| MINISTRY OF FINANCE | THE SOCIALIST REPUBLIC OF VIETNAM |
| No. 67/2023/TT-BTC | Hanoi, November 2, 2023 |
Pursuant to Law on Insurance Business dated June 16, 2022;
Pursuant to Government’s Decree No. 46/2023/ND-CP dated July 1, 2023 on elaboration of the Law on Insurance Business;
Pursuant to Government's Decree No. 14/2023/ND-CP dated April 20, 2023 on functions, tasks, powers, and organizational structure of the Ministry of Finance;
At the request of Director of Department of Insurance Management and Supervision,
The Minister of Finance promulgates a Circular on guidelines for the Law on Insurance Business and Decree No. 46/2023/ND-CP dated July 1, 2023 of the Government on elaboration of the Law on Insurance Business.
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1. This Circular elaborates Clause 3 Article 14, Clause 2 Article 17, Clause 4 Article 76, Clause 4 Article 82, Clause 6 Article 87, Clause 5 Article 89, Clause 4 Article 101, Clause 4 Article 105, Clause 3 Article 106, Clause 2 Article 117, Clause 2 Article 120, Point c Clause 1 and Points dd and k Clause 2 Article 128, Clause 4 Article 129, Point a Clause 1 and Point c Clause 2 Article 137, Clause 5 Article 138 , Clause 4, Article 145 of the Law on Insurance Business.
2. This Circular provides guidelines for Clause 6, Article 7, Point c, Clause 2, Article 32, Article 44, Clause 7, Article 49 of Decree No. 46/2023/ND-CP dated July 1, 2023 of the Government on elaboration of the Law on Insurance Business (hereinafter referred to as Decree No. 46/2023/ND-CP), including forms of database on insurance business; explanatory documents on methods and factors for calculating premiums; guidance and illustration of methods, formulas, and bases for establishing technical reserves; time of revenue recognition for each type of insurance.
1. Non-life insurers, life insurers, health insurers (hereinafter referred to as insurers), reinsurers, insurance agents, insurance brokers, corporate and individuals providers of insurance auxiliary services, mutual microinsurers.
2. Branches of foreign non-life insurers, branches of foreign reinsurers (hereinafter referred to as foreign branches in Vietnam).
3. Representative offices of foreign insurers, foreign reinsurers, foreign insurance brokers, foreign financial and insurance corporations in Vietnam (hereinafter referred to as representative offices in Vietnam).
4. Policyholders, insured persons, beneficiaries.
5. State regulatory authorities for insurance business affairs.
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Article 3. Providing and updating information
1. Information prescribed in Point c, Clause 1, Article 7 of Decree No. 46/2023/ND-CP is specified in detail in Form No. 1-CSDL, Appendix I issued with this Circular.
2. Information prescribed in Clause 2, Article 7 of Decree No. 46/2023/ND-CP is specified in detail as follows:
a) As for life insurance: Form No. 2-CSDL Appendix I issued with this Circular;
b) As for health insurance: Form No. 3-CSDL Appendix I issued with this Circular;
c) As for non-life insurance (except compulsory insurance for civil liability of motor vehicle owners, compulsory fire and explosion insurance, compulsory insurance in construction and investment activities, agricultural insurance): Form No. 4-CSDL Appendix I issued with this Circular.
As for compulsory insurance for civil liability of motor vehicle owners, compulsory fire and explosion insurance, compulsory insurance in construction and investment activities: Form No. 1, Form No. 2, Form No. 3 Appendix X Issued together with Decree No. 67/2023/ND-CP dated September 6, 2023 of the Government on compulsory insurance for civil liability of motor vehicle owners, compulsory fire and explosion insurance, compulsory insurance in construction and investment activities.
As for agricultural insurance: Form No. 10 is specified in the Appendix issued with Decree No. 58/2018/ND-CP dated April 18, 2018 of the Government on agricultural insurance and amended or replaced documents (if any).
d) As for microinsurance (by mutual microinsurers): Form No. 07 Appendix issued with Decree No. 21/2023/ND-CP dated May 5, 2023 of the Government on microinsurance products.
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Article 4. Online insurance provision
1. Insurers, branches of foreign non-life insurers, mutual microinsurers, insurance brokers, and insurance agents may provide full or partial insurance process through electronic means that connect with the Internet, mobile telecommunications networks, or other open networks through online channels.
2. The full online insurance process, as outlined in Clause 1 of this Article, encompasses implementation of all steps in online insurance process, including introduction, consultation, or provision of services; or consultation, introduction, offering of insurance products, verification of requested information, appraisal, confirmation of requests for entering into an insurance policy, arrangement of insurance policy conclusion, payment, and issuance of an insurance policy or insurance certificate.
3. Insurers, branches of foreign non-life insurers, and mutual microinsurers are authorized to carry out the entire process of providing insurance services and products online for one or several insurance products as follows:
a) Microinsurance, health insurance, term life insurance with a term exceeding one year, and other insurance products with a term of one year or less, for which the insurer, reinsurer, branch, or mutual microinsurer does not require appraisal or risk assessment prior to entering into an insurance policy, as specified in Clause 1, Article 5 of this Circular;
b) Health insurance, term life insurance with a term of one year or less, motor vehicle insurance, trip and tourism insurance that are provided in any form specified in Article 5 of this Circular.
4. The partial execution of the insurance service and product provision process online entails the online execution of certain activities prescribed in Clause 2 of this Article by an insurer, branch of foreign non-life insurer, mutual microinsurer, insurance broker, or insurance agent, according to the forms outlined in Article 5 of this Circular.
In case of partial execution of the insurance service and product provision process online for products not listed in Clause 3 of this Article, consulting service must be performed directly or in the form of a recorded call between an insurer, branch of foreign non-life insurer, mutual microinsurer, insurance broker, or insurance agent with the policyholder.
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Forms of provision of insurance services and products online include:
1. A portal/website with registered domain name as per applicable legal regulations, e-commerce selling website, or networked applications that enable service users or policyholder to access the portal/website, e-commerce selling website or applications installed on the portal/website, e-commerce selling website or e-commerce applications created by insurers, branches of foreign non-life insurers, and mutual microinsurers for online insurance provision purpose.
2. Portals/websites with registered domain names as per applicable legal regulations, e-commerce selling websites, e-commerce service websites, or networked applications that enable service users or policyholders access the portals/websites, e-commerce selling websites, or e-commerce service websites that are created by insurance brokers or insurance agents for providing online insurance. E-commerce service websites include the following types:
a) E-commerce trading floor;
b) Other types of websites prescribed by the Ministry of Industry and Trade.
Article 6. Notification of online insurance provision
1. Insurers, branches of foreign non-life insurers, mutual microinsurers, and insurance brokers must notify the Ministry of Finance of the commencement of online insurance services within 7 working days of their implementation. This notification must encompass details pertaining to their business, offered services, insurance products, provision methods, and other relevant information related to online insurance provision, adhering to the form outlined in Appendix II of this Circular.
2. If insurers, branches of foreign non-life insurers, mutual microinsurers, insurance brokers have provided online insurance services and products before the effective date of this Circular, they must notify the Ministry of Finance of their current online insurance provision within 90 days after the effective date of this Circular, using the form specified in Appendix II.
Article 7. Regulations on services, techniques, security, and data storage
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1. Develop and promulgate regulations governing online insurance provision, including the following key information: description of transaction process; risk control and information security; rights and obligations of related parties; complaint and dispute resolution mechanism; personal information protection policy; troubleshooting solutions, backup systems; storage and measures for non-compliance with operating regulations.
2. Ensuring the online insurance provision in an open, fair, transparent, safe, and effective manner for service users or policyholders when using the same type of service, product.
3. Make readily available on their websites with registered domain names all applications and forms used for online insurance provision, adhering to current legal regulations governing online insurance services.
4. Websites of insurers, branches of foreign non-life insurers and systems of online insurance provision need to be authenticated in accordance with the law on electronic transactions.
5. The online provision of insurance products, as outlined in Clause 2, Article 4 of this Circular, must be explicitly detailed in the insurance policy signed between the policyholder and the insurer, branch of a foreign non-life insurer, or mutual microinsurer. This policy must specify the form of online transactions, potential risks associated with online insurance purchases, compensation responsibilities of each party in the event of risks, and any other relevant information pertaining to the online provision of insurance products. This regulation applies to insurance policies concluded from January 1, 2024.
6. Data on online insurance provision shall be stored according to current law regulations.
7. Determine the level of information system security and corresponding safeguarding plans in accordance with the law on network information security, information system security by level and electronic transactions in financial activities.
1. Notify the Ministry of Finance of the information stated in Article 6 of this Circular.
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3. Develop and make public the following information on their website:
a) List of online insurance services and products, and forms of provision;
b) A description of the insurance provision process via the website/e-commerce selling website (full/partial process); the insurance provision process via e-commerce trading floor (partial process); the insurance provision process through networked applications (full/partial process); personal information protection and dispute resolution policy.
4. Ensure availability of technical infrastructure and personnel for online insurance provision.
5. Ensure compliance with legal regulations on insurance business, legal regulations on electronic transactions and relevant legal regulations.
6. Insurers, branches of foreign non-life insurers, and mutual microinsurers shall manage the online insurance services and products offered by insurance agents into which they have entered an insurance agent contract.
7. Promptly provide complete information, data, and documents related to their online insurance provision when requested by competent authorities.
8. In case of contracting with a third-party provider that provides IT infrastructure services to provide online insurance services and products, they must sign a contract and maintain the cooperation with this third party in complying with this Circular and regulations on electronic transactions in financial activities and other relevant legal regulations.
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1. The policyholder of a life insurance policy or health insurance policy must meet the following requirements:
a) Be an organization legally established and operating in Vietnam, or an individual in Vietnam aged 18 years or older with active legal capacity at the time of entering into the insurance policy;
b) Meet the eligibility criteria for buying insurance according to given insurance terms, conditions, and clauses.
2. The insured person of a life insurance policy or health insurance policy is the person whose life, health, and lifespan are covered under the insurance policy.
3. The policyholder must have insurable interests for the insured person as prescribed in Article 34 of the Law on Insurance Business.
4. The beneficiary of a life insurance policy or health insurance policy is the person designated by the policyholder to receive the insurance proceeds as agreed in the personal insurance policy, or the insured in the group insurance policy who is designated to receive insurance proceeds as agreed in the group insurance policy. The designation to change the beneficiary in a life insurance policy or health insurance policy must comply with Article 41 and Article 42 of the Law on Insurance Business.
1. The sum insured or method of determining the sum insured is agreed upon by the policyholder and the insurer in the insurance policy.
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Article 11. Insurance benefits and insurance coverage
1. Insurance benefits, insurance coverage, and exclusion clauses must be clearly stated in the insurance rules, conditions, and terms. Insurance benefits, insurance coverage, and exclusion clauses must be clearly stated in the insurance rules, conditions, and terms. If an insurer, or branch of a foreign non-life insurer provides conditional insurance (providing a substandard insurance in which the insured does not meet all of the standards required by the insurer), these conditions need to be clearly stated in the insurance policy.
2. Guaranteed insurance benefits and non-guaranteed benefits (if any) must be clearly stated in insurance policies.
3. The insurance benefits for risks, the method for determining investment benefits, and the minimum guaranteed interest rate (for universal life insurance, retirement insurance products) must be clearly stated in insurance policies under the types of unit-linked insurance and retirement insurance.
Article 12. Insurance rules, conditions, and terms
Insurance rules, conditions, and terms are an integral part of an insurance policy. Insurance rules, conditions, and terms must comply with Article 87, Clause 2 of the Insurance Business Law, and the following provisions:
1. In the case of insurance rules, conditions, and terms that provide for a total and permanent disability benefit, the following must be ensured:
a) A total and permanent disability benefit shall be considered payable in the event of any of the following:
- The insured person loses, is completely paralyzed, and cannot recover the function of: both hands; or both legs; or one hand and one leg; or both eyes; or one hand and one eye; or one leg and one eye. In this case, complete loss, complete paralysis, and irrecoverable function of the hand is counted from the wrist upwards; complete loss, complete paralysis, and irreversible loss of leg function from the ankle up; complete and irreversible loss of eye function is understood as complete loss or complete blindness;
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b) Certification that the insured person has completely lost body parts (hands, legs, or eyes) may be made immediately after the insurance event occurs or after the end of treatment.
Certification of complete paralysis and the inability to recover the function of the body parts or total blindness or physical injury of 81% or more shall be made no earlier than 180 days from the date of the insurance event or from the date the pathology is diagnosed.
c) Insurers and branches of foreign non-life insurers may add provisions for other cases to increase the total and permanent disability benefit for the insured person beyond the cases specified in points a and b of this clause.
2. In the case of insurance rules, conditions, and terms that provide for a waiting period (a period of time during which insurance events that occur will not be paid by the insurer or foreign non-life insurance branch for certain health insurance benefits), the following must be ensured:
a) The waiting period shall be calculated from the start date of the insurance term or the date of the most recent contract reinstatement.
b) No waiting period shall be applied in the case of accidents.
c) As for the case of diseases, the maximum waiting period is 90 days. As for the case where the insurer agrees to insure for pre-existing diseases, the maximum waiting period is 1 year;
d) As for maternity benefits, the maximum waiting period is 270 days;
dd) In the case of products with a waiting period outside the waiting period specified in points c and d of this clause, the insurer or branch of a foreign non-life insurer shall provide a clear explanation in the documentation explaining methods and factors for calculating premiums.
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a) A pre-existing disease is a medical condition or injury of the insured person that has been diagnosed or treated before the effective date or the date of the most recent reinstatement (nearest) of the insurance policy. In case an insurer or branch of a foreign non-life insurer adds additional symptoms or signs, only symptoms or signs that occurred within 36 months before the effective date or the date of the most recent reinstatement (nearest) of the insurance policy shall be considered. If the insurer or branch of a foreign non-life insurer knew of these symptoms or signs, it would not accept the insurance, would not accept the reinstatement of the insurance policy, or would accept the insurance with conditions, would accept the reinstatement of the insurance contract with conditions;
b) The determination of a pre-existing disease shall be based on medical records stored at hospitals or legally established medical facilities, medical documents issued by the Ministry of Health and competent authorities, or information provided by the policyholder, the insured person on the insurance claim or the supplementary information form.
4. In the case of insurance rules, conditions, and terms of a life insurance policy that provide for withdrawals from the cash surrender value, withdrawals from the cash surrender value must comply with the following provisions:
a) The interest rate for the withdrawal portion of the cash surrender value shall not exceed the cumulative interest rate announced by the insurer to customers plus 2%. In the case of no cumulative interest rate being announced, the withdrawal interest rate shall not exceed the investment rate of the policyholder fund that does not participate in the profit sharing in the previous financial year plus 2%.
b) If the insurance rules, conditions, and terms allow the policyholder to stop paying premiums and use the surrender value to maintain the validity of the policy, then they must comply with Article 37.4 of the Law on Insurance Business.
c) Withdrawals from surrender value do not apply to investment-linked and retirement products.
5. The insurance rules, conditions, and terms of investment-linked insurance policies and retirement insurance policies must clearly state the following:
a) Investment policy; investment objectives; asset allocation of the universal life fund (for universal life products), the voluntary retirement fund (for retirement insurance products); investment limits for each investment portfolio of each unit-linked fund (for unit-linked insurance products);
b) Purchase and sale transactions of unit-linked fund units and periodic valuation of unit-linked fund units (for unit-linked insurance products);
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d) Cases where the insurer may apply measures to protect and increase the benefits of the policyholder, including: closing a unit-linked fund to transfer assets to another unit-linked fund with the same investment objectives; changing the name of the unit-linked fund; splitting or merging existing unit-linked fund units; suspending the valuation of unit-linked fund units and transactions related to the insurance policy in the event that the stock exchange where the unit-linked fund is investing is temporarily suspended from trading; other measures at the request of competent authorities and legal regulations.
Insurers are responsible for notifying customers before applying these measures.
6. If the insurance rules, conditions, and terms provide for reinstatement of the policy, they must comply with the following provisions:
a) The rules, conditions, and terms must clearly state the conditions for reinstatement of the contract, the period, the documents, and the time of reinstatement of the policy;
b) The reinstatement of a life insurance policy must comply with Article 37.3 of the Law on Insurance Business.
7. As for the insurance rules, conditions, and terms of insurance products specified in point a of clause 6 of Article 32 of Decree No. 46/2023/ND-CP, insurers are responsible for reviewing and revising to comply with this Article from July 1, 2025.
1. The regulations on the rights and obligations of the policyholder must be consistent with Article 21 of the Law on Insurance Business.
2. As for investment-linked insurance policies, in addition to the rights and obligations set forth in Clause 1 of this Article, the policyholder also has the following rights and obligations:
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b) The policyholder is obliged to sign the documents provided by the insurer in accordance with Articles 29 and 30 of this Circular.
3. As for retirement insurance policies, in addition to the rights and obligations specified in Clause 1 of this Article, the policyholder also has the following rights:
a) The right to choose and change the sum insured during the validity of the insurance policy;
b) Temporarily close the retirement insurance account in case of inability to pay insurance premiums as prescribed in Article 121 of Decree No. 46/2023/ND-CP.
Article 14. Rights and obligations of insurers and branches of foreign non-life insurers
1. The provisions on the rights and obligations of insurers and branches of foreign non-life insurers must be consistent with Article 20 of the Law on Insurance Business.
2. As for investment-linked insurance policies and retirement insurance policies, in addition to the rights and obligations set forth in Clause 1 of this Article, the life insurer also has the following rights and obligations:
a) The right to collect fees charged to the policyholder as agreed in the insurance policy;
b) The obligation to notify the policyholder about the status of the insurance policy when the account value is insufficient to pay for the risk fee, policy management fee for the next month, leading to the risk of the contract becoming invalid; the obligation to advise and provide information to new policyholders about the risks of unit-linked insurance policy in the event of policy transfer;
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1. The insurance period is calculated from the time the insurer or branch of a foreign non-life insurer begins to accept insurance to the date the insurance ends. The insurance period must be specified in the insurance policy.
2. As for retirement insurance policies, it must clearly state the accumulation premium period and the time for receiving retirement insurance benefits.
Article 16. Effective date of the insurance policy
1. The insurer, branch of a foreign non-life insurer and the policyholder agree on the effective date of the insurance policy in accordance with Clause 2 of this Article.
2. The effective date of the insurance policy is one of the following cases:
a) If the policyholder and the insured are still alive at the time the insurance claim is approved by the life insurer, the effective date of the contract is the date the policyholder submits the complete insurance claim has paid the full insurance premium (provisional) of the insurance policy;
b) If the policyholder and the insured are still alive at the time the life insurer issues the insurance certificate, the effective date of the policy is the date the life insurer issues the insurance certificate, and the policyholder has paid the full insurance premium;
c) It is the time when the insurance policy is concluded between the non-life insurer or the branch of foreign non-life insurer and the policyholder.
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1. The insurance policy must clearly state the insurance premium amount, the premium payment period, the premium payment frequency, the premium payment method, the due date for payment, the extension period for payment, and the suspension of payment (if any), the mandatory premium payment period (if any).
2. In addition to meeting the provisions of Clause 1 of this Article, the investment-linked insurance policy and retirement insurance policy must also clearly state the method of allocating insurance premiums and the fees charged to the policyholder. The fees charged to policyholder must be in accordance with the provisions of Article 99 of Decree No. 46/2023/ND-CP. In the event of adjusting the fees charged to policyholder, the insurer is responsible for notifying customers within 3 months before applying the new rate.
1. The deadline for submitting the insurance claim and the deadline for claim payout must be in accordance with Articles 30 and 31 of the Law on Insurance Business. If the insurer or branch of foreign non-life insurer refuses to pay the insurance benefits, it must state the reason for the refusal in writing to the claimant for insurance benefits.
2. The insurance policy must clearly state the documents that the policyholder or branch of foreign non-life insurer needs to provide when claiming the insurance benefits. Insurers are not allowed to request evidence of the insurance event that the policyholder cannot access or collect in accordance with the relevant laws.
3. In case an insurer or branch of a foreign non-life insurer needs to collect additional documents to serve the claim adjudication in addition to the documents specified in Clause 2 of Article, the cost of collecting documents shall be borne by the insurer or branch of foreign non-life insurer.
Article 19. Dispute resolution methods
The regulations on dispute resolution are set out in Article 32 of the Law on Insurance Business.
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Section 1. APPOINTED ACTUARIES
Article 20. Duties of actuaries of insurers, reinsurers, and foreign branches in Vietnam
1. To ensure financial stability, insurers, reinsurers, and foreign branches in Vietnam must use qualified actuaries who meet the conditions and standards set out in Article 29 and Article 30 of Decree No. 46/2023/ND-CP to perform the following tasks:
a) Calculate insurance premiums and participate in the development of rules, conditions, and terms of insurance and reinsurance products; confirm insurance premiums and other fees charged to policyholders (for linked investment and retirement products) are based on statistical data ensure the economic and technical feasibility of the product, comply with legal regulations and ensure the claim paying ability of insurers, reinsurers, and foreign branches in Vietnam; annually assess the difference between the presumptive costs and actual costs of each product;
b) Calculate technical reserves in accordance with legal regulations;
c) On a monthly basis (for life insurers, health insurers), quarterly and annually (for non-life insurers, reinsurers, and foreign branches in Vietnam), assess the claim paying ability of insurers, reinsurers, and foreign branches in Vietnam and confirm in the claim paying ability report submitted to the Ministry of Finance in accordance with legal regulations;
d) Report promptly in writing to the General Director (Director), the Board of Directors (Board of Members) about any abnormal issues that could adversely affect the financial situation of the company and branch and propose remedial measures. In serious cases that could affect the claim paying ability of insurers, reinsurers, and foreign branches in Vietnam, within 5 working days from the date of detection, the actuary must report in writing to the Ministry of Finance;
dd) Evaluate the reinsurance program before submitting it to the General Director (Director) and Board of Directors (Board of Members) for approval;
e) Confirming the transfer of material insurance risks in reinsurance policies;
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h) Collaborate with the risk management department to identify risk assessment and measurement models and prepare stress test reports and reports on the risk management situation of insurers, reinsurers, and foreign branches in Vietnam;
i) Other tasks to ensure financial stability for companies and branches.
2. In addition to the tasks specified in Clause 1 of this Article, actuaries of life insurers must perform the following tasks:
a) Re-evaluate the illustrative interest rates used in sales illustrations, product brochures at least annually and make adjustments if necessary;
b) Participate in the separation of owner’s fund and policyholders’ fund (premium source), and calculate the annual distribution of surplus of the policyholder fund on the basis of fairness, rationality, and compliance with the law. At the end of the financial year, the actuary shall prepare a written report on the financial performance, including a separate report on the separation of owner’s fund and policyholders’ fund, a surplus distribution report, and a proposal for the amount of interest to be paid to each policyholder for the competent authority of the company to decide;
c) Annually, evaluate the compliance with legal regulations on the implementation of investment-linked insurance products and retirement insurance of insurers;
d) Quarterly and annually, report in writing to the Board of Directors (Board of Members) and the General Director (Director) on the current financial situation and Members), the General Director (Director) on the actual financial situation, forecast of future financial situation of the company, branch; the investment activities of the company, branch, in which the risks arising are stated and proposals on investment assets, investment term of each type of asset to ensure that the investment term of the investment asset is commensurate with the term of the investment asset and responsibility that has been committed under the insurance contract.#
3. In addition to the tasks specified in Clause 1 of this Article, actuaries of non-life insurers, health insurers, reinsurers, and foreign branches in Vietnam must perform following tasks:
a) Participate in separating owner’s fund and policyholders’ fund in accordance with legal regulations;
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c) Quarterly and annually, report in writing to the Board of Directors (Board of Members), the General Director (Director) on the actual financial situation, forecast of future financial situation of the company, branch; the investment activities of the company, branch, in which the risks arising are stated and proposals on investment assets, investment term of each type of asset to ensure that the investment term of the investment asset is commensurate with the term of the investment asset and the responsibility that has been committed under the insurance contract; the situation and forecast of the future situation of losses, reserves, and insurance business efficiency.#
4. Annually, no later than 90 days after the end of the financial year, actuaries report to the Ministry of Finance on issues related to their duties according to Report Form No. 13 -NT Appendix VIII (for life insurers), Report Form No. 10-SK Appendix IX (for health insurers); Report form No. 14-PNT Appendix VI (for non-life insurers, reinsurers, foreign branches in Vietnam) issued together with this Circular.
Section 2. PROFESSIONAL PRACTICES
1. Insurers and branches of foreign non-life insurers are allowed to use any methods to calculate insurance premiums for insurance products, subject to meeting the following requirements:
a) Insurance premiums for insurance products and fees charged to policyholders for insurance products of investment-linked insurance and retirement insurance must be calculated based on statistical data, in accordance with the provisions of law and ensuring the financial safety and solvency of insurers and branches of foreign non-life insurers and must correspond to the insurance conditions and responsibilities, honoring the policyholder’s benefits;
b) Insurance premiums and fees must be fair and reasonable to policyholders;
c) Insurance premiums must be determined based on age, gender, health status and other characteristics of the insured, consistent with the characteristics of each product. In case a standard fee is applied to a group of insurance customers or to a group insurance policy, the insurer or branch of a foreign non-life insurer must clearly state the principles and methods used to determine that standard fee;
d) In the event of an increase or decrease in insurance premiums based on the group size, sum insured, or changes to the factors for calculating premiums leading to changes to the underlying risk; the principles and basis for the increase or decrease in premiums must be stated in the methods and factors for calculating premiums. The premiums after the decrease must be no lower than the net insurance premiums of the product. In the case of a premium reduction due to direct sales, where the insurer does not have to pay insurance commissions to insurance agents or insurance brokers, the maximum premium reduction shall not exceed the insurance commission ratio of the product as prescribed in Articles 51 and clause 3 Article 55 of this Circular;
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2. Within 6 months from the date of signing this circular, insurers and branches of foreign non-life insurers shall be responsible for establishing internal processes for developing and pricing of insurance products, which shall clearly show the criteria for each product line, the risk assessment process and risk mitigation methods for each product line, the product discontinuation and re-pricing process. The internal procedures for product development and pricing must be approved by the Board of Directors (Board of Members) or the General Director (Director). Compliance with the internal procedures for product development and pricing must be reviewed annually by internal audit.
3. Documentation explaining methods and factors for calculating premiums is set out in Appendix III attached to this Circular (for life insurer, health insurers) and Appendix IV attached to this Circular (for non-life insurers and branches of foreign non-life insurers).
Factors for calculating premiums for life insurance and health insurance products (including micro insurance products):
1. Insurance risk rates:
a) As for mortality risk rate, insurers and branches of foreign non-life insurers can use one of the following sources:
- The CSO 1980 mortality table specified in Appendix V of this Circular; adjusted rates based on this CSO 1980 mortality table;
- A mortality table built on the basis of actual data from the insurer or branch of foreign non-life insurer for a minimum period of 10 years;
- Mortality tables provided by the parent company of the insurer, branch of foreign non-life insurer, reinsurance company/reinsurance organization;
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b) As for other risk rates other than the mortality rate (such as hospitalization rate, disability rate, accident rate, medical expense rate, critical illness rate...), insurers and branches of foreign non-life insurers can use one of the following sources:
- Risk rates published by competent authorities;
- Risk rates built on the basis of actual data from the insurers and branches of foreign non-life insurers for a minimum period of 5 consecutive years;
- Risk rates provided by the parent company of the insurer, branch of a foreign non-life insurer, reinsurance company/reinsurance organization. In this case, the reinsurance company/reinsurance organization must meet the rating requirements specified in Article 33 of Decree 46/2023/ND-CP in the most recent financial year before the date of providing the reinsurance risk rate and must have experience in reinsurance for this type of risk in the Vietnamese or Asian market.
case of adjusting the risk rate, the insurer or branch of a foreign non-life insurer must provide an explanation for the reason. The use of risk rates provided by the reinsurance company/reinsurance organization must be consistent with the insurance benefits in the rules, conditions, and terms of the insurance product.
2. Assumptions about product implementation costs and profits of insurers and branches of foreign non-life insurers:
a) The assumptions about product implementation costs (fixed costs and variable costs) are determined based on statistical data and business plans of insurers and branches of foreign non-life insurers;
b) As for insurance products with a term of 1 year or less (including product contracts with a term of 1 year and annual renewal): insurers, branches of non-life insurers Foreign countries must ensure that assumptions about costs and profits included in insurance premiums do not exceed 60% of the total insurance premium;
c) As for health insurance products with a term of more than 1 year, insurers must ensure that the present value of the assumptions about costs and profits used in the calculation does not exceed 55% of the total insurance premium.
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a) Initial fees of investment-linked insurance products do not exceed the fees in the following regulations:
Initial fees of investment-linked insurance products paid in installments:
Payment year
Year 1
Year 2
Year 3 to year 5
Year 6 to year 10
From year 11 onwards
Initial fee/annual basic premium
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30%
20%
2%
0%
Initial fees of investment-linked insurance products paid in a lump sum: 10% of the lump-sum fee.
Initial fee for additional fee: 1.5% of the additional fee of each contract year and within the first 10 years of the insurance policy.
b) The initial fee of the retirement insurance product does not exceed 5% of the total insurance premium collected in the fiscal year. The initial fee for the additional fee paid does not exceed 1.5% of the additional fee of each contract year and within the first 10 years of the insurance policy;
c) The risk insurance premium for death and total permanent disability benefits of investment-linked insurance or retirement insurance products do not exceed 80% of the mortality rate according to the CSO 1980 mortality rate table specified in Appendix V issued with this Circular multiplied by the sum insured. In case an insurer applies a mortality rate higher than 80% of the CSO 1980 mortality rate table, it must explain the reasonableness and characteristics of the customer group; for which the higher rate is applied;
d) Fund management fees for universal life funds and voluntary retirement funds do not exceed 2%/year. As for unit-linked funds, the maximum fund management fee is based on the investment policy of each unit-linked fund and does not exceed 2.5%/year for a fund with investment proportion not less than 70% in stocks, 1.5%/year for a fund with investment proportion not less than 70% in bonds and 1%/year for a fund with investment proportion not less than 70% in deposits and other fixed income assets. As for unit-linked funds with other investment proportions, the maximum fund management fee is calculated as the weighted average of the investment assets in the fund with the maximum level of the funds mentioned above.
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5. In case of amendments to the factors for calculating premiums of life insurance and health insurance products approved by the Ministry of Finance before this Circular comes into force, the amendments related to the factors for calculating premiums at the request of the company must be in accordance with this Circular.
Article 23. Methods and factors for calculating micro insurance premiums of mutual microinsurers
1. Mutual microinsurers are allowed to use any methods to calculate premiums for members, subject to meeting the following requirements:
a) The premium must be based on statistical data, in accordance with the laws and regulations, and ensure the financial stability of the mutual microinsurer and must be commensurate with the terms and benefits provided for microinsurance participants;
b) The premium must ensure reasonableness and fairness to microinsurance participants;
c) As for life and health insurance benefits, insurance premiums must be determined based on age, gender, health status and other characteristics of the microinsurance participants, consistent with the characteristics of each product. In case of applying a standard premium for all microinsurance participants, the mutual microinsurer must clearly state the principles and methods for determining that standard premium;
d) Mutual microinsurers must register with the Ministry of Finance the principles of increasing and reducing premiums for participants based on the performance of microinsurance activities and in accordance with the organization's charter.
2. The net premium of a microinsurance product is determined on the basis of insurance risk rates from one of the following sources:
a) The CSO 1980 mortality table issued together with Appendix V of this Circular or other mortality rates that are appropriate to the characteristics of the product;
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c) Information and data published by competent authorities;
d) Other reference sources including: risk rates of insurance markets similar to the Vietnamese insurance market; rates provided by reinsurance companies/reinsurance organizations; adjusted rates from the rates provided by reinsurance companies/reinsurance organizations in line with the Vietnamese insurance market. In this case, the mutual microinsurer is responsible for proving the suitability and rationality of using these reference sources.
3. The mutual microinsurer shall determine the insurance cost ratio in the gross premium based on statistical data on the costs of implementing microinsurance and the product implementation plan. In case there is no statistical data, the mutual microinsurer is allowed to apply a maximum cost ratio not more than 60% of the gross premium.
4. In case of amendments to the factors for calculating premiums for microinsurance products that have been registered with the Ministry of Finance, the mutual microinsurer must demonstrate the suitability of the amendments based on statistical data during the product implementation period and have the confirmation of a microinsurance actuary.
1. Insurers and branches of foreign non-life insurers may apply any method for calculating premiums for microinsurance products that prevent risks to their property, subject to meeting the following requirements:
a) The premium is built to comply with point d clause 2 Article 87, clause 3 Article 144 of the Law on Insurance Business and Clause 3, Article 3 of Decree No. 21/2023/ND-CP dated May 5 2023 of the Government on microinsurance and in accordance with the claim paying ability and basic protection needs of the policyholder;
b) The premium includes net premium, product implementation costs, and expected profit. Net premium, product implementation costs, and expected profit shall be built in accordance with clauses 2 and 3 of this Article;
c) Register the methods and factors for calculating premiums corresponding to the benefits to meet the basic protection needs of the policyholder against property risks. Premium increases must be based on factors that increase the insured risks. Premium reductions must ensure that the premium after the reduction is not less than the net premium in any case and is based on one or more factors that reduce, disperse, share risk, or reduce product implementation costs. In case of premium reduction due to direct sales, the amount of premium reduction shall not exceed the insurance agent commission rate as prescribed in Article 51 of this Circular.
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a) The net premium is determined based on the actual statistical data of the non-life insurer or branch of foreign non-life insurer, ensuring scale and continuity over a minimum time series of 3 consecutive years.
b) In case the statistical data does not meet the scale and continuity requirements as prescribed in point a of this clause, the non-life insurer or branch of foreign non-life insurer may use the following sources to determine the net premium:
- Net premium published by competent authorities;
- Public and official statistical data published by competent domestic organizations to determine net insurance premiums;
- Net premium provided by the parent company or foreign reinsurance company/reinsurance organization. In this case, the reinsurer must be rated at least "BBB" according to Standard & Poor's or Fitch, "B++" according to A.M.Best, "Baal" according to Moody's or equivalent ratings from other organizations with the function and experience of rating at the latest financial year compared to the time of submitting the application for registration of methods and factors for calculating premiums and must have experience in reinsurance for this type of risk in the Vietnamese or Asian market. In case of adjusting the net premium of the reinsurance company/reinsurance organization (increase or decrease), the insurer or branch of a foreign non-life insurer must provide an explanation for the reason. The use of net premium provided by the reinsurance company/reinsurance organization must be consistent with the insurance benefits that the insurer or branch of foreign non-life insurer plans to provide in the rules and terms of the insurance product.
3. Short-term net premium (insurance period of less than 1 year) or long-term net premium (insurance period of more than 1 year and not more than 5 years) shall be determined on the basis of the net premium for a one-year insurance period and must have an explanation of the assumptions for allocating risk corresponding to the insurance period.
4. Non-life insurers and branches of foreign non-life insurers in Vietnam must clearly explain the basis and method of building assumptions about costs and profits included in the premium.
5. Documentation explaining the methods and factors for calculating premiums is set out in Appendix IV issued with this Circular.
Article 25. Methods and factors for calculating insurance premiums for motor vehicle insurance
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a) The premium shall comply with Point d, Clause 2, Article 87 of the Law on Insurance Business;
b) The premium includes net premium, product implementation costs, and expected profit. Net premium, product implementation costs, and expected profit shall be built in accordance with clauses 2, 3, 4 of this Article;
c) The following risk-related elements shall be used as the factors for calculating insurance premiums: Vehicle type as defined by the law on road traffic; business purpose (business vehicle, non-business vehicle); vehicle use purpose (passenger vehicle, cargo vehicle, special-purpose vehicle); vehicle production year. In case of applying additional risk-related elements in addition to the elements mentioned above, non-life insurers and branches of foreign non-life insurers shall ensure that they have data in accordance with Point a, Clause 2, Article 25 of this Circular;
d) The specific cases and grounds for increasing or decreasing the premium shall be registered.
Premium increases must be based on factors that increase the insured risks.
Premium reductions must ensure that the premium after the reduction is not less than the net premium in any case and is based on one or more factors that reduce, disperse, share risk, or reduce product implementation costs of motor vehicle products, including the number of vehicles insured, the choice of deductible, deductible amount, the claims history, the distribution method for the product, and other factors (if any).In case of premium reduction due to direct sales, the amount of premium reduction shall not exceed the insurance agent commission rate as prescribed in Article 51 of this Circular;
dd) The premium of additional insurance clauses shall be commensurate with the insurance conditions and liabilities; in case the additional clause expands the coverage of insurance, the premium shall be increased; in case the additional clause narrows the coverage of insurance, the premium shall be reduced but in no case shall it be reduced to less than the net premium.
2. Net premium is the premium amount that is intended to ensure the fulfillment of obligations that have been committed to the policyholder, corresponding to the insurance terms and conditions. Non-life insurers and branches of foreign non-life insurers may build net premiums for a one-year insurance period of motor vehicle products, subject to meeting the following requirements:
a) The net premium is determined based on the actual statistical data of the non-life insurer or branch of foreign non-life insurer, ensuring scale and continuity over a minimum time series of 5 consecutive years.
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- Net premium published by competent authorities;
- Public and official statistical data published by competent domestic organizations to determine net insurance premiums;
- Net premium provided by the parent company or foreign reinsurance company/reinsurance organization. In this case, the reinsurer must be rated at least "BBB" according to Standard & Poor's or Fitch, "B++" according to A.M.Best, "Baal" according to Moody's or equivalent ratings from other organizations with the function and experience of rating at the latest financial year compared to the time of submitting the application for registration of premium-charging methods and bases and must have experience in reinsurance for this type of risk in the Vietnamese or Asian market. Imp case of adjusting the net premium of the reinsurance company/reinsurance organization (increase or decrease), the insurer or branch of a foreign non-life insurer must provide an explanation for the reason. The use of net premium provided by the reinsurance company/reinsurance organization must be consistent with the insurance benefits that the non-life insurer or branch of foreign non-life insurer plans to provide in the rules and terms of the insurance product.
b) Net premium is determined specifically for each risk or for a number of the following risks: collision, collision (including collision with other objects); overturn, fall, sink, fall; being hit by other objects; fire, explosion; natural disasters; theft; and other risks (if any).
3. Short-term net premium (insurance period of less than 1 year) or long-term net premium (insurance period of more than 1 year) shall be determined on the basis of the net premium for a one-year insurance period and must have an explanation of the assumptions for allocating risk corresponding to the insurance period.
4. Non-life insurers, branches of foreign non-life insurers must ensure that assumptions about costs and profits included in insurance premiums do not exceed 50% of the total insurance premium.
5. Documentation explaining the methods and factors for calculating premiums is set out in Appendix IV issued with this Circular.
1. The policyholder shall pay the insurance premium when entering into an insurance policy with a non-life insurer or branch of a foreign non-life insurer.
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a) In case of payment of insurance premiums in lump sum: The premium payment period must not exceed 30 days from the start date of the insurance period. In case the insurance period is less than 30 days, the premium payment period does not exceed the insurance period.
b) In case of payment of insurance premiums in installments: The premium payment period of the first installment shall not exceed 30 days from the start date of the insurance period under the insurance policy. The subsequent installments shall be paid in accordance with the agreement between the insurer, the branch of the foreign non-life insurer and the policyholder of the initially signed insurance policy. insurer/branch of foreign non-life insurer and policyholder are not allowed to agree to change the premium payment period during the entire policy implementation process. In all cases, the premium payment period does not exceed the insurance period under the insurance policy.
c) In case of cargo insurance for customers with multiple insured shipments in the year or insurance for customers with many the insured trips in the year, if the non-life insurer/branch of foreign non-life insurer and the policyholder have signed a principle insurance policy (or open policy) on the way to participate in insurance and payment methods, then the premium payment periods for insurance policies with an insurance term starting in this month must not be later than the 25th of the following month.
3. When the insurance policy has been concluded and the non-life insurer or branch of the foreign non-life insurer has an agreement to give the policyholder a grace period to pay the insurance premium, the premium payment extension must be specified in the insurance policy and is only applicable when the policyholder has collateral or guarantees to pay the insurance premium.
Article 27. Provision of insurance products
1. Insurers and branches of foreign non-life insurers may only provide insurance products in accordance with the content and scope of operations specified in their license.
2. The provision of insurance products through bidding must comply with the law on insurance business and the law on bidding.
3. When entering into an insurance policy, the insurer or branch of foreign non-life insurer is responsible for providing the policyholder with the following documents:
a) Insurance rules, conditions, and terms;
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c) Sales illustration materials for life insurance products;
d) Insurance certificate or insurance policy application or other forms as prescribed by law;
dd) Insurance application form, questionnaire related to the insured risks, insured subject matters.
4. The documents specified in Clause 3 of this Article are part of the insurance policy. Insurers and foreign branches are responsible for ensuring the consistency of the information stated in the documents specified in Points a, b, c and d, Clause 3 of this Article.
5. As for insurance products in investment-linked insurance, endowment insurance, pure endowment insurance, annuities, retirement insurance:
a) Life insurers are responsible for providing the documents specified in Points b, c and d, Clause 3 of this Article in paper copy to the policyholder. The consideration period for participating in insurance is calculated from the date on which the policyholder confirms that they have received the hard copy of the above documents.
b) The provision of the documents specified in Points a and d of Clause 3 of this Article shall be carried out in the forms agreed upon in the insurance policy. The insurer is responsible for providing paper copies to the policyholder in case the policyholder requests them.
6. As for life insurance and health insurance products other than the insurance products specified in Clause 5 of this Article, the provision of documents specified in Clause 3 of this Article is carried out in the forms agreed upon in the insurance policy. The insurer is responsible for providing paper copies to the policyholder in case the policyholder requests them.
7. Insurers and branches of foreign non-life insurers must meet the requirements specified in Point b, Clause 3, and Clause 5 of this Article from July 1, 2024.
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Summary of insurance rules, conditions, and terms shall at least contain the following:
1. The benefits of the insurance product, the conditions for receiving the benefits (if any);
2. Insurance liability exclusion clauses;
3. Contract term, premium payment period;
4. Clearly state the obligation to declare truthful information and legal consequences in case the policyholder does not declare truthful information;
5. Consideration period for participating in insurance (for policies with a term of more than 1 year);
6. Fees charged to policyholders for investment-linked insurance and retirement insurance products;
7. Investment benefits and investment risks that policyholders may encounter when participating in investment-linked insurance products;
8. Benefits received in the event of early termination of the insurance policy, early termination fees (if any);
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10. Other notes on insurance rules, conditions, and terms (if any).
Article 29. Sales illustration materials for life insurance products
1. Sales illustration materials for life insurance products developed by insurers must ensure:
a) The assumptions used to calculate the illustrated benefits have the approval of a qualified actuary before being provided to the policyholder. These assumptions must be reviewed by the actuary at least annually to reflect the current interest rates, investment activities of the company, and macroeconomic trends;
b) As for products with cash surrender values, the sales illustration materials must clearly state the conditions for receiving the cash surrender value according to the policy terms and conditions, and the benefits, including the specific amount that the policyholder will receive when receiving the cash surrender value, and whether these benefits are guaranteed or not;
c) The font used in sales illustration materials is Times New Roman, with a minimum font size of 12 or another font with an equivalent size;
d) There is an information section to remind the policyholder about compliance with the provisions of the insurance policy to ensure their rights and interests when participating in insurance, especially the obligation to pay premiums and declare information. As for insurance policies with a term greater than 1 year, the sales illustration materials need to clearly inform the policyholder that entering into a policy is a long-term commitment, and that canceling the policy may result in the policyholder not receiving a value equivalent to the premiums paid.
dd) The presentation is clear, easy to understand, and avoids creating unrealistic expectations in the policyholder about the amount of money they may receive.
2. Sales illustration materials for investment-linked insurance products are set out in Form 22-NT (for unit-linked life insurance products), Form 23-NT (for unit-linked variable life insurance products) in Appendix VIII to this Circular. Sales illustration materials for retirement insurance products are set out in Form 24-NT in Appendix VIII to this Circular.
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a) The name and address of the insurance agent;
b) Authorized agent activities under the insurance agent contract;
c) If an insurance agent carries out all insurance agency activities as prescribed in Clause 5, Article 4 of the Law on Insurance Business: sales illustration materials must show the names and insurance agent license numbers of the employees in that organization;
d) If an insurance agent carries out one or several insurance agency activities as prescribed in Clause 5, Article 4 of the Law on Insurance Business and the insurer signs an additional individual agent contract to perform agency activities for the same insurance policy: Sales illustration materials must show the names and insurance agent certificate numbers of the employees in that organization and insurance agency certificates of individual agents of insurers.
4. Sales illustration materials must have the policyholder's confirmation that they have been fully consulted and clearly understand the contents of the sales illustrations materials.
1. The insurance application form must include a confirmation section from the policyholder that they have been clearly and fully explained about the benefits of the insurance product and are aware of the characteristics of the product they have chosen. For cases of participating in insurance through an agent who is a credit institution, a foreign bank branch, the confirmation section must also include the content that the policyholder participates in insurance on a voluntary basis, not under duress.
2. Questionnaires related to the insured risks and insurance subject matters include:
a) Health declaration questionnaire of the insured (for insurance products requiring health declaration) declared and confirmed by the policyholder;
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3. The insured's health declaration questionnaire must ensure:
a) Questions about health and medical terms must be clear so that the policyholder or the insured can clearly understand and declare fully and accurately. In case an insurer or branch of a foreign non-life insurer raises unclear questions or does not specify the time or duration of the request for information, the policyholder's failure to answer these questions correctly will not be considered a violation of the obligation to provide information;
b) The declaration of medical history, information about signs and symptoms related to illness does not exceed 3 years. cases where there are questions requiring the declaration of information exceeding 3 years, the insurance company must clearly specify the diseases that need to be declared and clearly instruct the policyholder or the insured person about the information that needs to be declared.
4. The questionnaire to assess the policyholder's financial capacity must ensure:
a) Include at least the following: total income (for individual policyholders), expected premium payment and expected premium payment period;
b) These questions must have specific criteria and standards to be able to assess the level of suitability of the insurance product that the policyholder plans to participate in with the policyholder's financial capacity. Insurance agents are only allowed to advise insurance products that are suitable for the policyholder's financial capacity within the scope of the standards set by the insurer.
5. The questionnaire to assess the level of risk acceptance in investment must ensure:
a) Include at least the following: assessment of the policyholder's risk appetite, investment experience;
b) These questions must be clear and specific to be able to determine the level of risk acceptance of the policyholder, at least detailed according to five (5) groups: Conservative investors; moderate investors; balanced investors; low-risk investors; high-risk investors.
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7. Insurers and branches of foreign non-life insurers must meet the requirements specified in this Article from July 1, 2024.
Article 31. Brochures for life insurance and health insurance products
1. Brochures of an insurance product must meet the following requirements:
a) Introduce basic features of the insurance product;
b) Honestly reflect basic information in the rules, conditions, and terms of insurance products, clearly state insurance benefits and exclusions of insurance liability, and not provide unclear information that may mislead the policyholder about the benefits of the product;
c) If provided through an insurance agent or insurance broker, the brochure must clearly state that this is an insurance product provided by an insurer, a branch of a foreign non-life insurer, and not a product of the insurance agent or insurance broker; participation in the insurance product is not a mandatory requirement to perform or enjoy any other service of the insurance agent or insurance broker.
d) The font used in brochure is Times New Roman, with a minimum font size of 12 or another font with an equivalent size.
2. Brochure for investment-linked insurance must meet the requirements of Clause 1 of this Article and include the following:
a) Investment policies, investment objectives, asset investment structure, committed minimum investment interest rate of the universal life fund (for universal life insurance products); types of existing unit-linked funds, investment policies, types of investment assets, investment asset allocation ratio of each fund (for unit-linked insurance products);
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c) Clear information that the policyholder will enjoy the entire return on the investment and will bear the full investment risk from the unit-linked funds they have chosen (for unit-linked fund products), the investment-linked insurance policy is a long-term commitment and the policyholder should not cancel the policy because the fees charged to the policyholder may be very high in the early stages of the policy;
d) Performance results of the existing unit-linked funds in the most recent 5 fiscal years, or the entire period that the fund has been established and operating if it is less than 5 years (for unit-linked fund products). The insurer must clearly state that this information is historical performance for reference purposes and is not a guarantee of the future performance of unit-linked funds. Past investment results used as a reference must be consistent with the unit-linked product and the unit-linked funds being introduced.
3. Brochure for retirement insurance must meet the requirements of Clause 1 of this Article and include the following:
a) Investment policies, objectives and asset investment structure of the voluntary retirement fund, minimum investment interest rate committed to the policyholder for the premium allocated to the retirement insurance account;
b) Rates and maximum amounts of fees charged to the policyholder;
c) Clear information for the policyholder to know that entering into a retirement insurance policy is a long-term commitment and the retirement insurance account cannot be withdrawn early except in the cases specified in Article 119 of Decree No. 46/2023/ND-CP;
d) As for insurance products that do not belong to the retirement insurance as prescribed in Section 3, Chapter VII of Decree No. 46/2023/ND-CP, in the brochure, the insurer may not use the trade name as retirement insurance or other names that may mislead the policyholder that these products provide additional income for the insured when they reach the end of their working age.
Article 32. Information and advertising on life insurance products
1. Information and advertising about life insurance products must comply with law. Insurers shall be liable for their advertising information about insurance products.
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a) They must be presented in Vietnamese, in a clear and easy-to-understand manner that is unambiguous and does not mislead. The information must be accurate, objective, up-to-date, and relevant to the current situation. Special concepts and terms must be fully explained;
b) Insurers are not allowed to use the names, information, symbols, images, status, reputation, correspondence of government agencies, government officials, or other government agencies to advertise, promote, or solicit the purchase of life insurance products.
3. Advertising materials for unit-linked insurance products must ensure:
a) They must meet the requirements of Clause 2 of this Article.
b) The content must be clear and unambiguous, and must not mislead consumers into thinking that unit-linked funds are fixed-income or guaranteed-return investments;
c) The advertising materials must not contain any statements that could mislead consumers into thinking that the value of their investment will always increase or is guaranteed to be profitable; insurers may not make any guarantees or assurances about the future performance of unit-linked funds;
d) When using third-party reviews and comments or voting results or performance rankings to advertise or introduce unit-linked insurance products, insurers and relevant organizations and individuals must use information that is reliable, objective, based on comparisons, real data, and events. The information must be publicly announced or made publicly available by a recognized financial and statistical information provider; clearly state the reference source including the document name, name of the publishing organization and time of publication;
dd) The advertising materials must not imply that the government guarantees the content of the advertising, marketing, investment strategy, or investment objectives of the unit-linked fund, or guarantees the assets of the unit-linked fund, the unit fund value, the profitability, or the risk of the unit-linked fund;
e) The advertising materials must not contain any information that could lead consumers to misunderstand the profitability of the unit-linked fund or the benefits of the unit-linked insurance product;
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- Customers should carefully read the brochure, sales materials, summary of insurance terms, and important notes in the product policy before purchasing a unit-linked insurance product, paying attention to the fees associated with the product;
- Unit-linked insurance products are different from traditional insurance products, customers must bear all investment risks corresponding to the premium paid according to the type of risk of the unit-linked fund they have chosen;
- The value of the customer's insurance policy account may fluctuate depending on market conditions, and the customer may suffer losses on the premiums paid in the event of investment losses;
- Information about the performance of unit-linked funds in the past (if any) is for reference purposes only and does not mean that these funds will be profitable for customers in the future;
- Illustrative interest rates at unit-linked funds are for reference only and may increase or decrease depending on the actual investment performance of the unit-linked fund. It does not mean that this interest rate is guaranteed for customers in the future.
4. Annually, insurers are required to inform policyholders about the status of their endowment insurance policies with profit sharing, investment-linked insurance policies, and retirement insurance policies. The information on investment-linked insurance and retirement insurance policies must be provided in accordance with Forms 25-NT (for universal insurance policies), form No. 26-NT (for unit-linked insurance policies), form No. 27-NT (for retirement insurance policies) of Appendix VIII issued with this Circular. Insurers must send policyholders a report on performance of the universal insurance fund, unit-linked fund, and voluntary retirement fund in accordance with Forms 14-NT, 15-NT, and 16-NT in Appendix VIII to this Circular.
Article 33. Reinsurance and retrocession
1. Insurers, reinsurers, and foreign branches in Vietnam may reinsure or retrocede part of their insurance liability, but they may not reinsure or retrocede all of their insurance liability in a single insurance policy or reinsurance policy to one or multiple insurers, reinsurers, foreign insurance organizations that accept reinsurance, or foreign branches in Vietnam.
2. Insurers, reinsurers, and foreign branches in Vietnam must calculate the retention limit for each type of insurance and for each type of risk; the retention limit per risk or per individual loss. The retention limit of insurers, reinsurers, and foreign branches in Vietnam must meet the requirements of Clauses 4 and 5 of this Article.
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a) Legal regulations on solvency;
b) Exploitation capacity;
c) Financial ability;
d) The risk acceptance levels of insurers, reinsurers, and foreign branches in Vietnam;
dd) Arrangements for protection against major risks and catastrophic risks;
e) The balance of financial performance;
g) The components of the insurance policy portfolio;
h) Developments in the domestic and international reinsurance market.
4. The maximum retention limit per risk or per individual loss shall not exceed 10% of equity.
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a) The insured designates one or more specific foreign insurers or organizations to accept reinsurance and requires the insurer, reinsurer, or foreign branch in Vietnam to reinsure to one or more of those designated foreign insurers or organizations;
b) The insured designates one or more specific insurance brokers and requires the insurer, reinsurer, or foreign branch in Vietnam to arrange reinsurance through one or more of those designated insurance brokers.
In the case of reinsurance on the instruction of the insured, the foreign insurers, or organizations to accept reinsurance on the instruction of the insured must meet the requirements of Article 33 of Decree No. 46/2023/ND-CP.
6. Insurers, reinsurers, and foreign branches in Vietnam may accept reinsurance of the liability that other insurers, reinsurers, or foreign branches in Vietnam have insured. When accepting reinsurance, insurers, reinsurers, and foreign branches in Vietnam must assess the risk to ensure that it is appropriate for the solvency of the insurers, reinsurers, and foreign branches in Vietnam and that it does not accept reinsurance for the same risks that have been retroceded.
7. As for finite reinsurance, within 7 days from the date of signing the reinsurance policy, the insurer, reinsurer, or foreign branch in Vietnam must submit a written notification signed by the legal representative to the Ministry of Finance. The notification includes the main contents of the reinsurance policy, the purpose of signing the contract, and the commitment to comply with the laws and regulations on insurance business and the accounting system applicable to insurers, reinsurers, and foreign branches in Vietnam.
Article 34. Management of reinsurance and retrocession program
1. Approval of reinsurance and retrocession program:
a) To ensure safety and efficiency in reinsurance business activities, the Board of Directors (Board of Members) or General Director (Director) of the insurer, reinsurer, the Director of the foreign branch in Vietnam is responsible for approving the reinsurance and retrocession program in accordance with the financial capacity, business scale of the company, branch and current legal regulations; review, evaluate, and adjust the reinsurance and reinsurance program on an annual basis or when market conditions change;
b) The reinsurance and retrocession program shall at least contain:
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- Determining an appropriate retention limit for accepted insurance risks, including retention limit per unit of risk and maximum coverage from the foreign reinsurance company/organization;
- Identifying the types and methods of reinsurance most suitable for managing accepted risks;
- Methods, standards, and procedures for selecting a foreign reinsurance company/organization, including how to assess the level of risk and financial safety of that foreign reinsurance company/organization;
- A list of expected foreign reinsurance companies/organizations, taking into account diversification and the ranking of these reinsurers;
- Method of using the deposit of the foreign reinsurance company/organization (if any);
- Managing accumulation risk for certain sectors, geographic regions, and specialized products;
- Methods of controlling the reinsurance and retrocession program, including reporting and internal control systems.
2. Implementation of reinsurance and retrocession program:
Based on the approved reinsurance and retrocession program, the General Director (Director) of the insurer, reinsurer, and Director of foreign branch in Vietnam is responsible for promulgating internal processes and instructions on reinsurance business activities, including:
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b) Developing standards for facultative reinsurance contracts;
c) Compare the rules, conditions, and terms of the original insurance policy with the terms of the reinsurance policy to ensure that each risk is reinsured.
3. Insurers, reinsurers, and foreign branches in Vietnam are responsible for regularly updating the list of foreign reinsurance companies/organizations, along with information on the level of risk, ability, and willingness to pay compensation corresponding to the liability that has been accepted for reinsurance; deposit requirements corresponding to the level of risk and credit rating of each foreign reinsurance company/organization (if any).
1. Establishment method based on a fixed percentage of the total insurance premium of : insurance and reinsurance policies with a term of 1 year or less:
a) As for cargo insurance business transported by road, sea, inland waterway, railway, and air: 25% of the total insurance premium for the financial year of this insurance type, regardless of whether the policy is still in force or not.
b) As for other insurance types: 50% of the total insurance premium for the financial year of this insurance type, regardless of whether the policy is still in force or not.
2. Establishment method based on the coefficient of the insurance policy term:
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Unearned premium reserve
=
Premium
×
Unearned premium ratio
For example: The method of calculating the unearned premium reserve on December 31, 2023 is as follows:
As for insurance and reinsurance policies with a term of 1 year and still in force on December 31, 2023:
Expiration date of the insurance policy
Unearned premium ratio
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...
...
Quarter
2024
I
1/8
II
3/8
III
...
...
...
IV
7/8
As for insurance and reinsurance policies with a term more than 1 year: The unearned premium ratio according to the above formula will have a denominator equal to the term of the insurance policy (in years) multiplied by 8. Unearned premium reserve on December 31, 2023 of an insurance policy with a term of 2 years and still valid on December 31, 2023 is calculated as follows:
Expiration date of the insurance policy
Unearned premium ratio
Year
Quarter
2024
...
...
...
1/16
II
3/16
III
5/16
IV
...
...
...
2025
I
9/16
II
11/16
III
13/16
...
...
...
IV
15/16
b) The Twenty-fourths Method 1(1/24): This method relies on the basis that premiums of insurance policies, reinsurance policies issued within a month of the insurer/foreign branch in Vietnam/reinsurer are evenly allocated within that month, or in other words, all insurance and reinsurance policies of a specific quarter are assumed to take effect in the middle of that month. Unearned premium reserve is calculated as follows:
Unearned premium reserve
=
Premium
×
Unearned premium ratio
For example: The method of calculating the unearned premium reserve on December 31, 2023 is as follows:
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Expiration date of the insurance policy
Unearned premium ratio
Year
Month
2024
01
1/24
02
...
...
...
03
5/24
04
7/24
05
9/24
...
...
...
06
11/24
07
13/24
08
15/24
...
...
...
17/24
10
19/24
11
21/24
12
...
...
...
As for insurance and reinsurance policies with a term of more than 1 year: The unearned premium ratio according to the above formula will have a denominator equal to the term of the insurance policy (in years) multiplied by 24. Unearned premium reserve on December 31, 2023 of an insurance policy with a term of 2 years and still valid on December 31, 2023 is calculated as follows:
Expiration date of the insurance policy
Unearned premium ratio
Year
Month
2024
01
1/48
...
...
...
3/48
03
5/48
04
7/48
05
...
...
...
06
11/48
07
13/48
08
15/48
...
...
...
09
17/48
10
19/48
11
21/48
...
...
...
23/48
2025
01
25/48
02
27/48
03
...
...
...
04
31/48
05
33/48
06
35/48
...
...
...
07
37/48
08
39/48
09
41/48
...
...
...
43/48
11
45/48
12
47/48
c) Daily pro-rata method: This method may be employed for calculating the unearned premium reserve for insurance/reinsurance policies of different terms according to the following formula:
Unearned premium reserve
...
...
...
Premium x Number of remaining days of the insurance/reinsurance policy
Total number of days covered under insurance/reinsurance policy
Article 36. Methods, formulas, and bases for establishing claim reserves
1. Method of establishing claim reserves according to statistics on claim records: Under this method, insurers, foreign branches in Vietnam, and reinsurers must establish 2 types of reserves:
a) Claim reserve for incurred but not settled (IBNS) losses (by the end of the fiscal year):
As for non-life insurance: claim reserve is established for each insurance type based on the estimated claim amount for each loss that has been reported but has not been settled by the end of the fiscal year.
As for life insurance and health insurance: claim reserve is established for each claim application with the reserve amount on the basis of statistics on the sum insured that may have to be paid for each reported claim application but has not been settled by the end of the fiscal year.
b) Claim reserve for incurred but not reported (IBNR) losses is establish according to the following formula for each insurance type:
Claim reserve for incurred but not reported (IBNR) loss in current fiscal year
...
...
...
Total claim amount for IBNR losses incurred in 3 consecutive previous fiscal years
x
Claim amount incurred in current fiscal year
x
Net revenue of insurance business in current fiscal year
x
Average delay in claim reporting in current fiscal year
Total claim amount incurred in 3 consecutive fiscal years
Net revenue of insurance business in previous fiscal year
...
...
...
Where:
The claim amount incurred in a fiscal year includes the actual claim amount paid in the year plus the increase/decrease in the claim reserve for losses that have incurred under the insurance liability but have not been settled by the end of the fiscal year.
Average delay in claim reporting is the average time from the time a loss incurs until the insurer, foreign branch in Vietnam, or reinsurer receives the loss notice or claim application (calculated in number of days).
In case an insurer, foreign branch in Vietnam, or a reinsurer does not have sufficient statistical data to establish reserves for incurred but not reported losses according to the prescribed formula, the company, branch must establish reserves a rate of 3% to 5% of the insurance premium for each insurance types.
The provision at this point does not apply to life insurance for more than 1 year.
2. Method of establishing claim reserves according to the claims incidence rate:
This method is applied to establish claim reserves for each insurance type based on the principle of using past claim data to calculate claims incidence rate to predict the claim amount the insurer, foreign branch in Vietnam, or reinsurer must pay in the future. To calculate claim reserves using this method, insurers, foreign branches in Vietnam, and reinsurers need to analyze past data to ensure that claim payments over the years follow stable rules and there are no abnormalities.
For example: Calculating claim reserves using the claims incidence rate method for a certain insurance type on December 31, 2023:
- Step 1: Compile all actual claims payments paid until December 31, 2023, classified by year of loss and year of payment according to the following table (data is for illustrative purposes only):
...
...
...
Year of loss
Year of claims payment
1
2
3
4
5
6
7
...
...
...
2016
5.445
3.157
2.450
1.412
600
352
431
185
...
...
...
5.847
3.486
1.366
848
1.045
1.054
369
2018
...
...
...
4.854
1.948
2.554
1.680
489
2019
7.835
...
...
...
3.888
3.335
2.088
2020
9.763
6.517
...
...
...
3.984
2021
10.745
6.184
4.549
...
...
...
2022
14.137
8.116
...
...
...
2023
15.162
...
...
...
According to the above claims statistics table (year 2016 line):
The amount of actual claims paid in 2016 (first payment year) for losses incurring in 2016 is VND 5.445 million.
The amount of actual claims paid in 2017 (second payment year) for losses incurring in 2016 is VND 3.157 million.
The amount of actual claims paid in 2018 (third payment year) for losses incurring in 2016 is VND 2.450 million.
…………………..
The compilation of the amount of claims in subsequent years for losses incurred in 2016 is carried out in a similar manner until no further compensation is incurred. In this example, after 2023 (the eighth payment year), there are no more claims to be paid for losses incurring in 2016.
The compilation of the amount of claims for losses incurring in the years from 2017 to 2023 is carried out in a similar manner to 2016. The number of past years required to compile claims data will depend on the length of time from when the loss is incurred to when the loss is fully compensated. In general, liability insurance types require more years of past claims data to be compiled than other insurance operations.
...
...
...
Unit: million dong
Year of loss
Year of claims payment
1
2
3
4
5
6
...
...
...
8
2016
5.445
8.602
11.052
12.464
13.064
13.416
13.847
...
...
...
2017
5.847
9.333
10.699
11.547
12.592
13.646
14.015
...
...
...
5.981
10.835
12.783
15.337
17.017
17.506
2019
...
...
...
12.288
16.176
19.511
21.599
2020
9.763
...
...
...
19 843
23.827
2021
10.745
16.929
...
...
...
2022
14.137
22.253
...
...
...
2023
15.162
...
...
...
According to the above table of cumulative claims data (year 2016 line):
The cumulative claims amount for 2016 (first payment year) for losses incurring in 2016 is VND 5.445 million.
The cumulative claims amount for 2017 (second payment year) for losses incurring in 2016 is VND 3.157 million + VND 5.445 million = VND 8.602 million.
The cumulative claims amount for 2018 (third payment year) for losses incurring in 2016 is VND 2.450 million + VND 8.602 million = VND 11.052 million.
……………………
Step 3: Calculate the claims incidence rate over the years by dividing the cumulative claims data for the subsequent year by the previous year.
...
...
...
Claims incidence rate
2/1
3/2
4/3
5/4
6/5
7/6
8/7
2016
...
...
...
1,285
1,128
1,048
1,027
1,032
1,013
2017
1,596
1,146
...
...
...
1,090
1,084
1,027
2018
1,812
1,180
1,200
1,110
...
...
...
2019
1,568
1,316
1,206
1,107
...
...
...
2020
1,668
1,219
1,201
2021
...
...
...
1,269
2022
1,574
...
...
...
Average claims incidence rate
1,625
1,236
1,163
1,089
...
...
...
1,030
1,013
Then, calculate the average claims incidence rate from year 1 to year 2, from year 2 to year 3, from year 3 to year 4, etc., by calculating the mean value of the claims incidence rates of each column in the table above.
- Step 4: Use the average claims incidence rate calculated in step 3 to estimate the cumulative claims amount for each year for losses incurring in the years from 2016 to 2023 (bolded section in the table below):
Unit: million dong
Year of loss
Year of claims payment
1
2
...
...
...
4
5
6
7
8
2016
5.445
8.602
11.052
...
...
...
13.064
13.416
13.847
14.032
2017
5.847
9.333
10.699
11.547
...
...
...
13.646
14.015
14.197
2018
5.981
10.835
12.783
15.337
17.017
...
...
...
18.031
18.266
2019
7.835
12.288
16.176
19.511
21.599
22.614
...
...
...
23.595
2020
9.763
16.280
19.843
23.827
25.948
27.167
27.982
...
...
...
2021
10.745
16.929
21.478
24.979
27.202
28.481
29.335
29.716
...
...
...
14.137
22.253
27.505
31.988
34.835
36.472
37.566
38.055
2023
...
...
...
24.638
30.453
35.417
38.569
40.382
41.593
42.134
According to the table above (year 2023 line):
The cumulative claims amount for 2024 (second payment year) for losses incurring in 2023 is VND 15.162 million x 1.625 = VND 24.638 million (1.625 is the average claims incidence rate from year 1 to year 2).
...
...
...
The cumulative claims amount for 2026 (fourth payment year) for losses incurring in 2023 is VND 30.453 million x 1.163 = VND 35.417 million (1.163 is the average claims incidence rate from year 3 to year 4).
……………………..
The cumulative claims amount for each year for losses incurring in the years 2022, 2021, ..., 2016 are calculated similarly to 2023.
- Step 5: Estimate the claim reserve:
The claim reserve at the end of 2023 is estimated by subtracting the total amount of claims already paid for those losses on December 31, 2023 from the total amount of claims estimated to be paid for losses incurring in the years from 2016 to 2023, where:
The total amount of claims estimated to be paid for losses incurred in the years from 2016 to 2023 is the cumulative claims amount in the eighth payment year of the table above.
The total amount of claims already paid for losses incurring in the years 2016, 2017, ..., 2023 as of December 31, 2023 is the cumulative claims amount lying along the diagonal of the table above:
Unit: million dong
Year of loss
...
...
...
Estimated claim reserves on December 31, 2023
1
2
3
4
5
6
7
8
...
...
...
Total claim amount already paid until December 31, 2023
Estimated claim reserves
2016
...
...
...
14.032
14.032
14.032
0
2017
...
...
...
14.015
14.197
14.197
14.015
182
2018
...
...
...
17.506
18.266
18.266
17.506
760
2019
...
...
...
21.599
23.595
23.595
21.599
...
...
...
2020
23.827
28.346
...
...
...
23.827
4.519
2021
21.478
...
...
...
29.716
29.716
21.478
8.238
2022
22.253
...
...
...
38.055
38.055
22.253
15.802
2023
15.162
...
...
...
42.134
42.134
15.162
26.972
TOTAL
...
...
...
149.872
58.469
Thus, with the above claim statistics, the estimated claim reserves of insurance on December 31, 2023 is VND 58,469 million.
Article 37. Claim reserves for major losses for non-life insurance
1. Establishing claim reserves for major losses
a) Every year, non-life insurers, foreign branches in Vietnam, and reinsurers that provide non-life insurance must establish a reserve for major losses, even if the company or branch uses (or does not use) this reserve to compensate for major losses in the fiscal year;
b) The maximum annual establishment is 1% to 3% of the retained premiums by each insurance type;
c) The claim reserve shall be established until the amount of this reserve is equal to 100% of the retained premiums in the fiscal year of the non-life insurer, foreign branch in Vietnam, and reinsurer that provides non-life insurance.
2. Using claim reserves for major losses:
...
...
...
An insurance type is considered to have major losses when the total retained premiums in the fiscal year of the insurance type after establishing unearned claim reserves and claim reserves for unsettled claims are not enough to pay compensation for the retained liability of the company or branch for that insurance type.
b) The maximum amount that can be used from the reserves for major losses is calculated for each insurance type according to the following formula:
Amount used from reserve for major losses in the current fiscal year
=
Claim amount to be retained in the current fiscal year
-
Total insurance premium retained in the current fiscal year
-
Unearned premium reserve corresponding to the liability retained must be establish in the current fiscal year
...
...
...
Claim reserve corresponding to the retained liability in the current fiscal year
1. For health insurance policies with a term of more than 1 year, non-life insurers and health insurers can choose the following methods to establish mathematical reserves: The gross premium valuation, the net premium valuation, premium reserve method based on the contract term factor, or other methods in accordance with international practice.
In all cases, life insurers and health insurers must ensure that the reserve amount is not lower than that established by 1/8th method as specified in Point a, Clause 2 Article 35 of this Circular on the basis of gross premiums.
2. As for term life insurance, pure endowment insurance, endowment insurance, whole life insurance, and annuities, life insurers and reinsurers that provide life insurance business can choose the method to establish mathematical reserves for policies with a term of more than 1 year to ensure future insurance liabilities, such as: the gross premium valuation, the net premium valuation, Zillmer adjustment, or other methods in accordance with international practice.
In all cases, the mathematical reserve is now lower than the reserve calculated using any method and basis below:
a) Establishment methods:
For policies with a term of 5 years or less: Net premium method.
For policies of pure endowment insurance, whole life insurance, endowment insurance, annuities with a term of more than 5 years: 3% Zillmer adjustment. The adjusted net premium used to calculate the reserve must not be higher than 100% of the actual collected premiums.
...
...
...
b) Bases for establishment:
- 100% of the CSO 1980 mortality table and other technical bases suitable for the insurance benefits that the insurer commits to customers with the insurance product. In all cases, the mortality rate and other risk rates applied in the establishment of reserves must not be lower than the mortality rate and risk rates that the insurer uses to calculate premiums for the insurance product.
- The maximum technical interest rate does not exceed 80% of the average interest rate of government bonds with a term of 10 years or more issued in the 24 months immediately preceding the date of establishment of reserves. The technical interest rate used to establish reserves must not exceed the average investment rate of the insurer in the previous 4 (four) quarters and the premium interest rate of each insurance product.
The mathematical reserve is considered to be zero (0) in case the result of calculating the mathematical reserve is negative.
For example: In the 24 months immediately preceding the date of reserve establishment, Government bonds with a maturity of 10 years or more include 10-year, 15-year, 20-year, and 30-year terms, the maximum technical interest rate is calculated as follows:
; Average investment rate of the insurer in the previous 4 (four) quarters
; Premium interest rate of each product)
Where:
...
...
...
LS(TB)n: average interest rate of Government bonds with a term of n years issued in the 24 months immediately preceding the date of reserve establishment, as determined as follows:
LS(i): winning Government bond interest rate at the (i)th auction;
k: number of winning bids for Government bonds corresponding to a term of n years;
3. Insurance loss reserve for universal life insurance, unit-linked insurance, and retirement insurance products: is the greater of the reserve calculated using the unearned premium method or the reserve calculated using the cash flow method to meet all future insurance benefit payment costs throughout the contract term.
In particular, the reserve calculated according to the unearned premium method is equal to 100% of the risk fee collected during the period of the universal life insurance policy, unit-linked insurance policy or retirement insurance policy.
1. Reserve for published dividends:
For policies with dividends paid in cash:
...
...
...
=
Total value of cash dividends announced to be paid to policyholders in the current fiscal year
+
Accumulated value of cash dividends announced to be paid to policyholders in previous fiscal years but not yet paid
For policies with dividends paid in the form of accumulated dividends:
Dividend reserve
=
Present value of total accumulated dividends announced to be paid to policyholders until the current fiscal year
The basis for establishing dividend reserve is similar to the basis for establishing mathematical reserve. The actuary is responsible for ensuring that the establishment of the dividend reserve meets the obligations committed in the insurance policy and legal regulations.
...
...
...
The reserve for undeclared dividends is the value of the dividends that will be paid to policyholders in the future in order to ensure the regulations under Article 48 of this Circular. It is calculated as the assets of the policyholder fund with dividends minus the fund's liabilities, the capital support from the owner, and the dividends that have been allocated in the current year. The establishment of this reserve must ensure the following principles:
The annual establishment amount of this reserve shall not exceed 10% of the total surplus of the policyholder fund generated in that year;
The total value of the reserve for undeclared dividends at any time shall not exceed 0.5% multiplied by the average remaining term of the policies with dividends multiplied by the total liability of the policyholder fund at that time.
1. As for life insurance and health insurance: The annual establishment rate is 1% of the pre-tax profit of the insurer, which is established annually until the amount of this reserve is equal to 5% of the insurance premiums collected in the fiscal year of the company.
2. As for reinsurers and branches of reinsurers providing life insurance: The annual establishment rate is 1% of the pre-tax profit of the company, which is established until the amount of this reserve is equal to 5% of the life reinsurance premiums received in the fiscal year of the company.
3. As for non-life insurers, branches of foreign non-life insurers, and reinsurers providing health insurance: The annual establishment rate is as prescribed at point b, clause 1, Article 37 of this Circular. This reserve is used to pay claims when there is a large fluctuation in the risk rate leading to the total retained insurance premiums in the fiscal year after establishing the unearned premium reserve and the reserve for claims that have not been settled not being enough to pay the claims under the responsibility of the non-life insurer, foreign branch in Vietnam, reinsurer. The maximum amount that can be used is calculated according to the following formula:
Amount used in the current fiscal year
=
...
...
...
-
Total insurance premium retained in the current fiscal year
-
Unearned premium reserve corresponding to the liability retained must be set aside in the current fiscal year
-
Claim reserve corresponding to the retained liability in the current fiscal year
SECTION 4. TIME TO RECOGNIZE REVENUE
Article 41. Time to recognize revenues from non-life insurance, life insurance, and health insurance
1. Insurers and foreign branches of non-life insurers in Vietnam shall record gross premiums as revenues from insurance business as follows:
...
...
...
b) There is evidence that the insurance policy has been concluded and the policyholder has fully paid the premium;
c) When the insurance policy has been concluded and the insurer or foreign branch of non-life insurer has an agreement with the policyholder on the premium payment period as prescribed in points a and c, clause 2, Article 26 of this Circular, the insurer or foreign branch of non-life insurer shall record revenues from the premium that the policyholder must pay according to the agreement in the insurance policy at the beginning of the insurance period;
d) When the insurance policy has been concluded and there is an agreement for the policyholder to pay the premium in installments under the insurance policy, the insurer or foreign branch of non-life insurer shall record revenues from the premium corresponding to the period or periods of premium that have incurred, and shall not record revenues from the premium that has not yet come due for the policyholder to pay according to the agreement under the insurance policy.
2. Time to recognize revenues in the case of co-insurance: non-life insurers and branches of foreign non-life insurers shall record revenues from the original premium collected according to the coinsurance ratio as prescribed in Clause 1 of this Article.
3. Time to recognize revenues in the case of reinsurance: insurers, foreign branches in Vietnam, reinsurers shall record revenues from reinsurance premiums and other income arising from reinsurance activities according to the reinsurance payment statement that has been confirmed.
4. Time to recognize revenues in the case of retrocession: insurers, foreign branches in Vietnam, reinsurers shall record retrocession fees, retrocession commissions and other revenues arising from retrocession activities in the same period as the quarterly accounting period in which the original premium or corresponding reinsurance premium is recorded as a revenue.
5. As for the remaining revenues: insurers, foreign branches in Vietnam, reinsurers shall record into revenues immediately when a transaction is completed, with evidence of payment approval from the parties, regardless of whether the money has been received or not.
6. As for expenses recorded as decreases in revenue: insurers, foreign branches in Vietnam, reinsurers shall record a decease in revenue immediately when a transaction is completed, with evidence of approval from the parties, regardless of whether the money has been received or not.
7. Revenue from providing insurance auxiliary services: insurers, reinsurers, foreign branches in Vietnam shall record into revenue when the services are completed or when a part of the services are completed, regardless of whether the money has been received or not.
...
...
...
1. Non-life insurers, health insurers, reinsurers, foreign branches in Vietnam must separate owner’s fund and policyholders’ fund according to Article 101 of the Law on Insurance Business and meet the following requirements:
a) All transactions relating to assets, capital, revenues, and expenses that are directly related to a particular source shall be recorded separately for that source;
b) Revenues and expenses from insurance business shall be tracked separately by type of insurance;
c) Revenues and expenses from insurance business within and outside the territory of Vietnam shall be tracked separately;
d) Investment assets from owner’s fund and investment assets from idle capital from technical reserves shall be recorded and tracked separately;
dd) Revenues and expenses that are directly related to a particular activity of a non-life insurer, health insurer, or foreign branch shall be recorded directly for that activity. Common revenue and expenses shall be allocated on a reasonable and consistent basis.
c) Actuaries are responsible for ensuring that transactions involving multiple sources and insurance types must be gathered and allocated to each source and insurance type on a fair, reasonable, and consistent basis. At the end of the year, the actuary shall determine and adjust the allocation ratio of transactions related to many sources and insurance types to ensure that they meet the requirements in this Circular, in accordance with the principles registered with the Ministry of Finance and actual implementation of business.
2. The legal representative, actuary, and chief accountant of a non-life insurer, health insurer, reinsurer, or foreign branch in Vietnam shall be responsible for developing the principles for allocating revenues and expenses in accordance with this Circular and completing the registration procedures with the Ministry of Finance, separating the owner’s fund and policyholders’ fund, and accurately calculating the figures for the owner’s fund and policyholders’ fund. The Board of Directors, Board of Members of a non-life insurer, health insurer, reinsurer, or competent authority of a foreign branch in Vietnam shall be responsible for approving the principles for allocating revenues and expenses and supervising the implementation of these allocation principles after they are approved by the Ministry of Finance.
...
...
...
4. On an annual basis, a non-life insurer, health insurer, reinsurer, or foreign branch in Vietnam shall be responsible for reporting the separation of the owner’s fund and policyholders’ fund using the form specified by the Ministry of Finance and with the confirmation of an independent auditor.
5. In case the reinsurer or foreign reinsurer branch does not have an agreement to collect premiums and pay insurance benefits directly to the policyholder, the reinsurer or the foreign branch of a reinsurer shall not be required to separate the owner’s fund and policyholders’ fund in accordance with this Circular.
1. Determination of assets belonging to owner’s fund and policyholders’ fund is done as follows:
a) Assets belonging to the policyholders’ fund include assets formed from technical reserves and assets corresponding to accounts payable allocated to policyholders’ fund (excluding internal accounts payable between funds);
b) Assets belonging to owner’s fund include fixed assets, construction works in progress, investment real estate and other assets formed from owner’s fund and accounts payable allocated to owner’s fund.
2. Determination of owner’s fund and policyholders’ fund is done as follows:
a) Capital sources belonging to policyholders’ fund include:
Technical reserves;
...
...
...
b) Capital sources belonging to owner’s fund include:
Owner’s fund;
Debts which are directly related to the owner’s fund or allocated to the owner’s fund on the basis of corresponding allocation criteria.
3. Revenues from policyholders’ fund include:
a) Revenue from insurance business;
b) Revenue from investment of policyholders’ fund;
c) Other income which are directly related to the policyholders’ fund or allocated to the policyholders’ fund on the basis of corresponding allocation criteria.
4. Revenues from owner’s fund include:
a) Revenue from investment of owner’s fund;
...
...
...
c) Other income which are directly related to the owner’s fund or allocated to the owner’s fund on the basis of corresponding allocation criteria.
5. Costs of the policyholders’ fund:
a) Insurance claims costs after deducting reinsurance claim proceeds, technical reserves, insurance agent commission costs, insurance agent management costs; insurance agent rewards, support, and other benefits from insurance agent activities under the insurance agent contract;
b) Loss assessment costs, contract management costs by the leading insurer in the case of co-insurance, costs of preventing, limiting risk, loss, risk assessment costs of the insured subject matter, costs of settling 100% compensation for goods;
c) Costs for investment of policyholders’ fund;
d) Other costs directly related to policyholders’ fund or costs allocated to policyholders’ fund;
dd) Costs of using insurance auxiliary services directly related to policyholders’ fund;
e) General costs including management costs of the company and other costs allocated to policyholders’ fund on the basis of the allocation principle registered with the Ministry of Finance;
g) Other costs and deductions as prescribed by law.
...
...
...
a) General costs including management costs of the company and other costs allocated to the owner’s fund on the basis of the allocation principle registered with the Ministry of Finance;
b) Costs for agent services;
c) Costs for investment of owner’s fund;
d) Costs of using insurance auxiliary services directly related to owner’s fund;
dd) Costs of providing insurance auxiliary services;
e) Other costs which are directly related to the owner’s fund or allocated to the owner’s fund on the basis of corresponding allocation criteria.
7. Criteria for allocating some general operating costs:
a) Criteria for allocating some general operating costs between policyholders’ fund and owner’s fund:
Management costs: are allocated to policyholders’ fund and owner’s fund on the basis of statistics on the time served for each source;
...
...
...
b) Criteria for allocating some general operating costs between insurance types in the policyholders’ fund:
Management costs: are allocated on the basis of the proportion of total premium income of each insurance type;
Financial operating costs: are allocated on the basis of the proportion of invested assets of each insurance type;
Sales costs are allocated on the basis of the proportion of total premium income of each insurance type;
Direct operating costs of insurance business: Costs of appraising and issuing contracts are allocated according to premium income; Loss assessment costs are allocated according to the original amount of insurance claims.
c) In case non-life insurers, health insurers, reinsurers, and foreign branches in Vietnam use allocation criteria for general costs other than the criteria specified at points a and b of this clause, they must ensure fairness between the sources and be consistent with the actual operations of the company or branch.
1. If the policyholders’ fund is in deficit (i.e., the value of assets is lower than the amount of liabilities), the non-life insurer, health insurer, reinsurer, or foreign branch in Vietnam must make up the deficit using cash or deposits from the owner’s fund. If the policyholders’ fund has a surplus (i.e., the value of assets is higher than the amount of liabilities), the company or branch is entitled to a partial or full refund of the previously contributed amount, but without interest on the policyholders’ fund, provided that the refund does not make the policyholders' fund in deficit.
2. Non-life insurers, health insurers, reinsurers, foreign branches in Vietnam must record in writing all transactions related to the deficit compensation from the owner’s fund and the reimbursement from the policyholders’ fund to the owner’s fund. These transactions must be reflected on the policyholders’ fund and owner’s fund separation report with the confirmation of the actuary and the chief accountant of the company or branch.
...
...
...
1. Life insurers must separate, record, manage, and track the policyholders' fund and owner’s fund in accordance with Article 101 of the Law on Insurance Business. The policyholders' fund may be further separated, depending on the actual implementation of the life insurer’s activities and relevant legal regulations.
2. Separation and accounting of assets, capital, revenues, expenses, and financial performance of each fund must meet the following requirements:
a) All transactions relating to assets, capital, revenue, and expenses that are directly related to a particular fund shall be recorded separately for that fund;
b) Assets formed from a policyholders' fund shall be used to meet the liabilities and costs associated with that policyholders' fund's business transactions. Insurers are not allowed to use the assets of the policyholder fund to pay fines imposed on their violations or make advertisements unrelated to insurance products, or give charitable donations;
c) Revenues and expenses from insurance business within and outside the territory of Vietnam shall be tracked separately;
d) Actuaries are responsible for ensuring that transactions involving multiple funds must be gathered and allocated to each fund on a fair and reasonable basis. At the end of the year, the actuary shall determine and adjust the allocation ratio of transactions related to multiple funds to ensure that they meet the requirements in Article 46 of this Circular and actual implementation of business.
3. The legal representative, actuary, and chief accountant of the life insurer are responsible for the implementation of the fund separation and the accurate calculation of the data of the policyholders’ fund and owner’s fund.
4. Every year, life insurers shall submit a policyholders' fund and owner’s fund separation report in accordance with Form 08-NT in Appendix VIII of this Circular and with the confirmation of an independent auditor.
...
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a) Assets of policyholders' fund shall include: assets formed from insurance technical reserves and assets corresponding to liabilities allocated to the policyholders' fund (excluding internal liabilities between funds); for policyholders' fund of universal life insurance, unit-linked universal life insurance, and retirement insurance, the assets of these policyholders' funds shall at least include assets formed from customer account values and assets corresponding to liabilities allocated to policyholders' fund excluding internal liabilities between funds except for internal liabilities for the initial contribution of the owner when establishing the fund);
b) Assets of owner’s fund shall include: assets formed from owner’s fund, prepaid expenses, fixed assets, unfinished construction works, and surpluses belonging to the owner at policyholders’ funds as prescribed by law.
2. Determination of capital of the policyholder fund or owner fund is done as follows:
a) Capital of policyholders' fund shall include:
- Insurance technical reserves, excluding equalization reserve;
- Liabilities directly related to policyholders' fund or allocated to policyholders' fund on a corresponding basis.
b) Capital sources belonging to owner’s fund include:
- Owner’s equity;
- Debts which are directly related to the owner’s fund or allocated to the owner’s fund on the basis of corresponding allocation criteria;
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3. Revenues of policyholders' fund shall include:
a) Revenue from insurance business;
b) Revenue from investment of the policyholders’ fund;
c) Other income directly related to policyholders' fund or allocated to policyholders' fund on a corresponding basis.
4. Revenues of the owner’s fund include:
a) Revenue from investment of the owner’s equity;
b) Revenue from providing insurance auxiliary services;
c) Other income which are directly related to the owner’s fund or allocated to the owner’s fund on the basis of corresponding allocation criteria.
5. Expenses of the policyholders’ fund:
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b) Loss assessment costs, insurance agent management costs; insurance agent bonuses, support, and other benefits from insurance agent activities under the agreement in the insurance agent contract, prevention and limitation of losses, risk assessment costs of the insured subject matter;
c) Costs for the policyholders’ fund's investment ;
d) Costs of using insurance auxiliary services directly related to each policyholders’ fund;
dd) Other costs directly related to the policyholders’ fund;
e) General costs allocated to the policyholders’ fund under the fund separation principle registered with the Ministry of Finance;
g) Other costs and deductions as prescribed by law.
6. Expenses of the owner’s fund include:
a) General operating costs allocated to the owner's fund on the basis of corresponding allocation criteria, including salary and salary-related expenses, advertising costs, tax costs, fixed asset depreciation costs, office rental costs, office supplies costs, and other costs;
b) Costs for equalization reserve;
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d) Costs of using insurance auxiliary services directly related to owner’s fund;
dd) Other costs directly related to the owner’s fund or other general costs allocated to the owner’s fund under the fund separation principle registered with the Ministry of Finance.
7. Criteria for allocating some general operating costs:
a) Criteria for allocating some general operating costs between the policyholders’ fund and the owner’s fund:
- Management costs: are allocated to the policyholders’ fund and the owner’s fund based on statistics on the time served for each fund; each year, the life insurer is responsible for re-evaluating the allocation ratio based on the time served for each fund in the current financial year and deciding the cost allocation ratio applicable for the following financial year on the basis of ensuring fairness between funds and being consistent with the actual operating conditions of the company;
- Financial operating costs: are allocated on the basis of the proportion of invested assets of each fund.
b) Criteria for allocating some general operating costs between the policyholders’ funds:
- Management costs: are allocated between the policyholders’ funds based on the proportion of total premium revenue of each policyholders’ fund;
- Financial operating costs: are allocated on the basis of the proportion of invested assets of each policyholders’ fund;
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- Direct operating costs of insurance business:
Costs of appraising and issuing contracts are allocated based on new premium revenue;
Costs of assessing and paying insurance benefits are allocated based on the amount of original insurance payment.
c) In case life insurers use allocation criteria for general costs other than the criteria specified at points a and b of this clause, they must ensure fairness between the funds and be consistent with the actual operations of the company.
1. In case the policyholders' fund is in deficit (the value of assets is less than the total technical reserves and liabilities allocated to that policyholders' fund), the life insurer must be responsible for making up it with cash or deposits at financial institutions from the owner’s fund to that policyholders' fund at least by the deficit amount within a period of at least 3 months from the time of determining the deficit. When that policyholders' fund has a surplus, the company may be reimbursed in part or in full for the amount previously made up but may not earn interest on the policyholders' fund, provided that the reimbursement does not make the policyholders' fund deficit.
2. Life insurers shall not transfer assets or capital from the policyholders' fund to the owner’s fund, except in the following cases: Reimbursement of investment contributions to form the linked fund, voluntary retirement fund and corresponding interest (if any) in accordance with the Government's regulations; reimbursement of the amount that has been transferred from the owner’s fund to the policyholders' fund to compensate for the deficit in accordance with Clause 1 of this Article or transfer of surplus.
3. In case of maintaining multiple policyholders' funds, life insurers shall not transfer assets or capital between policyholders' funds, except for the allocation of fees for investment-linked insurance products and retirement insurance products. Life insurers shall not use the assets of one policyholders' fund to make up another policyholders' fund in deficit.
4. Life insurers must record in writing all transactions related to the compensation for deficits from the owner’s fund to the policyholders' fund and reimbursement from the policyholders' fund to the owner’s fund. These transactions must be reflected in the periodic report on policyholders’ fund and owner’s fund separation with the confirmation of the actuary and the chief accountant of the company.
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1. At the end of each fiscal year, life insurers may use all or part of the surplus of the policyholders' fund of life insurance policies with profit sharing to distribute to policyholders and owners. In all cases, life insurers shall be responsible for ensuring that all policyholders receive not less than 70% of the surplus of the total interest earned or the surplus difference between the actual and the assumed used in the premium calculation method and factors, including: assumptions about the risk rate related to insurance benefits, assumptions about investment rates, and assumptions about costs, whichever is greater. The determination of the surplus difference between the actual and the assumed used in the insurance premium calculation method and factors at this point does not apply to fiscal years prior to 2023.
2. Life insurers must be approved by the Ministry of Finance for the application or change of the method of distributing the surplus of the policyholders' fund with profit sharing before applying, except for the case of changing the risk rate assumption specified in Clause 1 of this Article. Life insurers are free to choose the method for determining and distributing surplus, but must ensure that the results of distributing surplus to policyholders are not less than the amounts as prescribed in Clause 1 of this Article. Surplus distribution report shall be made in accordance with the regulations of Form 8-NT Appendix VIII attached to this Circular.
SECTION 6. INFORMATION DISCLOSURE
Article 49. Publication of information
Insurers, reinsurers, and foreign branches in Vietnam are responsible for publishing, preserving, and maintaining the following regular, ongoing, and extraordinary public information:
1. The language of the information published on the websites of insurers, reinsurers, and foreign branches in Vietnam is Vietnamese and other foreign languages (if any).
2. Regular, ongoing, and extraordinary public information is published on the websites of insurers, reinsurers, and foreign branches in Vietnam.
3. The public information on the websites of insurers, reinsurers, and foreign branches in Vietnam must display the time the information was published, and must ensure that users can search for and access the data on these websites.
4. Regular public information and extraordinary public information must be retained in the form of written documents (if any) and electronic data and accessible on the website of insurers, reinsurers, and foreign branches in Vietnam for at least 5 years from the date the information is published.
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6. In case the obligation to disclose information arises on a day off or public holiday according to the law, the insurer, reinsurer, or foreign branch in Vietnam shall fully fulfill the obligation to disclose information according to legal regulations on the first working day following the day off or holiday.
Article 50. Content of extraordinary public information
1. The value of additional declared interest or additional accumulated dividends in the fiscal year to ensure compliance with the surplus distribution principles under the law.
2. The adjustment of the declared investment rate of the universal linked fund, the voluntary retirement fund, or the adjustment of the unit fund price of the unit-linked funds that are mispriced.
3. Finite reinsurance activities.
4. Unusual developments that affect the solvency and reputation of the company in insurance business activities as prescribed in Point a, Clause 2, Article 106 of the Law on Insurance Business.
INSURANCE AGENTS AND INSURANCE BROKERS
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1. An insurer or branch of foreign non-life insurer shall pay insurance agent commissions to the insurance agent in accordance with Clause 3 of this Article after the insurance agent provides services to the insurer or foreign non-life insurance branch.
2. Insurers and branches of foreign non-life insurers, based on Clause 3 of this Article and their specific conditions and characteristics, develop regulations for paying insurance agent commissions for uniform and public application.
3. The maximum insurance agent commission rate payable on the actual insurance premium collected from each insurance policy that the insurer or foreign non-life insurance branch pays to the insurance agent is implemented as follows (except for cases stipulated in Clause 3.4 of this Clause):
3.1. Maximum insurance agent commission rates for non-life insurance policies:
No.
Insurance type
Maximum insurance agent commission rate (%)
1
Property insurance
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2
Cargo insurance
10
3
Hull and liability insurance of shipowners for seagoing vessels
5
4
Hull and liability insurance of shipowners (except seagoing vessels
15
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Liability insurance
5
6
Aviation insurance
0,5
7
Motor vehicle insurance (excluding motor vehicle liability insurance)
10
8
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10
9
Credit and financial risk insurance
10
10
Other damage insurance
10
11
Agricultural insurance
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12
Guarantee insurance
10
Maximum insurance agent commission rate for compulsory insurance:
No.
Compulsory insurance
Maximum insurance agent commission rate (%)
1
Compulsory liability insurance of motor vehicle owners
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2
Compulsory liability insurance of motorcycle and moped owners
20
3
Compulsory fire insurance
5
4
Compulsory construction insurance during construction
5
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Compulsory professional liability insurance of construction consultancy
5
6
Compulsory third-party liability insurance of construction activities
5
7
Compulsory insurance for construction workers working on construction sites
5
- The insurance agent commissions for full coverage insurance policies are calculated by the total insurance agent commissions of each insurance type in the full coverage insurance policies.
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a) As for individual life insurance policies:
The maximum insurance agent commission rates are applied to the following insurance types:
- For insurance policies issued before July 1, 2024, the maximum insurance agent commission rates are as follows:
Insurance type
Maximum insurance agent commission rate (%)
Payment in installments
Payment in lump sum
Policy first year
Policy second year
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1. Term life insurance
40
20
15
15
2. Pure endowment insurance
- Term of insurance from 10 years or less
15
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10
10
5
5
5
5
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3. Endowment insurance:
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25
40
7
10
5
10
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5
7
- Term of insurance over 10 years
4. Whole life insurance
30
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15
10
5. Annuities
25
10
7
7
6. Universal life insurance
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10 years or less
25
7
5
5
Over 10 years
40
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10
7
7. Unit-linked insurance
40
10
10
7
- For insurance policies issued before July 1, 2024, the maximum insurance agent commission rates are as follows:
+ For insurance policies with a term of 1 year or less and 1 year of annual renewal: 20%
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Insurance type
Maximum insurance agent commission rate (%)
Payment in installments
Payment in lump sum
Policy first year
Policy second year
Policy following years
1. Term life insurance, whole life insurance
40
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15
15
2. Pure endowment insurance, annuities, endowment insurance:
- Term of insurance from 10 years or less
25
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5
5
- Term of insurance over 10 years
30
20
10
7
3. Universal life insurance, unit-link insurance
30
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10
7
b) Insurance agent commission for retirement insurance policies: 3% of total insurance premium;
c) As for group life insurance policies: The maximum insurance agent commission rate is equal to 50% of the corresponding rates applicable to individual life insurance policies of the same type.
3.3. Maximum insurance agent commission rates for health insurance policies: 20%.
3.4. As for insurance products that have separate written instructions, follow that separate written instructions.
4. In case a mutual microinsurer provides microinsurance to its members through a microinsurance agent, the maximum insurance agent commission rate is 10% of the actual premium collected for each insurance policy.
1. Bonuses and support for insurance agents and other benefits as agreed in the agency contracts of non-life insurers and branches of foreign non-life insurers are provided as follows:
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b) As for non-life insurance: Total bonuses, support, and other benefits of insurance agents do not exceed 50% of the insurance agent commission of all non-life insurance policies marketed in the fiscal year.
2. Bonuses and support for insurance agents and other benefits as agreed in the agent contracts of life insurers and health insurers are provided as follows:
a) For agents who market new insurance policies: Total bonuses, support, and other benefits of insurance agents in each fiscal year do not exceed 20% of the actual insurance premium collected from insurance policies with a term of 1 year or less and renewable annually, and 30% of the actual first-year insurance premium collected from insurance policies with a term of more than 1 year.
b) For agents who service renewed insurance policies with a term of more than 1 year: Total bonuses, support, and other benefits of insurance agents in each fiscal year do not exceed 7% of the actual renewed insurance premium collected in the fiscal year.
3. Life insurers that currently pay agent commissions, support, and other benefits to agents at a rate higher than the rate prescribed in Clause 2 of this Article shall be responsible for reviewing, building a roadmap, and implementing a plan to reduce the rate of payment of the above-mentioned amounts in each fiscal year and completing the implementation of the plan by no later than December 31, 2025.
4. The Board of Directors (Board of Members) of the life insurer shall be responsible for approving the plan prescribed in Clause 3 of this Article before December 31, 2023, and for monitoring and supervising the roadmap and plan.
Article 53. Provision of insurance products through insurance agents
1. During the process of advising on insurance products, insurance agents or employees of a corporate insurance agent must provide the policyholder with all accurate information about the insurance product, using the materials provided by the insurer or foreign non-life insurance branch. Insurance agents or employees of a corporate insurance agent may not build their own product brochures or sales illustrations, or arbitrarily change the content of the product brochures or sales illustrations provided by the insurer or foreign non-life insurance branch.
2. When providing investment-linked insurance products, individual insurance agents or employees of a corporate insurance agent must comply with the following regulations:
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b) Inform the policyholder of the calculation tool that allows the policyholder to build their own insurance plan and the terms and conditions of the insurance product they plan to participate on the website of the insurer specified in clause 4 of Article 97 of Decree No. 46/2023/ND-CP; analyze customer information, including the needs and financial capabilities of the policyholder; survey the policyholder's risk appetite to advise the policyholder to participate in the appropriate unit fund (for unit-linked insurance products);
c) Clearly explain to the policyholder about the benefits and the specific risks of the product, and require the policyholder to confirm in the documents specified in Article 30 of this Circular;
d) May not compare or guarantee that the investment performance of one unit fund is better than that of another unit fund or of another insurer;
dd) Record some of the contents related to the product consultation process at the time the policyholder signs the insurance application form. The recording content must ensure at least the following information:
- Name and certificate number of the insurance agent;
- Name, age, address, and phone number of the policyholder;
- The content of the consultation of the agent or employee of the corporate insurance agent on insurance benefits, investment benefits, and investment risks that the policyholder may encounter when participating in the unit-linked insurance product, information on the fees charged by the insurer to the policyholder and the conditions for receiving the benefits agreed upon in the insurance policy;
- Notification of the insurance premiums and fees and payment terms selected by the policyholder to confirm their financial capacity compliance;
- Notification to the policyholder of the time to consider participating in insurance, the rights and obligations of the policyholder, including the obligation to honestly declare, the main contents of the benefits agreed upon in the insurance policy and the conditions for receiving those benefits;
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In case there are other related information and this information relates to private life and personal privacy, the recording must be approved by the policyholder to record the content of that information.
Insurers must ensure compliance with this regulation no later than 1 year after the effective date of this Circular.
3. The corporate insurance agent must comply with the following regulations:
a) Explain to policyholders that insurance products distributed through the corporate insurance agent are insurance products. Participation in insurance is not a prerequisite for using other products or services offered by the corporate insurance agent;
b) The corporate insurance agent must reconcile the data on new insurance contracts, insurance premium revenue, and effective insurance contracts they executed with the insurer on a monthly basis;
c) Credit institutions and foreign bank branches that are acting as insurance agents are prohibited from advising, introducing, offering, or arranging for the conclusion of investment-linked insurance policies for customers within 60 days before and 60 days after the full disbursement of the loan.
4. As for the provision of insurance products through a corporate insurance agent, an insurer or branch of foreign non-life insurer must comply with the following regulations:
a) Conduct periodic monitoring and inspection to ensure the quality of the product introduction and consulting activities of the employees of that corporate insurance agent; and promptly coordinate with the corporate insurance agent to inspect, review, and handle customer complaints related to the consulting activities of the employees of the corporate insurance agent and take actions against violations (if any);
b) May not sign additional individual agent contracts with employees of the corporate insurance agent to market the same insurance policy. If the insurer or branch of foreign non-life insurer has signed an individual insurance agent with an employee of the corporate insurance agent to deal with the same insurance policy before the effective date of this Circular must review and ensure compliance with this regulation before July 1, 2024.
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a) Conduct independent inspection of the content of product consulting by agents. If provided through a corporate insurance agent, the inspection shall be carried out before the decision to issue the contract. The content of the inspection shall be aimed at assessing whether the policyholder participates in insurance on a voluntary basis and whether the products advised are suitable for the financial needs of the policyholder;
b) May not issue an insurance policy in case the recording content as prescribed in Point dd, Clause 2 of this Article does not contain the policyholder's confirmation of participating in insurance on a voluntary and appropriate basis, and in line with the financial capacity, and insurance needs of the policyholder;
c) Store and keep confidential all documents and recording data under Clause d, Article 2 of this Circular for at least 5 years from the effective date of the insurance policy. The insurer may only use this information for the purpose of evaluating the quality of insurance agent activities, resolving complaints related to insurance agent activities and anti-fraud activities in the field of insurance business, or providing them for competent authorities upon request.
6. In case an insurer or branch of a foreign non-life insurer signs multiple agent contracts to market the same insurance policy, content of authorized insurance agent activities as the basis for payment of agent commissions, bonuses, support, and other benefits as agreed in the agent contract. In all cases, the total amount of commissions paid shall not exceed the maximum commission rate prescribed in Article 51 of this Circular.
SECTION 2. INSURANCE BROKERAGE ACTIVITIES
Article 54. Provision of insurance products through insurance brokers
1. Insurance brokers must enter into a written agreement with customers when providing insurance brokerage services. The agreement must specify the content of the insurance brokerage activities, the term of the agreement, the rights, and obligations of each party.
2. In case an insurance broker is authorized by an insurer or foreign non-life insurance branch to collect insurance premiums, pay insurance benefits or insurance payouts, the authorization must comply with the following principles:
a) The authorization must be made in writing, clearly stating the duration and scope of authorized activities, rights, and obligations of each party;
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- The policyholder's responsibility to pay insurance premiums is fulfilled when the policyholder has paid the insurance premiums agreed upon in the insurance policy to the insurance broker;
- When the policyholder has paid the insurance premium, the insurance broker is responsible for paying the above-mentioned insurance premium to the insurer or foreign non-life insurance branch within the agreed period between the insurer or foreign non-life insurance branch and the insurance broker, but no more than 30 days from the date of receipt of the insurance premium.
c) In case an insurance broker is authorized by an insurer or foreign non-life insurance branch to pay insurance benefits or insurance payouts:
- The insurer or foreign non-life insurance branch is still responsible to the insured person or beneficiary for the sum insured that the insurer or foreign non-life insurance branch is obliged to pay to the insured person or beneficiary;
- The insurance broker enterprise is responsible for paying the sum insured to the insured or beneficiary within no more than 5 working days from the date of receiving the sum insured from the insurer or branch of a foreign non-life insurer and not more than the payment period for insurance benefit or insurance payout as prescribed by law.
Insurance brokers may only carry out the authorized activities specified in points b and c of this paragraph if the authorized activities are related to insurance policies arranged by the insurance brokers. Insurance brokers are not allowed to receive remuneration from insurers or foreign non-life insurance branches to carry out the authorized activities specified in points b and c of this clause.
3. Insurance brokers are allowed to cooperate with other insurance brokers that are allowed to operate in Vietnam to carry out original insurance brokerage activities. This cooperation must be agreed in writing, specifying the obligations, rights and interests and the ratio of sharing insurance brokerage commissions of each party.
Article 55. Insurance brokerage commission
1. Insurance brokers are entitled to receive original insurance brokerage commission from insurance premiums.
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When the policyholder has paid the insurance premium, the insurer or foreign non-life insurance branch is responsible for paying the above-mentioned original insurance brokerage commission from the insurance premium received within the agreed period, but no more than 30 days from the date of receipt of the insurance premium.
3. In all cases, the original insurance brokerage commission shall not exceed 15% of the insurance premiums actually collected by the insurer, foreign non-life insurance branch of each insurance transaction within each insurance policy arranged through the insurance broker.
4. Reinsurance brokerage commission shall be agreed by the parties in accordance with international practice.
Article 56. Information disclosure
1. Insurance brokers are responsible for posting information in accordance with Article 49 of this Circular for the contents that must be publicly disclosed in accordance with Clause 8, Article 138 of the Law on Insurance Business.
2. Before providing advice to customers, an insurance broker must disclose to customers in writing information about the tasks that the insurance broker is authorized by the insurer, reinsurer, or foreign branch in Vietnam, the relationship with the insurer, reinsurer, or foreign branch in Vietnam and other information that may cause conflicts of interest.
Article 57. Responsibility for preparing and sending reports
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2. Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers are responsible for the accuracy and authenticity of financial statements, statistical reports, operational reports, and other additional reports as required by law.
1. Financial statements:
a) Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers shall carry out financial settlement and comply fully with the regulations on financial reporting, prepare and submit financial statements to the Ministry of Finance as per applicable law;
b) Insurers, foreign branches in Vietnam, reinsurers, and insurance brokers must prepare and submit quarterly financial statements, semi-annual financial statements, and annual financial statements to the Ministry of Finance;
c) As for annual financial statements: they shall be implemented in accordance with the regulations of the law on accounting and must be audited by an independent audit organization approved to audit public interest entities in Vietnam. The opinion of the independent audit organization must include at least the following material financial matters:
- As for insurers, foreign branches in Vietnam, reinsurers: Reinsurance and retrocession, establishment of technical reserves, solvency, commissions, revenues, expenses, profits and profit distribution, investments from equity, investments from technical reserves, fixed assets and depreciation, receivables, liabilities, equity, construction in progress costs.
- As for insurance brokers: Revenues, expenses, profits and profit distribution, investments, fixed assets and depreciation, receivables, payables, and equity.
2. Owner’s fund and policyholders’ fund separation report:
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b) The confirmation of the independent auditor for the owner’s fund and policyholders’ fund separation report must include at least the following material matters: The surplus distribution between the policyholder's fund and the policyholders’ fund; the compensation for deficit between the owner’s fund and the policyholders’ fund; the amount transferred from the policyholders’ fund to the owner’s fund in the period;
c) The confirmation of the independent auditor for the owner’s fund and policyholders’ fund separation report of the non-life insurer, foreign branch in Vietnam, or reinsurer must include at least the following material matters:
- Investment assets and investment performance results of the annual report on investment activities from owner’s equity and the annual report on investment activities from idle capital from technical reserves; allocation of revenues, expenses and financial performance of each insurance type of the annual report on separate monitoring of revenues and expenses from insurance business activities by each type.
- The separation, recording, and separation tracking of owner’s fund and policyholders’ fund are done in accordance with the regulations of the law.
3. Report on performance of universal life fund, unit linked fund, and voluntary retirement fund:
a) Every year, life insurers shall prepare a report on performance of universal life fund, unit-linked fund, and voluntary retirement fund and have confirmation from an independent auditor that the report on performance of universal life fund, unit-linked fund, and voluntary retirement fund are established and presented in accordance with law;
b) The confirmation of the independent audit organization must include at least the following material financial matters: the initial investment capital contribution to form the fund and the interests generated; the difference arising between the assets at the general life fund, unit-linked fund, and voluntary retirement fund and owner’s fund and policyholders’ fund separation report (if any);
c) The report on performance of the universal insurance fund, unit-linked fund, and voluntary retirement fund must include at least the information in Forms 14-NT, 15-NT, and 16-NT in Appendix VIII to this Circular.
4. Operational reports: insurers, foreign branches in Vietnam, reinsurers, and insurance brokers shall prepare and submit to the Ministry of Finance the operational reports on the monthly, quarterly, and annual basis, and with the electronic version as follows:
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- Monthly report on performance: Form No. 1-PNT
- Quarterly/annual report on insurance premium revenue: Form No. 2-PNT
- Quarterly/annual report on revenues and claims by distribution channels: Form No. 3-PNT
- Quarterly/annual report on claims: Form No. 4-PNT
- Quarterly/annual report on technical reserves:
+ Detailed report on establishment of technical reserves: Form No. 5A-PNT
+ Summary report on establishment of technical reserves: Form No. 5B-PNT
- Quarterly/annual report on investment:
+ Report on investment activities from equity: Form No. 6A-PNT
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- Quarterly/annual report on solvency: Form No. 7-PNT
- Annual ASEAN Report: Form No. 8-PNT
- Annual report on participation in cross-border insurance service provision Form No. 9-PNT
- Quarterly/annual separate monitoring report of revenues and expenses from insurance business for each type: Form No. 10A-PNT
- Quarterly/annual separate monitoring report of revenues and expenses from mandatory insurance business: Form No. 10B-PNT
- Quarterly/annual report on financial performance of motor vehicle physical insurance: Form No. 11-PNT
- Owner’s fund and policyholders’ fund separation report: Form No. 12-PNT
b) As for reinsurers and branches of foreign non-life insurers, the report forms are set out in Appendix VII issued with this Circular:
- Quarterly/annual report on reinsurance revenues: Form No. 1-TBH.
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- Quarterly/annual technical reserve report: using the same forms as non-life insurers (for non-life reinsurance and health reinsurance), using the same forms as life insurers (for life reinsurance).
- Quarterly/annual report on investment:
+ Report on investment activities from equity: Form No. 6A-PNT.
+ Report on investment from idle capital from technical reserves: using the same forms as non-life insurers (for non-life reinsurance and health reinsurance), using the same forms as life insurers (for life reinsurance).
- Quarterly/annual report on solvency: Form No. 3-TBH.
- Owner’s fund and policyholders’ fund separation report: Form No. 12-PNT
c) As for life insurers, the report forms are set out in Appendix VIII issued with this Circular:
- Monthly report on performance: Form No. 1-NT
- Quarterly/annual report on number of policies and sum insured: Form No. 2-NT
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- Monthly report on unit-linked insurance product provision: Form No. 17PNT
- Quarterly/annual report on establishment of technical reserves:
+ Report on establishment of mathematical reserves: Form No. 4-PNT
+ Report on establishment of unearned premium reserves: Form No. 4-PNT
+ Report on establishment of claim reserves: Form No. 4-PNT
+ Report on establishment of dividend reserves: Form No. 4-PNT
+ Report on establishment of guaranteed interest rate reserves: Form No. 4-PNT
+ Report on establishment of equalization reserves: Form No. 4-PNT
+ Quarterly/annual report on establishment of technical reserves for unit-linked insurance: Form No. 18PNT
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- Monthly/quarterly/annual report on solvency: Form No. 6-NT
- Annual ASEAN Report: Form No. 7-NT
- Owner’s fund and policyholders’ fund separation report: Form No. 8-NT
- Quarterly/annual report on distribution channel scale: Form No. 9-NT
- Quarterly/annual report on revenues by distribution channels: Form No. 10PNT
- Quarterly/annual report on branches, representative offices, and customer service centers: Form No. 11PNT
- Annual report on bonuses, support, and other benefits for insurance agents: Form No. 19PNT
- Quarterly/annual report on rates of cancellation and termination of policies by distribution channels: Form No. 21PNT
d) As for health insurers, the report forms are set out in Appendix IX issued with this Circular:
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- Quarterly/annual report on number of policies and sum insured: Form No. 2-SK
- Quarterly/annual report on cancellation of health insurance policies: Form No. 3-SK
- Quarterly/annual report on establishment of technical reserves:
+ Report on establishment of mathematical reserves for health insurance: Form No. 4-PNT
+ Report on establishment of unearned premium reserves for health insurance: Form No. 4-PNT
+ Report on establishment of claim reserves: Form No. 4-PNT
+ Report on establishment of equalization reserves: Form No. 4-PNT
- Quarterly/annual report on investment: Form No. 5-SK
- Monthly/quarterly/annual report on solvency: Form No. 6-SK
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- Separate monitoring report of revenues and expenses from insurance business for each type: Form No. 8-SK
- Quarterly/annual report on revenues by distribution channels: Form No. 11PNT
dd) As for insurance brokers, the report forms are set out in Appendix IX issued with this Circular:
- Quarterly/annual report on insurance brokerage: Form No. 1-MGBH
- Quarterly/annual report on insurance broker performance: Form No. 2-MGBH
- Quarterly/annual report on participation in cross-border insurance service provision: Form No. 3-MGBH
- Annual report on online insurance provision: Form No. 4-MGBH
5. Report on insurance agent activities: Insurers, foreign branches of non-life insurers, and mutual microinsurers shall prepare and submit quarterly and annual reports to the Ministry of Finance, along with an electronic version, in accordance with Appendix XI attached to this Circular:
a) Report on the list of agents who violate legal regulations and have had their agent contracts terminated by insurers, branches of foreign non-life insurers, and mutual microinsurers using the Form No. 1 - DLBH. This report must be simultaneously sent to the Vietnam Insurance Association to notify other insurers, branches of foreign non-life insurers, and mutual microinsurers;
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c) Report on insurance agent training activities using the Form No. 03-DLBH;
d) Report on the list of insurance agents using the Form No. 04-DLBH.
6. Report on insurance products: Within the first 15 days of each month, insurers and branches of foreign non-life insurers shall report to the Ministry of Finance the list of new products that have been implemented or discontinued in the previous month (if any).
a) Non-life insurers, branches of foreign non-life insurers: Form No. 13CSDL, Appendix I issued with this Circular;
b) Life insurers: Form No. 12-NT, Appendix VIII issued with this Circular;
c) Health insurers: Form No. 9-SK Appendix IX issued with this Circular.
7. Report on unexpected developments: Within 7 days of the occurrence of unexpected developments or non-compliance with financial requirements or other regulatory requirements, insurers, reinsurers, and foreign branches in Vietnam are required to report to the Ministry of Finance on the developments, their qualitative and quantitative impact on the company's or branch's solvency, financial condition, and reputation, and any proposed solutions or recommendations to the Ministry of Finance (if any).
8. In addition to the financial statements, statistical reports, and operational reports required under Articles 1, 2, and 3 of this Regulation, the Ministry of Finance may request insurers, foreign branches in Vietnam, reinsurers, and insurance brokers to submit additional reports on the company's or branch's operating and financial condition for statistical and market analysis purposes.
Article 59. Data cutoff time, reporting deadlines, reporting methods
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a) Data cutoff time is from the 1st to the last day of the reporting month;
b) Reporting deadline is no later than 15 days after the end of the month;
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
2. Quarterly reports:
a) Data cutoff time is from the 1st day of the first month of the quarter to the 30th or 31st day of the last month of the reporting quarter.
b) Reporting deadline is no later than 30 days after the end of the quarter.
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
3. Semi-annual reports:
a) Data cutoff time is from January 1 to June 30 of the reporting year.
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c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance.
4. Annual reports:
a) Data cutoff time is from January 1 to December 31 of the reporting year.
b) Reporting deadline is no later than March 31 of the following fiscal year.
c) Reporting methods: In person, by post, by email, or via an application developed by the Ministry of Finance. From July 1, 2024, the application used is the Insurance Business Supervision and Management Information System of the Ministry of Finance.
Article 60. Report on performance of foreign representative offices in Vietnam
1. Foreign representative offices in Vietnam must report to the Ministry of Finance on their performance every 6 months and annually using the form specified in Appendix XII of this Circular, in specific:
a) Data cutoff time for the first 6 months is from January 1 to June 30 of the reporting year. Data cutoff time for the year is from January 1 to December 31 of the reporting year;
b) Reporting deadline is no later than July 30 for the first six months of the year, March 31 of the following fiscal year for the year;
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2. In addition to the regular reports mentioned above, where necessary, the Ministry of Finance may request foreign insurance representative offices in Vietnam to provide reports, documents, or explanations related to their activities.
1. Within 30 days from the date of issuance or amendment or supplementation of the representative office license, the foreign representative office in Vietnam must publish the following information in a Vietnamese newspaper or on a Vietnamese electronic newspaper:
a) Name, country of origin, and address of the foreign insurer, foreign reinsurer, foreign financial conglomerate, or foreign insurance broker;
b) Name and location of the representative office;
c) Scope and duration of the representative office's activities.
2. Within 30 days of any change, the foreign insurer, foreign reinsurer, foreign financial conglomerate, or foreign insurance broker (in the case of a change in the head of the representative office) or the foreign insurance representative office in Vietnam (in the case of a change in the location of the representative office or the personnel of the representative office) must notify the Ministry of Finance. The notification must include the following:
a) Written notice according to the form specified in Appendix XIII of this Circular;
b) Curriculum vitae, copy of 12-digit or 9-digit ID card, or passport or other legal personal identification documents as prescribed by law in case of changing the head of representative office and personnel of the foreign representative office in Vietnam;
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Article 62. Entry into force of Circular
1. This Circular shall come into force on the date of signing, except for the cases specified in Clauses 2 and 3 of this Article.
2. Points a, b, c, d, dd, i Clause 1, Points b, d Clause 2, Points a, b Clause 3 Article 20, Points a, b Clause 1 Article 29, Articles 33, 34, 45, 46, 47, 48, 51, Clause 1, Article 52, Article 55, Section 3, and Section 4 Chapter IV of this Circular come into force as of January 1, 2023.
3. Clause 2 and Clause 3, Article 29 of this Circular come into force as of July 1, 2024, sales illustration documents of universal linked products must at least have the information in the Appendix I to Circular No. 52/2016/TT-BTC; sales illustration documents of unit linked products must at least have the information in the Appendix II to Circular No. 135/2012/TT-BTC; sales illustration documents of retirement insurance products must at least have the information in the Appendix IV to Circular No. 115/2013/TT-BTC.
4. This Circular supersedes the following Circulars:
a) Circular No. 50/2017/TT-BTC dated May 15, 2017 of the Minister of Finance on guidelines for Decree No. 73/2016/ND-CP dated July 1, 2017 of the Government on elaboration of the Law on Insurance Business and the Law on amendments to the Law on Insurance Business, except Article 20 and Chapter VI. Article 20 and Chapter VI of Circular No. 50/2017/TT-BTC come into force until December 31, 2027;
b) Circular No. 01/2019/TT-BTC dated January 2, 2019 of the Ministry of Finance on amendments to Circular No. 50/2017/TT-BTC dated May 15, 2017 of the Ministry of Finance on guidelines for Decree No. 73/2016/ND-CP dated July 1, 2016 of the Government on elaboration of the Law on Insurance Business and the Law on amendments to the Law on Insurance Business, except for Clause 2, Article 1 of Circular No. 01/2019/TT-BTC, effective until December 31, 2027;
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d) Article 1 Circular No. 14/2022/TT-BTC dated February 28, 2022 of the Ministry of Finance on amendments to Circular No. 50/2017/TT-BTC dated May 15, 2017 of the Ministry of Finance on guidelines for Decree No. 73/2016/ND-CP dated July 1, 2016 of the Government on elaboration of the Law on Insurance Business and the Law on amendments to the Law Insurance business and Circular No. 04/2021/TT-BTC dated January 15, 2021 of the Ministry of Finance on elaboration of Decree No. 03/2021/ND-CP dated January 15, 2021 of Government on compulsory insurance for civil liability of motor vehicle owners;
dd) Circular No. 135/2012/TT-BTC dated August 15, 2012 of the Ministry of Finance on guidelines for unit-linked insurance products except Appendix II. Appendix II issued with Circular No. 135/2012/TT-BTC comes into force until June 30, 2024;
e) Circular No. 115/2013/TT-BTC dated August 20, 2013 of the Ministry of Finance guiding retirement insurance and voluntary retirement funds except Appendix IV. Appendix IV issued with Circular No. 115/2013/TT-BTC comes into force until June 30, 2024;
g) Circular No. 130/2015/TT-BTC dated August 25, 2015 of the Ministry of Finance on amendments to Circular No. 115/2013/TT-BTC dated August 20, 2013 of the Ministry of Finance guiding insurance retirement insurance and voluntary retirement funds;
h) Circular No. 52/2016/TT-BTC dated March 21, 2016 of the Ministry of Finance guiding the implementation of universal life insurance products except Appendix I. Appendix I issued together with Circular No. 52/ 2016/TT-BTC comes into force until June 30, 2024.
5. In the course of implementation, if the relevant documents cited in this Circular are amended, supplemented, or replaced, follow the new document that has been amended, supplemented, or replaced.
6. Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Finance for consideration./.
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File gốc của Thông tư 67/2023/TT-BTC hướng dẫn Luật Kinh doanh bảo hiểm, Nghị định 46/2023/NĐ-CP hướng dẫn Luật Kinh doanh bảo hiểm do Bộ trưởng Bộ Tài chính ban hành đang được cập nhật.
Thông tư 67/2023/TT-BTC hướng dẫn Luật Kinh doanh bảo hiểm, Nghị định 46/2023/NĐ-CP hướng dẫn Luật Kinh doanh bảo hiểm do Bộ trưởng Bộ Tài chính ban hành
Tóm tắt
| Cơ quan ban hành | Bộ Tài chính |
| Số hiệu | 67/2023/TT-BTC |
| Loại văn bản | Thông tư |
| Người ký | Cao Anh Tuấn |
| Ngày ban hành | 2023-11-02 |
| Ngày hiệu lực | 2023-11-02 |
| Lĩnh vực | Doanh nghiệp |
| Tình trạng | Còn hiệu lực |