THE MINISTRY OF FINANCE - THE STATE BANK OF VIETNAM
 
No. 86/2014/TTLT-BTC-NHNNVN
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
 
 
Hanoi, July 2, 2014
 
 
JOINT CIRCULAR
Guiding insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises
 
Pursuant to December 9, 2000 Law No. 24/2000/QH10 on Insurance Business and November 24, 2010 Law No. 61/2010/QH12 Amending and Supplementing a Number of Articles of the Law on Insurance Business;
Pursuant to June 16, 2010 Law No. 47/2010/QH12 on Credit Institutions;
Pursuant to the Government’s Decree No. 45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on Insurance Business;
Pursuant to the Government’s Decree No. 215/2013/ND-CP of December 23, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the Government’s Decree No. 156/2013/ND-CP of November 11, 2013, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
The Minister of Finance and the Governor of the State Bank of Vietnam promulgate the Joint Circular guiding insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular guides insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises.
Article 2. Subjects of application
1. Life insurance enterprises lawfully established and operating in Vietnam.
2. Credit institutions and foreign bank branches established and operating under the Law on Credit Institutions.
3. Organizations and individuals involved in insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises in the territory of the Socialist Republic of Vietnam.
Article 3. Insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises
Insurance agency activities of credit institutions and foreign bank branches for life insurance enterprises include one, several or all of the following activities:
1. Introducing customers:
Credit institutions and foreign bank branches may introduce customers wishing to buy insurance to life insurance enterprises for the latter to counsel on and offer insurance.
2. Offering insurance:
a/ Credit institutions and foreign bank branches may offer, and explain conditions and terms of, insurance products to customers;
b/ Credit institutions and foreign bank branches may receive information on customers wishing to buy insurance and transfer such information to life insurance enterprises for appraisal of information and issuance of insurance policies.
3. Arranging the conclusion of insurance policies:
a/ Credit institutions and foreign bank branches may guide customers in making insurance request dossiers and receive these dossiers from customers;
b/ For insurance request dossiers which are not required to be appraised or which credit institutions or foreign bank branches are authorized to appraise as agreed in insurance agency contracts, credit institutions and foreign bank branches may issue insurance policies or insurance certificates to customers as authorized by life insurance enterprises;

 

[1] Công Báo Nos 697-698 (21/7/2014)