THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 124/2012/TT-BTC
Hanoi, July 30, 2012
 
CIRCULAR
GUIDING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE GOVERNMENT'S DECREE NO. 45/2007/ND-CP DATED MARCH 27, 2007 DETAILING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE LAW ON INSURANCE BUSINESS, AND THE GOVERNMENT'S DECREE NO. 123/2011/ND-CP DATED NOVEMBER 28, 2011, DETAILING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE LAW ON AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF THE LAW ON INSURANCE BUSINESS
 
Pursuant to the Law on Insurance Business No. 24/2000/QH10 dated December 09, 2000;
Pursuant to the Law on amending and supplementing a number of articles of the Law on Insurance Business No. 61/2010/QH12 dated November 24, 2010;;
Pursuant to the Government's Decree No. 45/2007/ND-CP dated March 27, 2007 detailing the implementation of a number of articles of the Law on Insurance Business;
Pursuant to the Government's Decree No. 123/2011/ND-CP dated November 28, 2011, detailing the implementation of a number of articles of the Law on amending and supplementing a number of articles of the Law on Insurance Business, amending and supplementing a number of articles of the Government's Decree No. 45/2007/ND-CP dated March 27, 2007 detailing the implementation of a number of articles of the Law on Insurance Business;
Pursuant to the Government's Decree No. 118/2008/ND-CP of November 27, 2008 on defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
At the proposal of the Director of the Department of Insurance Management and Supervision
The Minister of Finance promulgates the Circular guiding the implementation of a number of articles of the Government's Decree No. 45/2007/ND-CP dated March 27, 2007 detailing the implementation of a number of articles of the Law on Insurance Business, and the Government's Decree no. 123/2011/ND-CP dated November 28, 2011, detailing the implementation of a number of articles of the law on amending and supplementing a number of articles of the Law on Insurance Business
Chapter 1.
GENERAL PROVISION
Article 1. Scope of regulation
This Circular guides the establishment and business of enterprises providing life insurance, non-life insurance, health insurance, reinsurance, insurance brokerage, branches of foreign non-life insurance enterprises; the provision of life insurance, non-life insurance, health insurance, reinsurance, insurance brokerage, insurant agents; the establishment and operation of representative offices of foreign enterprises providing life insurance, non-life insurance, health insurance, reinsurance, insurance brokerage in Vietnam.
Article 2. Subjects of application
The enterprises providing life insurance, non-life insurance, health insurance, reinsurance, insurance brokerage, branches of foreign non-life insurance enterprises, insurance agents, relevant organizations and individuals must comply with this Circular and relevant law provisions; ensuring healthy competition and cooperation, prevent monopoly in insurance business.
Article 3. Interpretation of terms
The terms in this Circular are construed as follows:
1. Insurance enterprises are life insurance enterprises, non-life insurance enterprises, health insurance enterprises, reinsurance enterprises, and insurance brokerage enterprises.
2. Insurers are life insurance enterprises, non-life insurance enterprises, and health insurance enterprises.
3. Insurance joint-stock companies are joint-stock companies providing life insurance, non-life insurance, health insurance, reinsurance, or insurance brokerage.
4. Insurance limited liability companies are limited liability companies providing life insurance, non-life insurance, health insurance, reinsurance, insurance brokerage.
5. Foreign branches are branches of foreign non-life insurance enterprises.
6. Commercial banks are banks established and operated legally in Vietnam.