THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 72/2001/TT-BTC
Hanoi, August 28, 2001
 
CIRCULAR
GUIDING THE IMPLEMENTATION OF THE GOVERNMENT’S DECREE No. 43/2001/ND-CP OF AUGUST 1, 2001 PRESCRIBING THE FINANCIAL REGIME FOR INSURANCE ENTERPRISES AND INSURANCE BROKERAGE ENTERPRISES
Pursuant to December 9, 2000 Insurance Business Law No. 24/2000/QH10;
Pursuant to the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance enterprises and insurance brokerage enterprises;
The Ministry of Finance hereby provides the following detailed guidance:
 
I. CHARTER CAPITAL
1. The provisions on charter capital of insurance enterprises and insurance brokerage enterprises shall comply with Article 5 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance enterprises and insurance brokerage enterprises.
2. Contributed charter capital of insurance enterprises and insurance brokerage enterprises is the amount of charter capital actually contributed by owners to the enterprises.
3. Where insurance enterprises or insurance brokerage enterprises, which had been established, organized and operating before the effective date of the Insurance Business Law, have a charter capital level lower than the legal capital level prescribed in Article 4 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance enterprises and insurance brokerage enterprises, they must elaborate plans for making sufficient additions to their charter capital within three years, and report them to the Ministry of Finance.
If, after three years, insurance enterprises or insurance brokerage enterprises still fail to make sufficient additions to the contributed charter capital as prescribed, they shall be considered as failing to satisfy the financial requirements and the Ministry of Finance may withdraw their establishment and operation licenses under the provisions at Point f, Clause 1, Article 68 of the Insurance Business Law.
II. ESCROW AMOUNTS
1. The escrow depositing by insurance enterprises shall comply with Article 6 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance enterprises and insurance brokerage enterprises.
2. Where the escrow amounts of insurance enterprises are lower than the levels set in Clause 2, Article 6 of the Government’s Decree No. 43/2001/ND-CP of August 1, 2001 prescribing the financial regime for insurance enterprises and insurance brokerage enterprises, such insurance enterprises shall have to supplement the escrow amounts as prescribed.
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