Vietnam Insurance Industry – Governance, Risk and Compliance
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Vietnam Insurance Industry Regulation Overview
The Ministry of Finance (MoF) regulates the Vietnam insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS) and the Insurance Supervisory Authority (ISA).
The Vietnam insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Ministry of Finance (MoF)
· International Association of Insurance Supervisors (IAIS) · Insurance Supervisory Authority (ISA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Vietnam Insurance Industry – Key Regulators and Legislation
Ministry of Finance (MoF): The MoF is a government agency that regulates and supervises the Vietnamese insurance industry and implements the state functions in finance, accounts, auditing, securities market, and insurance. It performs the functions of drafting legal documents and strategies, developing long-term and short-term plans, and managing reserves. The MoF also issues and withdraws licenses of insurance companies, representative offices of foreign insurance companies, and foreign insurance brokers.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Vietnam insurance industry are:
- Law No: 08/2022/QH15: The Law on Insurance Business
- Decree No: 46/2023/ND-CP: Detailed regulations for implementing some articles of the insurance business law.
- Decree No: 67/2023/ND-CP: Regulations on compulsory insurance for civil liability for civil liability of motor vehicle owners, compulsory fire and explosion insurance, compulsory insurance in construction investment activities
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Vietnam Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Vietnam insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Vietnam
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Vietnam Insurance Industry - Company Registration and Operation
Organizations and individuals in Vietnam are only permitted to place insurance businesses with insurance enterprises, branches of foreign non-life insurance enterprises, and mutual organizations that are established and licensed to operate in the country.
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Vietnam Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Vietnam. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporate taxes are imposed on taxable profits of both resident and non-resident companies. As a market practice, a company is considered a resident if it is established in the country following the Laws of Vietnam. Resident companies are taxed on their global income, whereas non-resident companies are taxed only on income sourced from Vietnam.
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Scope
This report provides:
- Details of the insurance regulatory framework in Vietnam.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Ministry of Finance, with support from the ISA is responsible for the supervision and control of the Vietnamese insurance industry.
- Motor-third party liability insurance, aviation third-party liability insurance, and professional indemnity insurance for lawyers, notaries, auditors, engineers, architects, and insurance brokers are the key classes of compulsory insurance in Vietnam.
- The placement of non-admitted insurance is not permitted in the Vietnamese insurance industry with few exceptions.
- Composite insurance is not permitted in the Vietnamese insurance industry.
Reasons to Buy
- Get analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Get insights into the insurance regulatory framework in Vietnam.
- Track the latest regulatory changes and expected changes impacting the Vietnamese insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Vietnam insurance industry?
The Ministry of Finance (MoF) is the key regulator of the Vietnam insurance industry.
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Which other bodies oversee the Vietnam insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Insurance Supervisory Authority (ISA) are the regulatory and supervisory bodies that oversee the operations of the Vietnamese insurance industry.
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Which are the compulsory insurances required within the Vietnamese insurance industry?
A few of the compulsory insurances required within the Vietnam insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Vietnam insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Vietnam. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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