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Circular No. 155/2007/tt-Btc: Guide The Implementation Of Decree No. 45/2007/nd-Cp Dated 27 March 2007 Detailing The Government's Implementation Of Some Articles Of The Law On Insurance Business

Original Language Title: Thông tư 155/2007/TT-BTC: Hướng dẫn thi hành Nghị định số 45/2007/NĐ-CP ngày 27 tháng 3 năm 2007 của Chính phủ quy định chi tiết thi hành một số điều của Luật Kinh doanh bảo hiểm

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CIRCULAR guiding the implementation of Decree No. 45/2007/ND-CP dated 27 March 2007 detailing the Government's implementation of some articles of the law on insurance business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law on insurance business no. 24/2000/QH10 on 9 December 2000;
Pursuant to Decree No. 45/2007/ND-CP dated 27/03/2007 detailing the Government's implementation of some articles of the law on insurance business;
Pursuant to Decree No. 77/2003/ND-CP dated 01/07/2003 of government functions, tasks, powers and organizational structure of the Ministry of finance.
The Ministry of finance to specific instructions as follows: i. GENERAL PROVISIONS 1. This circular instruction execution Decree No. 45/2007/ND-CP on 27/3/2007 detailing the Government's implementation of some articles of the law on insurance business, apply for insurance business, reinsurance, insurance brokers and insurance agents by insurers business, insurance broker, insurance agent; the establishment and operation of representative offices of insurance business, the insurance brokerage business in Vietnam.
2. The business insurance, business insurance brokers, insurance agents and other organizations and individuals concerned are responsible for compliance with the provisions of this circular and the provisions of relevant laws; ensure collaboration, healthy competition and antitrust in the insurance business.
3. Vietnam Insurance Association strengthens the role of self governance, promote cooperation and healthy competition between the insurer, the insurance brokerage business because of legitimate rights and interests of organizations and individuals involved in insurance.
4. The Ministry of Finance created the condition for the insurer, the insurance broker business operations equally; protect the legitimate rights and interests of organizations and individuals involved in insurance and take measures to handle for the violations of the law on insurance business.
II. LICENSE And OPERATION 1. 1.1 licensing procedures. The Finance Ministry granted a license to establish and operate (hereinafter referred to as the "license") the insurer, the insurance broker business when it meets the conditions stipulated in article 6 and have the application for license under the provisions of article 7 of Decree 45/2007/ND-CP on 27/3/2007 detailing the Government's implementation of some articles of the law and business security (hereinafter referred to as the Decree 45/2007/ND-CP). Application for license under the form prescribed in annex 1 attached to this circular.
1.2. Upon receipt of a valid application as a rule, within a period of 60 days the Finance Ministry granted or denied in writing for the insurer, the insurance brokerage business. License granted according to the form prescribed in Appendix 2 attached to this circular.
2. application assessment content license 2.1. 2.1.1 legal appraisal. For the investor is legal: a) the certified copy of the decision to establish, operate and license, certificate of business registration of the organization. With respect to the application for permission to establish the enterprise with foreign capital must have a notarized form, license and operation, the business registration certificate of the insurer, the insurance broker business abroad headquarters (a copy of the business registration certificate must have the endorsement of the Agency where the Organization signed not more than 3 months before the date of applying for a license);
b) chartered organization and activities of the organizations involved had either established by the insurer, the insurance brokerage business;
c) text is authoritative for the representative of the owner (if any). For the record for 100% business established foreign investment capital must have written authorization to the person expected to be appointed General Manager (Director) in Vietnam. Who is authorized to submit the certified copy of the legal personal certificate as defined in article 18 of Decree 88/2006/ND-CP on 29/8/2006 by the Government on business registration;
d) text of the competent agency approved the action business business insurance business insurance broker (if any). With respect to the application for permission to establish the enterprise with foreign capital, to have the text of the competent authority of the country where the enterprise closes headquarters allows the insurer, the insurance brokerage business established by the insurer, the insurance broker business capital of foreign investment in Vietnam or evidence to confirm this;
DD) text of the competent authority of the country where the enterprise closes Headquarters confirmed the foreign investor is allowed to type of insurance business which the owner expected foreign investment in Vietnam for application for permission to establish the enterprise with foreign investment;
e) joint venture agreement includes the main content is regulated in the law on investment and other guidance documents for the application for enforcement of licensing established business venture;
g) meeting minutes of the owner of the unanimously established insurer, insurance broker business for the record established venture businesses, stock business;
h) text signed by the investor's shareholders (members) founder of the authorization for a representative of the owner is responsible for:-complete organization and applying for a license; sign the petition to licensed insurers, insurance brokerage business;
-Signing the text serves the complete application for a license to establish and operate the insurance business, the insurance brokerage business until the Finance Ministry license;
-Signing the text Please approve the title Chairman of the Board, the President of the Council members, the President of the company (hereinafter referred to as the "Chairman"), Director General (Executive Director) of the insurer, the insurance brokerage business before it officially goes into operation;
-Open sanctioning accounts at commercial banks were established and legitimate activities in Vietnam and inform the owner paid to this account according to the list of registered, collect the confirmation of the Bank on the amount remitted by the owner;
-Convening and presiding over the General Assembly of shareholders, Board members first.
I) draft business rules consistent with the provisions of the 2005 Business Law, business law and insurance documents guiding the implementation. The draft business rules must be fully signed by the legal representative of the founders, founding member or authorized representative of the shareholders, founders.
2.1.2. for investor is personal: a) the certified copy of the legal personal certificate as defined in article 18 of Decree 88/2006/ND-CP on 29/8/2006 by the Government on business registration;
b) criminal according to the model specified in circular No. 7/1999/TTLT-BTP-BCA on 8/2/1999 of the Ministry of Justice, Ministry of public security providing criminal record votes for the investor's shareholders (or members).
2.2. financial capacity evaluation 2.2.1. List of organizations and individuals involved, which is established by the insurer, the insurance brokerage business which stated the Organization, individuals are shareholders (members) founded; the level of capital; the number of shares and stock type (for application for established businesses); the method of capital contribution; the time limit for the respective capital contribution;
2.2.2. The founding shareholders must together holding at least 50% of the initial capital for the establishment of the insurer, the insurance brokerage business within a period of 3 years (for the application for establishment of business shares);
2.2.3. The text of the competent authority of the country where the enterprise closes Headquarters confirmed the foreign investor is in a healthy financial situation and meet the requirements of the water resources management at the end of the financial year in the adjacent level licenses;
2.2.4. The structure, which is formed by the insurer, the insurance broker business consistent with the provisions of Decree No. 46/2007/ND-CP on 27/3/2007 of the Government regulation of the financial regime for business insurance and business insurance brokers (hereinafter referred to as the Decree 46/2007/ND-CP) and other documents guiding the implementation;
2.2.5. The evidence demonstrated the ability to submit enough registered capital established by the insurer, the insurance brokerage business of the owner: a) the financial statements for the three years of adjacent years please establish the insurer, the insurance brokerage business of independent audit organizations for organizing shareholders (members) founded or contributed from 10% of capital stock rate; financial statements for the three years of adjacent years please establish the insurer, the insurance broker business for the legal owner is not the shareholders (members) founded or contributed less than 10% of the capital;
b) source capital established by the insurer, the insurance brokerage business to be legitimate sources; not using borrowed money or investment trust under any form of capital contribution to the establishment of the insurer, the insurance brokerage business;
c) certified by the Bank on capital have closed the account blocked by each individual organization, according to the list of registered in the license application.
2.3. Evaluation of the feasibility of active approach 2.3.1 first 5 years. General evaluation on the business of the insurer, the insurance brokerage business in the context of the market, including the challenges, prospects are set out;
2.3.2. The ability to participate in competition on the market of business insurance, business insurance brokers expected establishment which demonstrate the advantage of the insurer, the insurance broker business when market participants;
2.3.3. a clear analysis of the insurance business, customers and the expected exploitation networks;
2.3.4. The strategy of the insurer, the insurance brokerage business in the development of active network expansion;

2.3.5. the accounting balance sheets, reports business results, turnover, compensation of each profession, financial investment projects from sources of equity and the reserve fund the insurance profession. The expected targets are based on the base, assuming there is a basis;
2.3.6. The draft mining processes, evaluation, compensation, internal control, financial management and investments, reinsurance program management;
2.3.7. the extracted method established professional insurance backup according to the instructions in the Decree 46/2007/ND-CP and documents guiding the implementation;
2.3.8. Projected solvency margins according to the instructions in the Decree 46/2007/ND-CP and documents guiding the implementation; additional plans which in no case guarantee according to the legal provisions;
2.3.9. Information technology: expected financial investment for information technology; the ability to apply information technologies, which stated duration technology investment; This type of technology is expected to apply; expected of officers and the ability of officers in the application of information technology;
2.3.10. business deployment conditions of insurance for the prescribed professional requirements deployment conditions;
2.3.11. Organization activities, the functioning, structure and number of officers of each Department; initial training approach and regular training of the business.
2.4. Evaluation of management capacity of the Executive Management, business insurance business insurance broker 2.4.1. The listings, resumes, criminal, notarized certification qualifications, professional qualifications of the position of Executive Administrator of the insurer, the insurance broker business meets the provisions in clause 1 section IV of this circular.
2.4.2. the written commitment of the individuals who will do the work and assumed the title of executive management if the insurer, the insurance broker business license.
2.5. Evaluation of the rule, the terms of the insurance business is expected to deploy rules, terms, the premiums are built consistent with article 20, Decree 45/2007/ND-CP. Case of application for establishment of the insurer, insurance broker business for permission to open more branches in addition to the headquarters , the Evaluation Branch made in accordance with article 11 of the Decree 45/2007/ND-CP and the guidance in this circular.
3. procedure before the insurer, the insurance broker business operations 3.1 official. Within a period of 12 months from the date of license, insurance business, business insurance brokers must complete the procedure below to formally operate the insurance business: 3.1.1. State budget submission licensing fees under provisions of the law;
3.1.2. Sufficient funds as defined in article 6 of the Decree 46/2007/ND-CP at a commercial bank established and legitimate activities in Vietnam;
3.1.3. The meeting elected the Board, President and Chief Executive Officer (the Director) as stipulated in the Charter consistent with the provisions of the law; complete the procedure please approve the President, General Manager (Director);
3.1.4. Carved accents, tax code registration, open a trading account in the Bank in accordance with the law;
3.1.5. register extract method established professional prevention in accordance with the law. For business life insurance should submit the documents to the Ministry of finance approves the insurance products expected to deploy, adopted the title of expert calculations. These regulations do not apply to the insurance brokerage business;
3.1.6. Published works as prescribed in clause 1 article 9 of the Decree 45/2007/ND-CP. 3.2. The insurer, the insurance broker business was only moved the capital blocked accounts filed at the registered capital of the enterprise after the Finance Ministry officially licensed.
III. AMENDMENTS, supplements the insurance business LICENSE, business insurance brokers must be pre-approved by the Ministry of finance when the text changes the content of the provisions of article 69 of law on insurance business. The procedure to approve the changes according to the provisions of article 69 of law on insurance business was made specifically as follows: 1. Change of business name of business insurance, business insurance brokers want to change the company name to send to the Ministry of finance the following: 1.1. The text suggested renaming the business according to the form prescribed in Appendix 3 attached to this circular;
1.2. Approval of authority as stipulated in the Charter of the business about renaming the business.
2. Raise or lower the level of capital of the insurer, the insurance broker business business insurance business insurance broker, wanted to change the level of capital must submit to the Ministry of finance the following: 2.1. Text of the proposal is to change the level of capital according to the form prescribed in Appendix 3 attached to this circular;
2.2. The text approved by the authority in accordance with the Charter of the business about changing the capital level;
2.3. capital increase projects of insurers, the insurance brokerage business. The content of capital increase projects should clearly define: 2.3.1. Rising demand for capital and the use of capital;
2.3.2. Business performance on the basis of new capital: expected profit before tax level on the equity after the capital increase, the most recent year's dividends after the capital increase; the rate of return on capital, return on total assets; the solvency of the insurer. The target is expected to be calculated based on reasonable assumptions, there is a base;
2.3.3. The ability of management, capacity management, monitoring of the business for the capital scale and the scale of operations increases respectively;
2.3.4. The feasibility of the planned capital increase: total capital level is expected to rise further, the method of raising capital.
The case of capital increases according to the method of issuing stocks to the public must comply with the provisions of law on securities and the stock market. The State Securities Committee licensed securities issued to the public on the basis of the approval of the Ministry of finance.
2.4. Schemes reduce the Charter capital of the insurer, the insurance brokerage business to prove corporate guarantees the payment of the debts and obligations of the other assets after the capital reduction for cases of capital reduction. Do not make the reduction of registered capital for limited liability company a member.
3. open or to terminate the activities of a branch, Representative Office 3.1. The insurer, the insurance brokerage business would like to open a branch, representative office must meet the conditions specified in article 11 of the Decree 46/2007/ND-CP and the specific instructions below: 3.1.1. Real capital that satisfies the conditions stipulated in the Decree 46/2007/ND-CP and documents guiding the implementation;
3.1.2. no Government sanctioned a total of over 15 million for violations of the regulations in the field of insurance business during 3 consecutive years up to the time of applying to open a branch, Representative Office.
3.2. the suggested profile open branches, representative offices of business insurance, business insurance brokers is done according to the provisions in clause 2 article 11 Decree 45/2007/ND-CP and following specific instructions: 3.2.1 text proposed to open a branch, representative office in the form prescribed in Appendix 3 attached to this circular;
3.2.2. Written approval of authority as stipulated in the Charter of the enterprise on the opening of branches and representative offices;
3.2.3. judicial history, the degree certificate to prove the person's level is expected to be appointed head of the branch, Representative Office;
3.2.4. the regulations of the Organization and activities of the branch, a representative office include the following basic content: a) specific provisions on functions, mandates that the expected business hierarchy for branch including the authoritative representative functions, the responsibilities of the head of the branch for customers , before the law;
b) regulations specific to the content of the authorization of representative offices owned enterprise;
c) specific provisions on information, reports, financial regime, accounting for operations of a branch, Representative Office, ensure Headquarters Office of control risks in the kinds of activities in the branches, representative offices owned enterprise;
d) other rules as required monitoring management of individual insurance business, the insurance brokerage business.
3.2.5. Evidence of permission to use location based branch, Representative Office (leased or owned).
3.3. Branches, representative offices of business insurance, business insurance brokers must be operational within six (6) months from the date of the branch, a representative office was approved by the Finance Ministry.
3.4. Records suggest the termination of activity of representative office, branch of the insurer, the insurance broker business are as follows: 3.4.1. Proposed text termination of activity of representative office, branch according to the form prescribed in Appendix 3 attached to this circular;
3.4.2 of the approval authority as prescribed in the Charter of the enterprise about the termination of activity of representative office, branch;
3.4.3. operational situation report of branches, representative offices in 3 years in case of termination of activity of representative office, branch. The case of a branch, Representative Office works not yet 3, then the active situation report from the start of operations;
3.4.4. The responsibilities, problems arising and process termination activity branch, Representative Office.
3.5. The profile suggest to open a branch, Representative Office of the insurer, the insurance broker business abroad made in accordance with the provisions of the law on investment abroad.
4. Change the location headquarters, branches, representative offices of the insurer, the insurance broker business business insurance business insurance broker, wanted to change the location headquarters, branches, representative offices must submit to the Ministry of finance the following documents :

4.1. suggested text change location headquarters, branches, representative offices of business according to the form prescribed in Appendix 3 attached to this circular;
4.2. Approval of authority as stipulated in the Charter of the business about changing the location headquarters, branches and representative offices;
4.3. proof of right to use location based branch, Representative Office (leased or owned).
5. Change the content, scope and duration of activities 5.1. The insurer, the insurance brokerage business to expand the content, scope and duration of the activity must meet the conditions specified in article 12 of the Decree 45/2007/ND-CP and following specific instructions: 5.1.1. Real capital that satisfies the conditions stipulated in the Decree 46/2007/ND-CP and the writing guide for enforcement cases expanding the content, the scope of activity of the insurer;
5.1.2. Sanctioned administration of a total of over 15 million of those in the field of insurance business within a period of 3 years as of the time of applying for expanding the content, scope and duration of the activity;
5.1.3. For extending the content, scope of activities, the insurer must have a minimum of 3 persons is expected to operate in parts of the new establishment. The head of the newly established Division must meet the standards of Executive administrator specified in point 1.6 clause 1 section IV of this circular;
5.2. Profile suggest to change the content, scope and duration of activity of the insurer, the insurance broker business is done according to the provisions of article 12 of the Decree 45/2007/ND-CP and following specific instructions: 5.2.1. The suggested text is extended (or collapse) the content, scope and duration of the activity of the enterprise according to the form prescribed in Appendix 3 attached to this circular;
5.2.2. The text approved by the authority in accordance with the Charter of the enterprise about the expansion (or collapse) the content, scope and duration of the activity;
5.2.3 diplomas, certificates, certification of the expected division heads established for cases Please expand the content, operating range.
6. Split, merge, split, merge, convert, transfer of shares The share, split, merge, merge, convert, transfer of shares of the insurer, the insurance broker business prescribed in article 16 of Decree 45/2007/ND-CP are specific instructions as follows: 6.1. Split, split, merge, merging, transforming Enterprise 6.1.1. The split, split, merge, merging, transforming the insurer, the insurance broker business is done according to the regulations of the corporate law of 2005 and competition law in 2004.
6.1.2. The record divided, split, merge, merging, transforming the insurer, the insurance broker business include: a) the suggested text is split, split, merge, merging, transforming the enterprise according to the form prescribed in Appendix 3 attached to this circular;
b) written approval of authority as stipulated in the Charter of the enterprise about the split, split, merge, merging, transformation of enterprises;
c) report on the scheme, the Division handling the contract validity with the customer, debt obligations, obligations to the State, committed employees when divided, split, merge, merging, transformation of enterprises;
d) list of members, shareholders, capital and capital structure of the organization formed after the split, split, merge, merging, transformation;
the best contract), merged in the best case, the merger;
e) comments of the financial advisory organization or of the audit organization is established and legitimate activities in Vietnam about the valuation and conversions of shares or shares for the merger, merger;
g) lawyer's comments about the suitability of the contract, the profile of the separation, merger, split, merge, convert.
h) financial statements have been audited for 3 years in the adjacent incorporated, please merge the merged organization, merged with the insurer, the insurance brokerage business; The case of the period from the date of the end of an annual financial report to the nearest to the time of applying for a consolidation, merger exceed ninety days (90) days, the Organization must file quarterly reports in addition to the most recent quarter;
I) curriculum vitae, certified individuals according to the legal provisions of article 18 of Decree 88/2006/ND-CP on 29/8/2006 by the Government on business registration of new members (individual), a copy of the business registration certificate of the new Member (legal entity) owns 10% of the capital;
k) diploma, a certificate proving the capacity of administrators, executives are expected to be appointed the new insurer, the insurance brokerage business after the split, split, merge, merge.
6.1.3. The new company formed after the split, split, merge, merging, converting only allowed to operate insurance business if it meets the conditions stipulated in the insurance business insurance business Law and other documents guiding the implementation.
6.2. The transaction changed from 10% of the capital stock of food contributed upwards of the insurer, the insurance broker Business Finance Ministry must be approved before implementation.
6.2.1. The transaction changed from 10% of the capital stock of food contributed upwards of the insurer, the insurance broker business include: a) transaction to an individual owns 10% of contribution or a real property organization from 10% of the capital stock of food contributed upwards of insurer business, insurance brokerage; or b) transactions to an individual no longer holds 10% of the capital stock of food donations or an organization no longer holds from 10% of the capital stock of food contributed upwards of the insurer, the insurance brokerage business; or c) transfer ownership from 10% of the capital stock of food contributed upwards of the insurer, the insurance brokerage business.
6.2.2. the suggested profile transaction changed from 10% of the capital stock of food contributed upwards of the insurer, the insurance broker business includes the following documents: a) text recommended transferable shares according to the form prescribed in annex 5 is included herewith;
b) written approval of authority as stipulated in the Charter of the enterprise on the implementation of the transaction changed from 10% of the capital contributed upward of real enterprises;
c) evidence demonstrating the financial capacity of the parties to the assignee:-for the institutions: the financial statements have been audited for 3 years of adjacent years please accept assignment. The case of the period from the date of the end of an annual financial report to the nearest to the time of applying for a transfer fee in excess of ninety (90) days, the Organization must file quarterly reports in addition to the most recent quarter;
-For individuals: the Bank's confirmation about the expected deposit balance refers to capital contribution;
d) the contract of transfer rules (if any);
DD) curriculum vitae, certified individuals according to the legal provisions of article 18 of Decree 88/2006/ND-CP on 29/8/2006 by the Government on business registration of the members of the new capital contribution (for individuals), a copy of the business registration certificate of a member of the new capital contribution (for legal entities);
e) list of members (shareholders) raising capital and capital structure after the transfer.
7. Change the President, General Manager (Director) 7.1. The change of Chairman, ceo (Director) must be approved by the Ministry of finance.
7.2. Records suggest change Chairman, ceo (Director) include the following: 7.2.1. Suggested text change Chairman, ceo (Director) according to the form prescribed in Appendix 3 attached to this circular;
7.2.2. The text approved by the authority in accordance with the Charter of the enterprise about the change of Chairman, ceo (Director);  
7.2.3. Criminal; the personal certificate legally stipulated in article 18 of Decree 88/2006/ND-CP on 29/8/2006 by the Government on business registration; diplomas, certificates proving professional competence and qualifications of the President, General Manager (Director);
7.2.4. The text of the commitment is expected to be appointed Chairman, ceo (Director) enterprise work for the business when the Finance Ministry approval.
8. Time limit for solving the modified request, supplement the license within 30 days of receiving the full Ministry of Finance records suggest amendments, additional licenses of insurers, the insurance brokerage business is specified in points from 1 to 7 above The Ministry of finance have written answer on the approve or refuse to approve the proposal of the business. In case of refusal must clearly state the reason in writing. In case of approval, the Finance Ministry license to adjust for the enterprise according to the form prescribed in annex 6 attached to this circular or written approval.
IV. Organization And ADMINISTRATION Of The BUSINESS Of INSURANCE, The INSURANCE BROKERAGE BUSINESS Of 1. Administrator standards, business insurance, business insurance brokers 1.1. 1.1.1 General standard does not belong to the objects prohibited business management as defined in clause 2 article 13 business law;
1.1.2. Not have been or are being prejudice to criminal penalties, imprisonment or be stripped of the courts the right to practise under the provisions of the law;
1.1.3. Yet is representative under the law of the business went bankrupt, except in the case of bankruptcy for reasons of force majeure; or is the Manager of the insurer, the insurance broker business revoked license to operate due to offense in the insurance business;
1.1.4. Have full capacity for civil acts.
1.2. Standards of Chairman 1.2.1. The general criteria specified in point 1.1 above;
1.2.2. College or University; working directly in the field of insurance, financial, banking or have at least 5 years of experience managing minimum 3 years in the business have capital equivalent to capital of the insurer, the insurance broker business expected to undertake;
1.3. criteria for membership of the Board, Board Member

1.3.1. common standards specified in point 1.1 above;
1.3.2. College or University; have experience managing a minimum of 2 years or work directly in the field of insurance, financial, banking, a minimum of 3 years.
1.4. Standards of the Director-General (Executive Director) or the representative before law 1.4.1. The general criteria specified in point 1.1 above;
1.4.2. College or University; working directly in the field of insurance, finance, banking for at least 5 years and have held at least a business manager at the Head Office of the insurer, the insurance brokerage business a minimum of three years;
1.4.3. Residence in Vietnam during the incumbent.
1.5. criteria for Vice President (VP), Branch Manager, head of representative office, Chief Accountant, head of the Supervisory Board: 1.5.1. The general criteria specified in point 1.1 above;
1.5.2. College or University; have knowledge in the field of expertise that will undertake or direct work in the field of insurance, financial, banking and professional sector will undertake a minimum of 3 years;
1.5.3. Residence in Vietnam during the incumbent.
1.6. Standards for the head of mining Department, insurance professional indemnity insurance, reinsurance and investment: 1.6.1. College or University;
1.6.2. Have working experience in the field expected to charge for at least 3 years; degree or certificate of expected field in charge due to the insurance institution to be recognized in the country or international level.
1.7. Principle of assigned position in the insurance business, the insurance brokerage business: 1.7.1. Members of the Management Board, members of the Board member of the insurer, the insurance brokerage business was not at the same time as a member of the Management Board, members of the Board member of the insurer, the insurance broker, business activities in the same field (re-insurance, casualty insurance life insurance, or insurance broker), except where the company belongs.
1.7.2. General Manager (Director), Vice President (VP) of the insurer, the insurance brokerage business was not at the same time working for the insurer, the insurance broker, business activities in the same field; General Manager (the Director) the insurer, the insurance brokerage business was not a member of the Management Board, members of the Board member of the insurer, the insurance broker, business activities in the same field, except where the company belongs.
2. Check the internal controls, business insurance, business insurance brokers perform the inspection, internal control according to the provisions of article 15 of the Decree 45/2007/ND-CP and instructions below: 2.1. Check parts, internal control must match the scale, scope and operational peculiarities of your business; acquired directly by the ceo (Director) the insurer, the insurance brokerage business.
2.2. test parts, internal control is responsible for examining, monitoring compliance with the provisions of laws and regulations, business processes, internal regulations of business insurance, business insurance brokers; help the General Manager (the Director) to perform the self test to synthesize, review, evaluate the validity and effectiveness of the inspection system, internal control aimed at timely detection, prevent and treat those petitions exist, violations in all business activities, improve the system of checks , internal control.
2.3. internal control procedures to ensure the identification, measurement, reviews all risk there is a risk of causing adverse effect and the objective of enterprise activity on a regular, continuous to timely detect, prevent and take measures to manage risk appropriately.
2.4. the requirements for the test procedures, internal control: 2.4.1. The authorization hierarchy clear, transparency about the tasks and powers of the individual, the Department of insurance business;
2.4.2. test cross between individuals, the Department joined in a business process;
2.4.3. determination of specific responsibilities for each individual, the Department in the implementation of each transaction;
2.4.4. The insurer, the insurance broker business should ensure that all officials and employees of the business are aware of the importance and participate effectively in the work of internal inspection and control;
2.4.5. The operating division, business unit, the individual concerned must regularly review, evaluation of the validity and effectiveness of the inspection system, internal control; all the deficiencies of the system must be reported promptly to the management level directly; large defects can cause loss or risk must be reported immediately to the Director General (Executive Director), Management Board (Board Member, President of the company), the Control Board;
2.4.6. the Chief of the Division of insurance business report, evaluation of the test results, internal controls at its Division in charge or in the scope of tasks; proposals for the disposal measures exist, any (if any) sent direct management-level leaders periodically or irregularly at the request of the leader of the management level directly;
2.4.7. Checkout process, internal control need clearly defined disciplinary form when there is insufficient.
2.5. Business processes of the insurance business, the insurance brokerage business is writing regulations regarding deployment, functions, duties, responsibilities and powers of each officer in each Department and the coordination mechanisms between the officials and the Department of insurance business, the insurance brokerage business.
3. Expert (Appointed Actuary) 3.1. The life insurance business to use expert to perform the following tasks: 3.1.1. Build rules, terms and calculate the premiums of life insurance products;
3.1.2. the establishment of the reserve for life insurance contracts in accordance with the law;
3.1.3. Perform separate funds and divide the surplus fund's annual home insurance contracts on the basis of fair, reasonable and comply with the law;
3.1.4. the monthly periodic reviews of the solvency of insurers and Finance Ministry report on July 10, monthly;
3.1.5. According to quarterly and annual, report in writing to the Board, Board Member, Chairman of the life insurance business on the reality of the financial situation of the business and predicted future financial status of the life insurance business;
3.1.6. report promptly in writing to the Director-General (Executive Director), the Board, Board Member, Chairman of any unusual problems are likely to adversely affect the financial situation of the insurance business and the proposed remedy. In serious cases likely to affect the solvency of the insurer must report directly to Ministry of finance;
3.1.7. reinsurance program evaluation and the reinsurance contract before the Board of Directors, Board of management, Board members, Chairman;
3.1.8. The duties to ensure financial security for the insurer.
3.2. Standardization of expert 3.2.1. Computing professionals must meet the following criteria: a) are trained, with experience at least 5 years of work in the field of life insurance and is a member (Fellow) of one of the associations of home insurance calculations are widely acknowledged as international: the UK insurance calculation , The Scottish insurance calculation, the calculation of insurance of the United States, the Australian insurance calculation, the calculation of insurance Canada or the calculation of insurance is a full member of the Association of international insurance calculations;
b) Have good moral character; has not violated the ethics rules of practice coverage calculation; do save the criminal liability of the crime is related to his professional work;
c) are employees of the insurer. In the case of an insurer can not recruit expert, enterprise can temporarily hired expert; Expert lease must have a minimum term of one (1) year.
3.3. procedure for validating expert 3.3.1. Board (Board Member, President of the company) of the life insurance business or General Manager (the Director) in case no business Board (Board Member, President of the company) is responsible for appointing the expert to carry out the work prescribed in point 3.1 above. The appointed expert must be approved in writing by the Ministry of finance.
3.3.2. the suggested profile expert approval includes the following documents: a) text recommended the Finance Ministry approved expert are signed by the Chairman of the Management Board (Board Member, President of the company) or Director General (Executive Director) in case no business Board (Board Member , President of the company);
b) diploma, certificate, résumé demonstrated competencies, qualifications and professional experience of the person expected to appointed expert;
c) certified copies of certificates of the membership association of accredited insurance calculations.
3.4. the approval procedure change expert: 3.4.1 in cases of change expert, the insurer must submit the Finance Ministry proposal approved profile change includes the following documents: a) text recommended the Finance Ministry long position of the expert was the Ministry of finance approved and recommended approval of the new computing professionals. The text suggested by the insurer must be signed by the Chairman or General Manager (the Director) in case no business Board (Board Member, President of the company);

b) diploma, certificate, résumé demonstrated competencies, qualifications and professional experience of the person who recommended doing new calculations professionals;
c) certified copies of certificates of the membership association of accredited insurance calculations.
3.4.2. within 15 days from the date of receipt of a valid application specified in the aforesaid points, the Finance Ministry must reply in writing the approval or denial of approval. In case of refusal of approval, the Finance Ministry must have text explaining the reason.
3.5. termination as expert: 3.5.1. Experts calculate will naturally terminate your legal status in the following cases: a) the termination of the membership association of accredited insurance calculations;
b) insurers have suggested text change expert which explains clearly the reasons and be approved by Ministry of finance.
3.5.2. within 15 days from the date of receipt of a valid application specified in the aforesaid points, the Finance Ministry must reply in writing the approval or denial of approval. In case of refusal of approval, the Finance Ministry must have text explaining the reason.
V. EXPLOITATION Of INSURANCE 1. Product coverage reports 1.1. With respect to the products covered in the casualty insurance business, insurers are active in building and implementing rules, terms and premiums but must ensure: 1.1.1. The suit prescribed in clause 4 article 20, Decree 45/2007/ND-CP;
1.1.2. The premiums for the contract has committed not to lower the cost of government reinsurance contract.
1.2. within the first 15 days of each month, the insurer's Finance Ministry reports new products are deployed in adjacent months before according to the model in annex 6 attached to this circular.
2. Approves the insurance products 2.1. Before you deploy the products of life insurance, health insurance and personal accident insurance for supplementary life insurance, the insurer filed with the Ministry of finance approved proposal document products include: 2.1.1. The text suggested the Finance Ministry approved the product in which to commit the insurer is responsible for the content and the legality of the rule, the terms of insurance;
2.1.2. the rules, terms, the premiums of insurance products expected to deploy;
2.1.3. The formula, the method and the technical basis for charging, backup of business insurance products expected to deploy;
2.1.4. other relevant documents include: insurance claims, product brochures, business services, insurance sales illustrated documentation, the form that the customer Declaration and sign when buying insurance. This document is part of the insurance contract;
2.1.5. for life insurance products has divided the interest rate, the insurer specified in the base charge of the expected products implementing the principle, method and rate of split interest that businesses committed to paying customers.
2.2. Rules, terms, premiums due the insurer the Ministry of finance approved proposal must guarantee according to the provisions in clause 4 article 20, Decree 45/2007/ND-CP. The Finance Ministry encouraged the insurer through the Vietnam Insurance Association to unify rules insurance terms, sample.
2.3. the ratification proposal profile insurance products signed by the representative before the law of business and the confirmation of the insurance expert.
2.4. content approval assessment 2.4.1 insurance products. Check the validity of the suggested profile approved insurance products and the conformity of the rules, the insurance terms with the current legal provisions. For the insurance product is built based on rules, insurance terms, form the Finance Ministry only checks the validity of the suggested profile approved insurance products;
2.4.2. Assessment of economic feasibility, techniques of insurance products on the basis of the opinion certified by the insurance expert.
2.5. within 30 days from the receipt of a valid application, the Ministry of finance have written approval or denial of approval. In case of refusal to approve, the Ministry of finance have text explaining the reason.
3. Regulations on casualty insurance harness 3.1. Insurers make insurance mining according to the rules below: 3.1.1. Honestly, openly and transparently, to avoid misleading customers about products, services provided by enterprises;
3.1.2. Employees, agents tapped the insurance must have sufficient expertise, virtuous and fully trained to communicate with customers.
3.1.3. Before concluding the insurance contract must learn the necessary information about the client, taking into consideration the financial capacity and professional competence of the business, ensuring the maintenance of the financial resources, liquidity and risk management systems; ensure no discrimination regarding the conditions and insurance premiums between the insurance object has the same level of risk. 3.1.4. The purchase, the sale of insurance between an insurer and investor have Fund from 20% or more of the major insurers that are made through tender according to the rules of the law of tenders or contract of insurance with the insurer. This provision does not apply to health insurance and personal accident insurance and the type of insurance required.
3.2. The acts prohibited 3.2.1. Prohibition of organizations and individuals, unlawful interventions to the right choice of the insurer, the insurance brokerage business of the buyer of insurance;
3.2.2. The governing body, the owner is not used his influence in any form to request, prevent or force the subdivisions or who are related to the insured in the insurance business;
3.3.3 prohibits the insurer its charismatic, and influence the direction of the superior governing body, owner of a capital contribution to provide insurance services, affect the legitimate rights and interests of the insured party.
4. Regulations on life insurance 4.1 exploit. Documentation about the products, the services of the insurer 4.1.1. Documentation about the product, the service of the business must be clear, easy to understand and does not contain any information which could lead to misunderstandings;
4.1.2. While sales illustrations, the insurer must clearly distinguish between the rights secured and rights not guaranteed; inform the customer to know the total benefits received under the contract of insurance is not guaranteed may differ;
4.1.3. At least once a year, review the assumptions used in the sales illustration. If the assumptions that no longer match the actual situation, the insurer must revise sales illustrations as appropriate;
4.1.4. The insurer must ensure the documentation about the product, the service does not contain information about insurance benefits contrary to rules, insurance terms were approved by Ministry of finance.
4.2. documentation 4.2.1 sales illustrations. The insurer provides the client illustrations of insurance products directly or through insurance, business insurance brokers are allowed to operate in Vietnam;
4.2.2. sales illustrations document must have the approval of the expert of the insurer with regard to the assumptions used to calculate before use to deliver to the customer. Illustrated document sales should be clear, complete and accurate in order to help customers make choices accordingly;
4.2.3. The insurer is responsible for the accuracy and updating of the documentation about the products, the services of the insurer, the illustrated material sales and other sales materials during use;
4.2.4. The insurer presented in document illustrates the sales conditions to receive refund value and benefits, attached to a specific amount of money that the customer be entitled to receipt of the refund value, but must clearly state these rights is secured or not secured.
4.3. Providing information related to the contract of insurance If the insurance contract does not have clear rules, when single-level coverage, the insurer should notify the client in writing the following information: 4.3.1. The method and periodic premiums;
4.3.2. name the individuals or units of the business to contact in case the client needs to be served or enquiries on matters relating to the contract;
4.3.3. customer's responsibility to notify the business when there are changes to the address of the buyer of insurance;
4.3.4. the customer address can contact for complaints, questions, disputes relating to the delivery, implementation and termination of the contract of insurance.
4.3.5. The delivery of the supplementary insurance contracts with the insurance contract is not mandatory to maintain the validity of the insurance contract main;
4.3.6. Every year, the insurer notifies the insured party on the status of their contract.
4.4. refund the value of the life insurance contract 4.4.1. Life insurance contracts whose value returned in force and premiums enough upward-24 for the insurance contract or recurring charge may be earlier than agreed in the contract of insurance;
4.4.2. The insurer is entitled to deduct the debt be repaid before payment value refunded to the buyer of insurance.
4.5.4.5.1 insurance contracts. Responsible business analysis needs of customers to ensure customer advise the insurance products and insurance money accordingly. The needs analysis and consulting to clients in writing.
4.5.2. The insurer explain and give the required to provide specific information for the purchase of insurance. The buyer is responsible for insurance provides complete information related to the subjects covered for insurance business.

4.5.3. When concluding the insurance contract, the insurer is responsible for providing full information relating to the contract of insurance, explain the terms, insurance terms for the buyer. The information provided by the insurer when concluding the insurance contract is a component of insurance contracts.
5. Publish catalogs of insurance within 30 days of the end of each quarter, the Finance Ministry made announced the list of insurance products currently offered on the market by each insurer. The publication of the list of products covered by the Ministry of finance conducted publicly on the mass media and sent to Vietnam Insurance Association, the insurer is allowed to establish and operate legally in Vietnam.
6. insurance commissions 6.1. Insurance commissions are the expenses of the insurer to pay directly for business insurance brokers, insurance agents after the Organization, this individual brings services to the insurer. Insurers are actively use Insurance Commission for the following: 6.1.1. The cost of the original mining (learn, convince and customer referrals);
6.1.2. The cost of the insurance fee;
6.1.3. cost to track contracts and convince customers to maintain insurance contracts.
6.2. the Commission rate coverage that insurers are allowed to pay for insurance agents for each insurance contract is made under the provisions of Annex 8 and annex 9 attach herewith. Insurance commissions for insurance contracts are calculated using the total commissions of each risk covered in the contract of insurance.
6.3. Commission rate insurance brokers is determined on the basis of the agreement between the insurer and the insurance brokerage business is consistent with the law of Vietnam and international customs. Depending on the scope, level and content insurance brokerage service offered, the insurance broker commissions are paid a maximum of 15% of the actual premiums earned.
6.4. The insurer based on the current rules on insurance commissions, conditions and specific characteristics to build Insurance Commission expenditure rules applied uniformly and openly in the insurance business.
7. Precautions, limiting the losses the insurer was spending a maximum of 2% of premiums earned in the fiscal year to spend on precautionary measures, restrict the loss specified in paragraph 2 to article 25 of Decree 45/2007/ND-CP. VI. REINSURANCE ACTIVITIES 1. Reinsurance program management 1.1. Approved reinsurance program 1.1.1. To ensure safe, effective in the reinsurance business, the Board (Board Member, President of the company) has the responsibility to approve the reinsurance program consistent with the financial capacity, the scale of business enterprises and the current law regulations. Review, evaluate and adjust the program periodically reinsurance annually or when the market situation changes. The case of the insurer does not have the Board (Board Member, President of the company), the Board of Directors is responsible for validating the program of re-insurance.
1.1.2. reinsurance programme includes the following principal contents: a) determines the ability to accept the risks of the insurer;
b) identify how to retain consistent with accepted insurance risks, the limit on the level of retained on a unit risk and maximum protection levels from getting reinsurance business;
c) determined the type and the method most suitable reinsurance with the management of risk is acceptable;
d) methods, standards, process choice received reinsurance business, including how the risk assessment and financial security of the business received reinsurance;
DD) business listings expected reinsurance, note to the diversification and rated the home get re-elected;
e) method using the deposit, if any;
g) risk management for those buildup area, geographical region and the particular type of product;
h) how to control the program of re-insurance, including the reporting system and internal control.
1.2. Implementation 1.2.1 reinsurance program. On the basis of reinsurance program was the Board, Board Member, Chairman of the company approved, General Manager (the Director) the insurer is responsible for enacting processes, internal guidance on reinsurance business, specifically including: a) the extraction procedure of insurance , which specify the type of insurance products to be exploited; rules, terms of insurance and general liability according to the product category covered;
b) defines the limit of liability is insured under a contract of reinsurance is fixed for each type of insurance;
c) standards for temporary reinsurance contracts;
d) collation rules, the terms of the original contract of insurance with the terms of the reinsurance contract to ensure each risks are covered.
1.2.2. The insurer is responsible to regularly update the list of enterprises get reinsurance, accompanied by information about the level of risk, the ability, the level of willingness to pay compensation corresponding to the responsibilities received reinsurance; request a deposit corresponding to the level of risk, the trust factor of ever getting reinsurance business.
2. The level of retained 2.1. The insurer must compute the extent retained for each type of insurance and by each type of risk; keep on a level of risk and on an insurance event.
2.2. When calculating the level of holding back, the insurer must consider the factors below: 2.2.1. The legal provisions on payment ability;
2.2.2. The capacity of exploitation;
2.2.3. financial ability;
2.2.4. Willingness to accept the risks of the business;
2.2.5. Arranging protection for the major risks and the risks of disasters;
2.2.6. The balance of the results of business activities;
2.2.7. The constituent elements of the contract of insurance;
2.2.8. reinsurance market in the country.
2.3. The insurer are only allowed to retain maximum liability levels on each of the risks or on each individual losses not exceeding 10% of the equity. The section responsible for in excess of the 10% rate on the say to reinsurance.
2.4. The insurer does not receive reinsurance for risks have major reinsurance.
3. Reinsurance 3.1. The insurer may transfer a part of responsibility got coverage for one or more other insurance businesses but not to cede the entire liability insurance got in a contract of insurance for other insurance business.
3.2. With regard to the type of reinsurance limited (finite reinsurance), before signing the contract of reinsurance, the insurer in writing by the representative before law signed notice to the Ministry of finance the main content of the reinsurance contract, the purpose of the contract, the commitment to comply with the legal provisions of the insurance business and accounting mode applied with regard to the insurance business. Case the insurer has delivered the reinsurance contract restrictions before the date this circular effect, the insurer sent a written report on the Ministry of finance.
3.3. The ceded reinsurance for the overseas insurance business is not done under more favorable conditions than the reinsurance for the insurance business in the country.
4. conditions of enterprises receiving foreign reinsurance 4.1. Businesses received foreign reinsurance activities are legitimate and fully meet the solvency requirements according to the legal provisions of the country in which the business is headquartered;
4.2. Corporate heads getting reinsurance must be rated at a minimum "BBB" by Standard Poor's, "B + + &" according to A.M. Best, "Baa" by Moody's or equivalent rating results in the most recent fiscal year compared with the time of reinsurance contracts.
The case of re-insurance for foreign parent company or companies within the group without reviews rank according to the above provisions, the insurer has a Ministry of finance report text.
VII. INSURANCE 1. The responsibility of the training base for the insurance agents insurance agent training 1.1. Training base of insurance agents wanted to train insurance agents should have the text suggested the Finance Ministry approves the training insurance agents as defined in clause 2 article 31 Decree 45/2007/ND-CP accompanied the training process and evaluate the quality of training examination process, certification training, process and manage certificates of insurance agents.
1.2. agent training time for the first time a minimum of 40 hours. Regular training time is minimum 16 hours/quarter for casualty agents and 24 hour/quarter for life agents.
1.3. Certification training insurance agents 1.3.1. Only the training base of insurance agents are the Ministry of finance approved new operations have the right certificate insurance agent training. The certificate must complete the training program for insurance agents and quizzes in the exam certification training insurance agents.
1.3.2. training certificate of insurance agents are issued according to the form prescribed in annex 10 attached to this circular.
1.4. Each year, at the latest on June 30 of the following year, the training base of insurance agents Finance Ministry report on the number of training courses were held, the number of insurance agents trained, number of certification was granted in the year according to the form prescribed in annex 11 attached to this circular. Quarterly, the latest before August 15, the start of the following quarter, the insurer's Finance Ministry report and notify the Vietnam Insurance Association list of the insurance agents are active and list the agents violated rules of practice or agents violate the law have been the business termination dealer according to the form prescribed in annex 12 accompanied This circular.
2. Rights and obligations of the insurers and insurance agents

2.1. Rights and obligations of the insurers in the management of the activities of insurance agents, the rights and obligations of the insurance agents are prescribed in article 28 and article 30 of Decree 45/2007/ND-CP. 2.2. The insurer cannot be contracts with insurance agents have ever been the other insurance business forced the termination of the contract by the serious violations of the laws and regulations of contract agents within a period of 3 years from the date of termination of contract agents.
When forced to terminate a contract agent for the reason stated above, the insurer informed Vietnam Insurance Association to inform the insurer.
2.3. in case of changing the content of the training program of insurance agents and the training conditions of insurance agents were registered with the Ministry of finance, within a period of 30 days before officially implemented new training courses, the insurer sent the Finance Ministry report text attached to the materials explain these changes.
3. Prohibiting insurance agent has the following behavior: 3.1. Information, false advertising about the content, the scope of activity of the insurer, the insurance terms and conditions are harming the rights, legitimate interests of insured parties;
3.2. Prevent insured party provide the information relating to the insurance contract or the insured party instigated does not declare the details related to the contract of insurance;
3.3. Scramble the customer in a form that prevents, entice, bribe, threaten employees or clients of the insurer, insurance agent, insurance broker business;
3.4. customer promotion in the form of illegal as promising rising insurance premiums, insurance refunds or other benefits that insurers do not provide for clients.
3.5. Solicitation to buy cancellation insurance party insurance contract we have to buy new insurance contracts.
4. active monitoring training and use 4.1 insurance agent. Training base of insurance agents be responsible before the law for all training activities of insurance agents.
4.2. The insurer is responsible before the law for all recruitment activities, management, training and use of insurance agents.
4.3. The Ministry of finance can inspect periodically or check the unexpected with recruiting activities, training, management and use of agents of the insurer, the training base of insurance agents.
Checking out was not affecting the normal operation of the business of insurance, training base of insurance agents.
5. Business registration of the active organization of insurance agents held insurance agency activities is the business must make business registration according to the regulations of the corporate law and the enforcement Guide text.
VIII. INSURANCE 1. The insurer may be authorized for business insurance brokers charge a fee, compensation, insurance or pay insurance. The authorisation must be made in writing, which stated the duration and scope of authorized activities.
2. In case the insurance brokerage business insurance business insurance charge authorization, responsibility premiums of insurance buyer completed when the buyer has insurance premium payment as agreed in the insurance contract the insurance brokerage business.
In the case of the insurance brokerage business insurers authorized to collect the premiums and the buyer has insurance premium payment as agreed in the insurance contract, the insurance brokerage business is responsible for the payment of the premiums for the insurance business in the said according to the time limit agreed between the insurer and the insurance brokerage business. In case of no agreement on the time limit for payment of the insurance brokerage business to the payment of insurance premiums on the insurance business say in time soon but must not exceed 7 days from receipt of the premium.
3. In case the insurance brokerage business insurers authorized to pay insurance or indemnification, the insurer is still responsible to the insured or the beneficiary of the insurance amount that the insurer is obliged to pay to the insured person or the beneficiary.
4. In case the insurance brokerage business insurers authorized to pay compensation or insurance business insurance broker shall be responsible for payment of the sum insured in the said for the insured or the beneficiary immediately upon receipt of the amount of insurance from the insurer.
5. insurance brokerage business is not done the following acts: 5.1. Prevents the buyer insurance provides the information related to the insurance contract or the insured party instigated does not declare the details related to the contract of insurance;
5.2. customer promotion in the form of promises to provide illegal benefits to customer instigating contracts of insurance;
5.3. Instigated the buyer cancel the insurance contract the insurance we have to buy new insurance contracts;
5.4. To advise clients to buy insurance in an insurance business with the conditions, terms less competitive than other insurance businesses in order to acquire a higher brokerage commissions.
IX. OFFICE Of The REPRESENTATIVE Of The INSURER, The INSURANCE BROKERAGE BUSINESS In VIETNAM 1. Application for license the latest representative office 1.1. The insurer, the insurance broker business abroad want to put representative offices in Vietnam Ministry of finance submitted a license application to put representative offices according to the provisions of article 110 insurance business law.
1.2. Application put representative offices in Vietnam have the signature of the Chairman of the Board or person authorized by the insurer, the insurance broker business abroad, according to the form of the Ministry of finance prescribed in annex 13 attached to this circular.
1.3. within 30 days from the date of receiving the application full placed the Licensing Office, the Ministry of Finance has accepted or refused to approve the proposal of the business. In case of refusal of approval must clearly state the reason in writing. In case of approval, the Finance Ministry set the licensing offices of the insurer, the insurance brokerage business in Vietnam according to the form prescribed in annex 14 attached to this circular.
2. Report on activities of the Office of representation 2.1. Representative Office of the insurer, the insurance brokerage business in Vietnam Ministry of finance report the activities of the Representative Office periodically 6 months and for the Ministry of finance and the people's committees of the province, the city where offices are located.
The report first 6 must submit before June 30, and an annual report is submitted before 1 March of the following year.
2.2. content of reporting 2.2.1. Organization structure, personnel office, Vietnam people and foreigners working in representative offices;
2.2.2. The main activities: a) the market access of the representative office;
b) relationship between the representative office with the insurance business, the insurance brokerage business and economic institutions in Vietnam;
c) consulting and training work;
d) other activities of a representative office.
2.2.3. Direction of activities in the coming period.
2.3. In case of need, the Ministry of finance may request the Office to report irregular in addition to the periodic report, provide documentation, explanations of the problems related to their activities.
3. license 3.1 content changes. When there is a change in one of the following content in the license put representative offices, insurers, insurance brokers business abroad have suggested the text edits, additional license: 3.1.1. Change the name, the nationality, the address of the insurer, the insurance broker business or the name of representative office;
3.1.2. changing the content of the activities of the representative office.
Within 30 days of receipt of a written request of the insurer, the insurance broker business abroad, the Finance Ministry will be writing the answer regarding the approval or denial of approval. In case of refusal of approval, the Finance Ministry must have text explaining the reason.
3.2. In case of a change of representative, increase, decrease the number of people from overseas to work, people working in Vietnam representative office or change the location of the headquarters offices, business insurance, business insurance brokers abroad immediately notify in writing to the Ministry of finance.
4. Renewal of activity of Representative Office 4.1. The insurer, the insurance broker business abroad would like to extend the operation for Vietnam Representative Office filed the Finance Ministry records suggest renewed activity of representative office 30 days before the expiration date of the most recent representative office. Records suggest that renewed functioning include: 4.1.1. Proposed text extended the representative office are signed by the Chairman or by the authorized person of the business insurance, business insurance brokers;
4.1.2. License and operation of insurance business, the insurance brokerage business;
4.1.3. A copy of the license to put representative offices in Vietnam and decided to renew the previous activities of the Office of the representative of the insurer, the insurance broker business abroad (if any);
4.1.4. The report summarizes the activities of the representative office in 3 years;
4.1.5. the financial reports in the most recent two years of business insurance, business insurance brokers;
4.1.6. Name, résumé of the head offices in case of change of Head Office.
4.2. within 30 days from the date of the proposed profile full extension activities, the Ministry of finance will be accepted or rejected. The school refused to accept the case, the Ministry of finance will have text explaining the reason.
5. Termination of activity of representative office:

5.1. Representative offices termination of activities under one of the following circumstances: 5.1.1. As suggested by the insurer, the insurance brokerage business;
5.1.2. When the insurer, the insurance broker business abroad to terminate the operation;
5.1.3. When the representative office in violation of the law on insurance business;
5.1.4. When a decision on the revocation, annulment of the license of the State Agency has the authority under the provisions of the law of Vietnam.
5.2. In case of termination of activity as defined in point 5.1.1 and 5.1.2 above, the insurer, the insurance broker business abroad must send written notice the termination of activity of representative office to the Ministry of Finance within a period not exceeding 30 days, before the date of termination of activity of representative office and pay back the original license Office representatives and the license, the relevant decision in the process of the activity of the representative office for the Ministry of finance.
Within 15 days, the Finance Ministry has accepted the termination of activity of representative office and notify the agency sent a copy of the license to put representative offices.
5.3. In case of termination of activity as defined in point 5.1.3 and 5.1.4 above, the Finance Ministry will submit to the insurer, the insurance broker business abroad decide about revocation, cancellation of licences to establish a representative office at least 30 days before the date of the representative office were forced to cease operations and send a copy of this decision to the Agency are send a copy of the license to establish a representative office.
X. Procedures, APPLICATION For TRANSFER Of The INSURANCE CONTRACT 1. Transfer of insurance contract 1.1. During the operation, the insurer may transfer the entire contract of insurance of one or several insurance services (hereinafter referred to as the transfer) for other insurance businesses are allowed to operate in Vietnam as specified in section 3, chapter III, of the law on insurance business.
1.2. The transfer to ensure the principle of not causing damage to the rights of the insured party after making the transfer.
2. transfer procedure 2.1. For insurance business transfer (hereinafter referred to as the business transfer): transfer of business has suggested transferring the text sent the Finance Ministry which stated the reason for the transfer, please enclose the following documents: the transfer plan in which stated: a) the name and address of the insurer to accept transfer (hereinafter referred to as the business recipient of transfer);
b) type of insurance business and the number of insurance contracts are transferred;
c) method of transferring the Fund preventive services, and insurance claims related to the contract were delivered;
d) time scheduled to make the transfer;
DD) explanation of the details of the business get delivered about financial requirements after the transfer.
e) contract between the enterprise and the enterprise received the transfer transfer includes the following principal contents:-the object of the transfer;
-The expected time of implementation of the transfer;
-The rights and obligations of the parties to the transfer;
-The method of dispute resolution.
2.1.2. The commitment of the business get delivered on ensuring the rights of the buyer under the contract of insurance was delivered after the transfer takes effect.
2.2. Within 15 days of the text suggested transferring the insurance contract approved by the Ministry of finance, the transfer of business has the responsibility to: 2.2.1. Posted announcement on the transfer on the two central newspaper in 5 consecutive numbers with the following principal contents: a) the name and address of the business transfer and receive business transfer;
b) type of insurance business and the number of insurance contracts are transferred;
c) time scheduled to make the transfer;
d) addresses resolve complaints, questions of the buyer of insurance relating to the transfer.
2.2.2. Business transfer report attached to the transfer plan summary for each insured party shortly after the Finance Ministry approved the transfer proposal text. The notice sent to the buyer must specify the time limit for the buyer of insurance is allowed to cancel the contract if the insured does not agree with the transfer plan and on the official transfer plan is in effect.
2.2.3. The buyer of insurance is allowed to cancel the insurance contract within 15 days of receiving notice of the transfer by the postmark. In case the buyer cancel the insurance contract of insurance business, the transfer must be refunded to the buyer of insurance premiums received corresponds with the rest of the contract of insurance after deducting reasonable costs involved for casualty insurance; or premium insurance buy-side closed after deducting the reasonable costs that relate to life insurance.
2.3. Since the Ministry of finance approved the text proposed transfer, the transfer of business is not to continue the contract of new insurance in the insurance business has been transferred.
2.4. within 60 days of the Ministry of finance approved the transfer plan transferring business, transferred to the receiving business transfer: 2.4.1. All insurance contracts are in effect the transfer plan has been approved by the Ministry of finance;
2.4.2. The unresolved complaint records relating to the insurance business are transferred;
2.4.3. The whole of the property, funds and business related to the contract of insurance was delivered and the unresolved complaint records relating to the insurance business are transferred.
3. Approve the proposed profile to transfer insurance contract 3.1. Within 30 days from the date of the application the transfer proposal, the Ministry of Finance has approved the text, refusing to accept or require modification, additional profile transfer proposal. In the case of the Ministry of Finance has requested amendments, additions, within 60 days of receiving the request to amend, Supplement, transfer of business must complete the profile again sent the Ministry of finance. So the time limit on, the Ministry of Finance has the right to refuse to approve the proposed transfer of records. In case of refusal to approve proposed transfer of records, the Ministry of finance to explain clearly the reasons in writing.
3.2. Once approved the proposed transfer of records, the Ministry of finance will permit adjustments according to the model in annex 6 attached to this circular for the business transfer in accordance with the insurance business that transfer business was allowed to proceed.
4. The responsibility of the receiving Enterprise 4.1 transfer. Businesses receive transferred responsibility to coordinate with the business transfer in the construction of the planned transfer, determine the value of assets related to the Fund preventive services and of the contract of insurance was delivered and the agreement effective date of the transfer plan.
4.2. From the date of receipt of the transfer, the receiving enterprise transferred responsibility to perform the duties of the insurance contract are transferred in accordance with the terms signed between buyer and transfer business coverage, including the responsibility to resolve complaints have occurred but not yet reported. Get business transfer have the right to receive the property related to the Fund preventive services and of the contract of insurance is to transfer and use that property to perform obligations under the insurance contract was delivered.
XI. IMPLEMENTATION 1. This circular has the effect after 15 days from the Post Gazette.
2. This circular replaces circular No. 98/2004/TT-BTC dated 19/10/2004 of the Ministry of Finance shall guide the implementation of Decree No. 42/2001/ND-CP on 1/8/2001 Government detailing a number of articles of the law on insurance business.
3. in the implementation process, if there are difficulties and obstacles to timely reflect the recommendation of the Ministry of finance to consider and resolve.