THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 1313/QD-BTC
Hanoi, June 11, 2014
 
DECISION

 on defining functions, duties, power and organizational structure of the Department of Insurance Supervisory Authority

Pursuant to Decree No. 36/2012/ND-CP dated April 18, 2012 of the  Government defining the functions, tasks, powers and organizational structures of Ministries and ministerial-level agencies;
Pursuant to Decree No. 215/2013/ND-CP dated December 23, 2013 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Considering the proposal of Head of  Department of Insurance Supervisory Authority and Director of personnel and organization Department,
DECIDES:
Articles 1. Position and function
The Department of Insurance Supervisory Authority is a unit under the Ministry of Finance and has functions to advise and assist the Minister of Finance to perform the State management over the area of insurance business nationwide; directly manage and supervise the insurance business and services related to the area of insurance business.
The Department of Insurance Supervisory Authority with its legal status and seal may open accounts at the State Treasury and banks as provided for by law;
Article 2. Duties and power
1. Requesting the Minister of Finance to issue under the authority or to request the competent authorities to issue the legal normative documents and policies on insurance business, strategies and long-term, medium-term and annual plan for the insurance business;
2. Implementing, propagating the insurance; publicizing, giving guidance and inspection the implementation of strategies and plans and legal normative documents on insurance business;
3. Receiving and verifying dossiers and submitting them to the Minister of Finance for issue, renewal or revocation of establishment and operation License of insurance enterprises, insurance brokerage enterprises (including cases of overseas investment and enterprises with foreign invested capital in Vietnam); branches of foreign non-life insurance enterprises; license to establish representative offices of foreign insurance enterprises or insurance brokerage enterprises in Vietnam. Requesting the Minister of Finance to approve the changes of above-mentioned organizations as provided for by law;
4. Inspecting and supervising activities of insurance enterprises, branches of foreign non-life insurance enterprises and insurance brokerage enterprises operating in Vietnam; activities of representative offices of foreign insurance enterprises or insurance brokerage enterprises in Vietnam.
5. Carrying out specialized inspection in the area of insurance for organizations and individuals involved in area of insurance as provided for by law;
6. Settling complaints, denunciations and handling administrative violation in the area of insurance business as regulated by law;
7. Implementing international cooperation in the area of insurance business as regulated by law;