insurance party:

a) Request that the insurance business provides full of information and interpret the conditions, the insurance clause to be aware of the risks associated before the delivery of the unit link insurance contract;

b) There is a minimum time of twenty-one (21) days from the date of receiving an insurance contract to consider the conditions, the terms of the insurance contract. In the free period of deliberation, if the insurance party is required to cancel the insurance contract, the insurance business must return the full amount of premiums closed after subtracing the medical expenses/health tests (if any);

c) suspend the premium after a period of time the insurance contract is valid under agreement at the insurance contract. After the customer stops the premium, the insurance contract continues to remain in effect, the risk premium, the contract management fee will be deducted into the customer's monthly account value;

d) Withdraw a portion or the entire account value of the contract by agreement at the insurance contract;

Transfer the unit link fund by transferring part or all of the value of the fund unit of the insurance contract from this unit linking fund to another unit link fund with the required allocation rate;

e) Change the rate of investment in unit-linked funds according to the agreement at the insurance contract. The change applied to insurance charges has filed after a request for change and by the rate that has been approved by the insurance business;

g) Change the amount of insurance premiums under the insurance policy, unless the insurance contract is in the time of a shutdown of the premiums. The increase or decrease in the amount of insurance is valid only by the year the next insurance contract after the request of the insurance party is approved;

h) Change the premiums by regulation at the insurance contract. The rise or reduction of insurance premiums comes into effect after being approved by the insurance business. The reduction in premiums in any case is not lower than the minimum premium by the regulation of the insurance business;

i) End the insurance contract before the agreement on the insurance contract;

l) Restart the validity of the insurance contract in the second round (02) years from the date the insurance contract is lost to the nearest force;

l) Receive annual reports concerning the insurance contract, unit link funds and other information related by the rule of law;

m) Other rights stipulated at the rule, the provision of unit-linked insurance products approved by the Ministry of Finance.

2. The obligation of the insurance buyer:

a) Full is full, honest, honest information on the requirements of the insurance business at the insurance request file;

b) Read the publication of the product refereto the product, document illustrator and sign into the documents provided by the insurance business;

c) Closing the insurance on the agreement at the insurance contract;

d) Other obligations under the agreement between the insurance business and the insurance buyer stipulated at the rule, the unit-linked insurance product clause was approved by the Ministry of Finance.

What? 15. The rights and obligations of the insurance business

1. Power of the insurance business:

a) To collect the charges specified in this Article 7;

b) The choice of the fund management and the monitoring bank to implement the management of unit bond funds;

c) Other rights under the rules of the existing law.

2. The obligation of the insurance business:

a) Perform the agreements under agreement at the unit link insurance contract;

b) When the customer's account value is not enough to pay for the risk premium, contract management fees for the next month, the insurance business must notify customers of the state of insurance contracts;

c) The full, accurate, timely and clear-to-date and clear of each customer's information regarding the conjunction and implementation of the unit link insurance contract;

d) Other obligations under the provisions of the existing law.

Section 3

Establish and manage unit bond funds

What? 16. Unit link funds

1. The insurance business must form a minimum of two (02) unit bond funds with different investment goals for each unit of unit-linking insurance products.

2. The insurance business must ensure assets that form from unit bond funds must be separated and managed separately from the equity fund, other equity funds and between the unit's unit-linked funds.

3. After sixty (60) days from the date of the first unit-linked insurance contract to be delivered, the insurance business must secure the total value of unit bond funds that are always less than one hundred (100) Vietnamese dollars.

4. The case of an insurance fee allocated to the unresponsive unit bond fund is stipulated at paragraph 3 This, the insurance business must use part of the equity fund to form the assets of the unit bond fund and enjoy the same investment results. The amount of money contributed to the establishment of the unit bond fund. The insurance business can be partially reimbursable or the entire amount contributed if the refund is specified at paragraph 3 This.

5. The premiums and premiums closed after subtracing the initial fees must be invested in accordance with the goals of the unit bond fund over the period of no more than sixty (60) days from the day the insurance business received premiums.

6. In any case, the unit bond fund must be managed and used investment in line with the goal, investment policy and the financial regime that applies to insurance businesses.

What? 17. Target of unit bond funds

1. The operational goal of the unit bond funds must be clear, the details so that the procurement party can objectively evaluate the operational status of the unit bond fund as well as the properties of the assets that are in the unit link fund and the risks they have. Unit-link funds can be encountered.

2. The insurance business must ensure that the unit link fund is invested in accordance with the stated objectives and adheres to the limitations of the investment by law and regulation at Article 18 of this.

3. The goals, the way the allocation of the investment assets of the unit bond fund must be fully informed, clearly in the product introduction document and the insurance contract.

What? 18. Limit the investment of the unit bond fund

1. The portfolio of the unit bond fund must be consistent with the specified investment objectives and policies at the rules, terms and specifications of the product that has been approved by the Ministry of Finance.

2. The portfolio structure of the unit bond fund must ensure compliance with the following conditions:

a) Each unit link fund is not invested in more than 10% of the total circulating stock value of an organization issued, except for Government bonds;

b) Each unit link fund is not invested in excess of 20% of the fund's total assets in the circulating securities of an organization issued, except for Government bonds;

c) The assets of the unit bond fund are not directly invested in real estate, gold, silver, precious metals, precious stones;

d) Each unit link fund is not invested more than 30% of the total asset value of the fund into companies in the same corporation or a group of companies that have mutual ownership;

Do not invest in securities investment funds, stocks of established securities, and operations in Vietnam.

3. The investment structure of the unit bond fund may be misaligned but does not exceed 15% compared to the specified investment restrictions at paragraph 2 This. The deviation must be the result of increasing or reducing the value of the investment assets and the legitimate payments of the unit bond fund. In this case, the unit link fund is not conducted investing in assets that are misstated and in the period of three (03) months from the wrong date the insurance business must require the company to manage the portfolio again to the investment portfolio. make sure that the investment limits are specified in this.

The insurance business must inform the Ministry of Finance and publish information to the insurance buyer on the cause of the above missteps, remedied measures and the results of the remediation.

4. The deviation case is due to the insurance business or the fund management company does not comply with the specified investment limits at this Article or the target and the investment policy of the unit bond fund stated at the technical facility, the insurance business must require. The fund management company reregulates the portfolio in fifteen (15) days, since the date of the birth error.

5. The insurance business is responsible for compensated damages caused by the insurance buyer and the unit bond fund in the case:

a) Non-compliance and investment policy has been stipulated at the rule, terms and technical facilities of the product that have been approved by the Ministry of Finance; or

b) invest in limited or investment assets that exceed the level of investment by regulation at this Article.

6. The compensation level for the insurance buyer and the unit link fund is determined on the basis of actual damages arise. In the case of investments in paragraph 5 This has a profit, the insurance business must pay the entire profit for the unit-linked fund.

What? 19. The unit link fund valuation

1. The insurance business must value the assets of the unit bond fund by a minimum of once a week, according to the market value or the reasonable value (in the absence of market value) of the assets in the fund portfolio of the federal funds. The unit.

2. The determination of the net asset value of the unit bond fund must comply with the principles prescribed at Article 18 and Article 19 Digital. 183 /2011/TT-BTC December 16, 2011 of the Ministry of Finance directed the establishment and management of the open fund and the revised, complementary, substitution of the above text (if any).

3. The monitoring bank was established and the legal operation in Vietnam approved the determination of the net asset value of the unit bond fund.

4. The insurance business must take full responsibility in the case of an error when the unit valuation of the unit bond fund and must compensate for the insurance buyer and the unit linking unit of damages resulting from the purchase, sale of the fund units due to errors. in case the fund ' s net asset value is misdefined with the level of misalignment as follows:

a) Reach from 0.25% of net asset value returns in the case of investment in stocks;

b) Reach from 0.75% of net asset value returns in the case of investment in bonds;

c) Reach from 1.00% of net asset value returns in the case of investment in other assets.

5. The damage compensation level for the insurance buyer and the unit link funds from the purchase of the fund unit in the case of the error when the unit of the unit linking fund is defined as follows:

a) The case of the fund is valued at low, the compensation level for the insurance buyer and the unit link fund is defined as follows:

-If the premium is allocated to purchase the fund unit before the fund time is misvalued and has sold the fund unit in the time the fund is misvalued: The compensation fee for the insurance buyer is determined based on the extent of the error and the number of fund units the buyer says. It was sold.

-If the insurance fee is allocated to purchase the fund unit during the fund period is misvalued and continue to hold after the fund period is misvalued: The insurance business is responsible for compensated for the unit bond fund, the compensation level is determined based on the level. The number of funds purchased by the insurance buyer and the number of funds that the buyer has purchased and continues to hold after the time of misvaluation.

b) The case of the fund is valued, the compensation level for the insurance buyer and the unit link fund is defined as follows:

-If the premium is allocated to purchase the fund unit before the fund time is misvalued and has sold the fund unit in the time the fund is misvalued: The insurance business is responsible for compensated for the unit bond fund, the compensation level is determined based on the level of failed and the number of insurance units purchased by the insurance party sold during the time of the wrong valuation;

-If the premiums are allocated to purchase the fund unit during the fund period are misvalued and continue to hold back after the fund period is misvalued: The compensation fee for the insurance buyer is determined based on the extent of the error and the number of insurance party units purchased. Buy and continue. It ' s been held after the time of mispricing.

c) All compensation costs for the insurance buyer and the unit link fund are not accounted for at the expense of the insurance business ' s unit-linking fund.

6. The insurance business must have a report of error corrects when pricing the fund unit for the slowest Finance Ministry is three (03) working days since the date of the error detection. Within fifteen (15) days of work since the date of the Ministry of Finance report, the insurance business must conduct compensation compensation for the insurance buyer and the unit link fund.

What? 20. Identilocate the sale price and purchase price of unit link fund units

1. The sale price and purchase price of units of the unit bond fund are determined based on the net asset value of each unit of the unit bond fund on the next valuation date, after the insurance business receives a request to purchase or sell the unit of the single link fund. Yes, The difference between the sale price and the unit purchase price of a unit bond fund is not exceeded 5% of the sale price.

2. The net asset value of each unit of the unit-linked fund by the total value of the assets that are in the unit bond fund minus the relevant debt divided by the total number of units of the unit linking fund.

What? 21. Process of sale and purchase of units of unit link fund

1. The insurance party has the option to buy more or resell unit-linked fund units for the insurance business. The purchase or resale of the unit-link fund may be done through the insurance agent or the insurance buyer directly made with the insurance business at its headquarters, branch, representative office or customer service center of the company. Insurance business.

2. The insurance buyer performs the purchase of the unit linking fund unit when responding to the following conditions:

a) The insurance contract of the insurance party is valid and the amount required to purchase additional response in paragraph 3 Article 8;

b) There is a single request to purchase additional unit-link fund units according to the insurance business model, which specifies the amount of money that is required to purchase an additional unit bond fund unit, which is proportional to each unit bond fund, and the name on the order requires the purchase of a unit-linked fund unit.

3. The insurance party performs resale of the unit linking fund unit when responding to the following conditions:

a) The insurance buyer 's insurance contract is still in effect and the number of fund units wants to sell the regulatory response on the minimum amount of the insurance business on the sale of the insurance buyer' s unit linking unit;

b) There is a single request to sell a unit of the unit-unit link to the insurance business model, which specifies the number of unit linking fund units wishing to sell or ratio to each unit link fund wishing to sell and sign on the order to sell unit-linked funds.

4. The insurance business makes the settlement required to buy more or resell the unit linking unit at the next valuation date. The purchase price or sale price unit of the unit link is determined by regulation at Article 20 of this.

5. The account value under the insurance buyer ' s unit-link insurance contract changes in accordance with the purchase requirement or resale of the unit-linked fund unit calculated from the time the insurance business determines the purchase price or sale price and complete the purchase, sale. Unit-link fund unit at the request of the insurance buyer.

6. The insurance business is not allowed to refuse the purchase of an insurance buyer or resale the unit of the unit linking the unit when the insurance party has met the conditions at paragraph 2 and paragraph 3 This.

What? 22.

1. The insurance business must establish the Investment Council to conduct the following activities:

a) Appropriation, policy, investment process of each unit linking unit on the most prudent basis to ensure the safety of the assets of the unit bond fund and in line with the goal, the investment strategy of each unit bond funds announced to the customer. Come on Every change in the statute, policy and investment process of each unit bond fund must be approved by the Investment Council before the application;

b) The decision to close the unit link funds to convert the assets to a new unit linking fund has the same investment objectives; change the name of the unit link fund; split or merge the existing unit-linked fund units or cease-value. a unit of unit linking funds and transactions related to the insurance contract in the special case specified at the insurance contract to ensure the rights to the insurance buyer;

c) Appropriing the selection of investment assets in accordance with the regulation of investment restrictions at Article 18 of this Smart;

d) Other duties at the request of the state authority have the authority and regulation of the law.

2. The investment council has at least three (03) members, including:

a) (01) membership is the computational expert of insurance business;

b) A (01) member with a certificate of financial investment analysis (CFA) or an equivalent to an equivalent degree and a minimum experience of three (03) years of operation management of the open fund or unit linking fund;

c) A (01) member is a lawyer, whose expertise in law in the field of investment.

3. The investment council must meet a quarterly periodic meeting and can meet irregularly at the request of the insurance business. The decision of the Council of Investment is passed through voting at direct meetings, meetings through telephone, internet, and listening media, looking, or in the form of written comments.

What? 23. Fund Management Company

1. The insurance business that deploes unit-linked insurance products to the fund management company has experienced membership fund management experience to conduct investments in units of unit-linked funds in accordance with the extent, target, investment strategy and investment management. of each of the existing laws and regulations of the existing law.

2. The fund management company must open, manage separate investment assets from the insurance business ' s unit-linking fund with other funds of the insurance business and of other customers. The fund management company is not used to use the assets of the unit linking fund to make any transactions or purposes other than the specified content at the insurance business ' s trust contract.

3. A minimum weekly or shorter term by agreement at the trust contract and before the next valuation period, the fund management company is responsible for providing information and value of investment assets to the insurance business, in collaboration with the company of the company. the monitoring bank and the insurance business periodically evaluate the net asset value of the unit linking unit and net asset value on a unit of the unit linking unit and report on the portfolio, on the valuation and the operating situation of the bond fund. It ' s a prescribed unit at this level. 183 /2011/TT-BTC December 16, 2011 of the Ministry of Finance directed the establishment and management of the open fund and the trust contract between the insurance business and the fund management company.

The insurance business has a responsibility to meet the investments of the fund management company and the deposit account at the bank, ensuring that it always matches the total number of individual accounts and the net asset value of the unit linking unit at each time.

4. The fund management company is responsible for any flaws or losses caused by the wrong valuation under the insurance business of the insurance business on the management of the unit bond fund.

What? 24. Supervisor Bank

1. The insurance business must use the monitoring bank to perform the following tasks:

a) Liu signed the assets of the prescribed unit bond funds at the Information 183 /2011/TT-BTC December 16, 2011 of the Ministry of Finance directed the establishment and management of the open fund;

b) Monitor the management of the assets of the unit-related funds of the insurance business or the fund management company that is authorized by the insurance business authorized by the provision of investment, the investment objective of the insurance business and the regulation of the law. It ' s now at all times. In the case of a violation of the law regulations and investment trust contracts, the supervising bank must report immediately to the Ministry of Finance (Administration of Management, Insurance Supervisor) and notify the fund management company in the twenty-fourth time (24) hours, since then. when simultaneously requiring a request to perform an error correction or perform the remediation activities of these violations during the specified deadline;

c) Monitoring, ensuring the legitimacy and only payment from the assets of the fund of expenses in accordance with the regulation of the law and the investment objective of the fund;

d) Coordinated with the insurance business and the company management company periodically controlling the net asset value, the valuation of the unit bond fund, the net asset value on a unit of the unit bond fund, ensuring that these values are calculated correctly, correct and appropriate. The law of the law;

Monitoring the implementation and appraisal of the merger, mergers, dissolution, liquoration of the unit linking unit in the insurance business cases is allowed to apply the above measures;

2. The assets of the unit bond fund to be in the bank supervising the registry under the name of the insurance business is the property owned by the unit bond fund, not of the supervising bank or the fund management company. The supervising bank is not used to use the assets of the unit linking fund to pay, bail out the payment for its debts or to the third party.

3. The monitoring bank is responsible for the responsibility and storage in time of ten (10) years of records, certificates in the form of text and electronic data files aimed at confirming compliance in the investment activity of the fund management firm and the insurance business compared to other companies. the investment objective of the unit linking unit and regulation of the law. These documents must be provided by the written request of the Ministry of Finance.

Section 4

The information of the insurance business

What? 25. Product Introduction Document

The document that introduces the product provided by the insurance business and uses must be consistent with the rule of law and the regulations below:

1. The information in the document introduces the product to be accurate, objective, complete, honest and must be consistent with the unit-linked insurance product that has been approved by the Ministry of Finance.

2. In addition to the general regulations in life insurance, the application of the unit linking product must have the following minimum information:

a) Introduced the basic characteristic of the unit bond insurance product;

b) The existing unit linking funds of the insurance business, the investment policy of each unit bond fund, the investment assets, the investment asset allocation rate of each fund and the properties of investment risks;

c) The rights under the unit-link insurance contract will fluctuate according to the operational results of the unit bond funds and that the insurance buyer affirmable the entire investment results and will be subject to the entire investment risk from the selected unit bond funds. select to correspond to the value of the contract in unit association funds;

d) The insurance business cases may suspend the sale or acquisition of units of the unit bond fund;

The allocation rate of the premium to purchase unit-linked fund units and how to calculate and limit the maximum amount of charge, fund management fees, risk premiums, insurance contract management fees, and other charges. The above information must be accompanied by an illustration of how to allocate insurance charges to purchase units of the unit linking fund;

e) All of the rights guaranteed to the insurance party must be specified, including the right of death insurance, the right to expend and the cancellation of the contract. For rights that are not guaranteed, the insurance business must be clear to the insurance buyer knowing;

g) The basis and valuation of the assets of the unit bond funds;

h) The operational results of the existing unit bond funds in the year (05) the nearest fiscal year, or the entire time the fund has been established and operated if shorter than the year (05) years. The insurance business must specify whether the above information is the results of the operation in the past to refer to and not the basis for sure to be sure of the operational results of future unit-linked funds. The past investment results used as the reference must be consistent with the unit linking product and the unit link funds are being introduced; the company is not available.

i) Clear information for the insurance party that knows the delivery of a unit binding insurance contract is a long-term commitment and the insurance party should not cancel the insurance contract because the premiums on the side purchase insurance must be very high in the first time. The contract.

l) The insurance party warning information must comply with the insurance policy regulations to secure its rights and interests.

What? 26. Sales illustrator

The sales illustrator must meet the regulations of the law and the regulations below:

1. The sales illustrator of the unit-link insurance product must be provided to the customer prior to the contract of the insurance contract and must have minimal information under this Annex II.

2. The insurance business must explicitly convince the buyer of the rights to which the customer can be received when the contract of the insurance contract, including the rights to the risk insurance and the rights can be received from unit-linked funds, including in the school. The income fund's income is negative.

3. The actual investment rate of each unit bond fund must be calculated over the year and there is different for each unit bond fund. Actual investment rates are calculated on the basis of the unit bond fund in the year (05) the prior year or the actual existence of the unit bond fund if the fund's time of operation is not enough (05) years. The insurance business must be clear to the insurance buyer knowing that the listing of investment rates does not account for the difference between the purchase price and the sale price or other charges that may be added to the insurance buyer. The insurance business is not illustrated with an investment interest of more than 20 years.

4. The charges and the maximum limit that the insurance buyer must pay must be shown well, on the basis of separation between premiums for risk insurance rights and other charges.

5. In the case of a unit link insurance contract with the additional insurance benefits, the insurance business must be convinced in the illustrator document. sales of those grant rights and their impact on the insurance buyer.

6. Sales illustrator must be clearly presented, easy to understand and does not make the side of an unrealistic expectations insurance on the amount of money that can be received.

What? 27. The information for the insurance buyer

1. The insurance business is responsible for the correct, full and timely publication of the insurance buyer of the information regarding the contract insurance contract that has been linked. The information provided to the insurance party must be consistent with the unit-linked insurance product approved by the Ministry of Finance.

2. The insurance business is responsible for the publication on the website of its business in the following documents:

a) Rules, the provision of insurance products approved by the Ministry of Finance;

b) The product introduction;

c) The sales illustrator of typical cases;

d) The operational situation of the unit bond fund;

The unit of the unit bond is specified in accordance with Article 19 and Article 20 of this.

What? 28. Notice for the insurance buyer on contract status

In the course of the ninety (90) days from the end of the fiscal year or year of contract, the insurance business must inform the buyer of the insurance on the following:

1. The status of the unit link insurance contract includes the following information:

a) The number, the value of the fund units holding the beginning of the year of reporting;

b) Total premiums closed and the number of insurance charges allocated to purchase fund units in the year of reporting;

c) Details each of the fees charged to the customer for the year;

d) The amount, the value of the fund units purchased, sold in five reports;

) The amount of customer money has drawn from the value of the contract account, the loans from the insurance contract (if any);

e) The fund unit price, the number, the value of the fund units at the end of the year report;

g) Risk and value insurance returns at the beginning of the year of reporting;

h) The risk of risk premiums and reimbursable value at the end of the year of reporting.

2. The operational results of each unit link fund to which the insurance buyer is holding the fund units with the following content:

a) The summary information about the financial situation of the unit linking unit according to the template at this Appendix III;

b) The analysis of the activity results of the unit link funds, including the following content:

-The investment objective of the unit linking funds and how to allocate assets at the time of reporting;

-Change of investment goals (if available), the limitations of the unit bond fund for the year;

-Analysis of the operational situation of the unit linking fund in the year (05) the closest year on the net investment rate of the unit bond fund or the actual existence of the unit bond fund if the operating time of the fund is not enough years (05) years;

-The expenses must be paid in relation to the unit link fund and the expenses that arise in the year;

-Details of the gains made and expected to perform in the year of reporting; the impact on net asset value per unit of the unit linking the unit before and after the implementation of the rate of interest;

-Evaluating the future prospects of investments and expected investment policies of the unit bond fund, listing some of the typical cases that change this outlook assessment;

-The relevant indicators in the investment areas where the unit bond fund is investing;

-The independent audit firm's confirmation of the above information.

What? 29. The unit price unit price

1. Insurance business must periodically publish on at least one central newspaper and the business ' s website on the following content:

a) The unit sales price of the unit bond fund;

b) The unit purchase price of the unit bond fund;

c) The net asset value on each unit of the unit bond fund.

2. The publication of the specified information at paragraph 1 This must be consistent with the insurance business unit pricing valuation of the insurance business and must be made on the day of work immediately after the valuation date. The insurance business must secure a client's website on the website of the business unit information of the adjacent weeks of the three (03) years prior to that year.

What? 30. Regulation of Information, Unit Link Insurance Product Advertising

1. The insurance business is informed, advertising the insurance product that links the unit according to the rule of law and is responsible for the information provided.

2. Insurance, organization, personal, non-advertising, information about the insurance product that connects the unit when the product has not been approved by the Ministry of Finance.

3. The advertising document must be presented in the language of Vietnamese language, which is easy to understand, does not make sense, not misleading; honest, objective, accurate and up-to-date information to the nearest time. The concepts, the term expertise must be fully annotated.

4. The advertising document has clear content, does not misleading the unit linking fund as the financial instruments that have fixed income or guarantee a profit. The advertising document, which introduces a unit-linked insurance product that is not included the comments that make the customer misunderstand is the value of investment always increased; it is not committed or forecast that the investment results of the unit link fund are always positive. in the future.

5. Insurance business, insurance agents are not compared to promotional items, ensuring that the investment results of a single-unit bond fund are better than other unit-linked funds or other insurance businesses.

6. When using review comments, third-party comments or the results of the comment, ranking the results of operation to advertise, introduce unit-linked insurance products, insurance businesses, organizations, individuals with regard to reassuring:

a) The assessment, comments or results of the comment, the rating must be reliable, objectively, based on the comparison, data and facts available;

b) The assessment, comments or results of the comment, rank must be published publicly or performed publicly by the organization providing financial and statistical information services that have been recognized;

c) Nspecify the reference source including the document name, the publishing organization name and the publication time;

d) The result of the option, ranked no more than one year (12 months) since the date of the unit-linked insurance product was voted on, ranked or received the award.

7. Information, advertising on the unit-linked insurance product that is not implied by the state governing body management guarantee of information content, advertising as well as the objective, the investment strategy of the unit link fund, the guarantee of the property of the unit linking fund, price. the fund unit, the ability to give birth and the risk level of the unit link fund.

The insurance business is not in use of the name, symbol, image, status, prestige, mail of state governing bodies, cadres, civil institutions of state regulatory agencies, customer thanks to advertising, referring, offer, purchase, and offer to buy products. It's a unit of insurance.

8. Information documentation, advertising on the unit-related insurance product must be in bold, clear, font size less than other content at the information publication, advertising with the following recommendations:

a) Customers need to read the product showcasing the product, the sales illustrator, the rule, the rule before purchase of the unit-related insurance product and note the charges of the product;

b) A unit-linked insurance product is a product distinct from traditional insurance products, customers who are subject to the entire investment risk corresponding to the cost of insurance that has closed the risk type of the selected customer unit bond fund;

c) The account value of the customer ' s insurance contract can vary depending on the market situation and the customer may bear the damage on the amount of premiums filed in the event of a loss of losses;

d) The information about the operational results of the previous unit link fund (if any) references only and does not mean that these funds will give birth to future customers.

Item 5

The ability to pay, the service room and the report mode

What? 31. Payment capacity

1. The insurance business must always maintain the ability to pay under the rule of law.

2. The minimum payment capacity for unit-link insurance contracts is equal to 1.5% of the public office plus 0.3% of the risk premiums.

3. The payment margin of the insurance business must be higher than the minimum payment capacity margin of two hundred (200) Vietnamese dollars.

What? 32.

1. The insurance business must extract the business reserve as follows:

a) Project of mathematics, including:

-The insurance risk reserve: is the greater number between a fee-preventable charge or a cash flow method in order to meet all future costs throughout the contract.

-The business reserve for the unit bond section is the total number of the following:

+ The total number of investment units of the insurance party at the valuation date for the purchase price of the fund unit at the valuation date;

+ Total premiums received from the insurance party at the valuation date after subtracing the charges for the insurance party that the rest used to purchase fund units but has not yet been implemented.

b) The compensation reserve: quoted by a method of filing with a calculated extract on the basis of the amount of insurance that must pay for each case has required a claim for insurance business but by the end of the fiscal year it has not been resolved;

c) The reservation ensures additional payment capability: This is used to secure the business ' s commitment to the customer under agreement at the insurance contract when the investment market has a major volatility;

d) Other contingus projects after the approval of the Ministry of Finance.

2. The calculation expert of the insurance business is responsible for determining the method and the basis of a career reserve extraction facility in accordance with the principles. and the calculation method is widely acknowledged by international law.

What? 33. The responsibility of the insurance business and the report regime

1. Business insurance business insurance products unit link having to comply with regulations at this and other laws that are relevant.

2. This Smart Base and relevant law regulations, the insurance business enforces the business processes that deploy the unit-linking insurance product in accordance with the conditions, characteristics, and operational charter.

3. The calculated expert is responsible for adhering to the compliance of regulations at this Smart Business of the insurance business in the business of unit-linking insurance products. The evaluation report of the calculated expert is sent to the Ministry of Finance in the period of the year (05) day of work since the end of the month. In the case of the error detection of the insurance business, the calculated expert must report the Ministry of Finance in the period of three (03) days of work since the date of the breach was discovered.

4. monthly, the insurance business aggregate the insurance product business of the unit link to report the Ministry of Finance under the prescribed form at Annex IV issued by this message.

5. The quarterly periodic, the insurance business makes a report of the Ministry of Finance to extract a business plan for the insurance product that links the unit according to the prescribed form at Annex V issued by this message.

6. Business Insurance has a responsibility to cooperate and report the actual situation that deploes unit-linked insurance products at the request of the Ministry of Finance.

Section 6

Insurance agents, insurance commissions, and insurance distribution.

What? 34. Request for insurance insurance agent

1. To deploy unit-linked insurance products, the insurance business must ensure that the selection of insurance agents meet the following conditions:

a) Not in violation of the ethical profession of occupational ethics of the insurance business in the time of the agent practice;

b) There is a certificate of sale of unit-linked insurance products according to the rule of law. This regulation does not apply to qualified insurance agents and is used by the insurance business to sell unit-linked insurance products before this date is valid.

c) Meet one of the conditions on the experience below:

-Is an insurance agent and has at least one (01) years of continuous insurance agent operating experience; or

-As insurance agent, there are at least six (06) months of ongoing work experience in the field of finance, banking, insurance and a certificate of expertise in securities issued by the State Securities Commission; or

-As an insurance agent, at least six (06) months of continuous insurance agent activity and have a diploma from college rising up in the financial sector, banking, insurance.

2. The insurance business has to be responsible for the damage or losses due to its dealership activity caused by the agreement at the insurance agent contract.

What? 35. Unit link insurance training program

1. In addition to the general knowledge content of the insurance agent, the unit-linked insurance agent training program must include the following content:

a) General knowledge of financial markets;

b) basic knowledge of investment;

c) The content of the insurance product linking the insurance business unit is allowed to business;

d) The insurance business insurance law on the unit-related insurance product;

The skills of selling unit-linked insurance products;

e) Practice and sell unit-linked insurance products.

2. The training time for the unit-link insurance agent training program is regulated as follows:

a) For practitioners with a specialized certificate of securities issued by the State Securities Commission, the minimum training period is 24 hours;

b) For practitioners with a degree or experience working in the field of finance, banking, insurance, minimum training time is 28 hours;

c) For other subjects, the minimum training time is 40 hours;

d) In addition to the first training period to be granted the order to sell the Designated Unit bond insurance product at points a, b and c of paragraph 2 This time, the training time regularly periodically periodically for the unit-linked insurance agents is 08. Now.

What? 36.

The insurance commission for the unit-linked insurance product is made in accordance with the laws of law with the maximum commission rate that the insurance business is allowed to pay for the insurance agent for each insurance contract is made in accordance with the regulations at the time. Appendix VI.

What? 37. Career Guide

The insurance business implementing a unit-linking insurance product must issue a career manual manual on unit-linking insurance products, track and management of this manual implementation, ensuring the following requirements:

1. The capsule must be attached to the occupational ethics code in the distribution of unit-linked insurance products, in order to ensure that there is no wrong behavior in the unit-linked insurance distribution;

2. The customer's insurance requirements profile must include a readable customer proof document, which is advised and understood of the unit-related insurance product that he selected;

3. Inclate the process and request a cross-examination of the insurance business ' s advisory results to the unit link insurance contracts;

4. Includes a career process involving the distribution of unit-link insurance products, task assignments, accountability and coordination between departments, departments in the insurance business during the distribution of single-link insurance products and insurance products in the United States. And you

5. Includes inspection, internal control over the deployment of unit-linked insurance products in accordance with the rule of law;

6. Includes the uniform regulation of the fund unit price;

7. Includes regulation of responsibility in raising awareness to customers on unit-linked insurance products. Customers who participate in the unit link insurance product must be aware of the risk characteristics of the product, the terms, the fees, the conditions, the terms of the insurance contract.

What? 38. Distribution of unit link insurance products

The unit that distributs the unit-link insurance product must perform the following:

1. comply with the regulation of the law on insurance agent activity, the insurance agent contracts signed with the insurance business and the occupational ethics rules issued by the insurance business.

2. Process counseling has been instructed and other processes issued by the insurance business. During the consultation process for the customer, the insurance agent must perform customer information analysis including the needs and financial capabilities of the customer, performing a level survey of customer risk acceptance from which the appropriate product advice is spent on the customer. to the customer.

3. The insurance agent must ensure that all clients must be explicitly explained about the rights of the product, which is aware of the particular risks of the selected product before signing the insurance request file; there is a document that proves that the customer has been consulted. full, understanding of selected insurance products and this insurance product in line with the needs and financial capabilities of the customer.

4. The insurance agency must report to the insurance business that results in customer counseling, including the customer's basic information and financial ability to participate in the insurance; while also reporting the process of insurance advice. This report is part of the insurance request filing.

5. The insurance agent is not affected, inciting the customer to replace or cancel the current insurance contract to join the unit link insurance contract.

Chapter III

THE ORGANIZATION.

What? 39. Monitoring and processing violation

1. Insurance, insurance, organization, and individual are involved under the supervision of the Ministry of Finance (Bureau of Management, Insurance Insurance) in the process of business-related insurance products under the rule of law.

2. The Department of Management, the insurance supervisor responsible for periodically valuing the deployment of unit-linked insurance products; coordination of relevant units reporting the Secretary of Finance to modify, adds this Smart to the practice.

3. The insurance business, insurance agent, organization and individual relevant violations will be dealt with by the rule of law.

What? 40.

1. This message has been in effect since October 1, 2012.

2. This information replaces the number Decision 102 /2007/QĐ-BTC December 14, 2007 by the Minister of Finance for the promulgation of the Deployment Insurance product implementation Regulation.

3. Within the twelve (12) months from the date of this date in effect, the insurance business has deployed unit-linked insurance products under Decision No. 1. 102 /2007/QĐ-BTC is responsible for the full implementation of this Information.

4. In the course of execution, if there is difficulty, entanged, the offer reflects in time for the Ministry of Finance to review, resolve ./.