Vietnam has several key regulators and laws that govern the insurance industry. The Ministry of Finance regulates the insurance business and established the Insurance Supervisory Authority to directly govern insurance companies. Some of the main laws that regulate insurance include the Law on Insurance Business, Decree 73 guiding implementation of insurance laws, and Decree 98 on administrative sanctions. Insurance companies must comply with various capital reserve requirements like reserve funds, insurance reserves, and security deposits. Life insurers have specific legal capital requirements and qualifications for appointed actuaries. They are also limited to conducting only life insurance business.
Vietnam has taken steps to address money laundering risks through laws and regulations but its framework remains insufficient. Money laundering activities have been visible through various means like bank accounts and illegal currency transfers. Key directives include the 2012 Anti-Money Laundering Law and related decrees that establish regulators like the State Bank of Vietnam and require customer due diligence and record keeping by reporting entities. Violations of anti-money laundering laws can result in administrative or criminal penalties including imprisonment and asset forfeiture. Reporting entities must also implement internal anti-money laundering procedures and training.
VIETNAM - BANKING AND FINANCING – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE ...Dr. Oliver Massmann
This document discusses Vietnam's banking and financing sector and outlook regarding the EU-Vietnam Free Trade Agreement (EVFTA). It notes Vietnam's strong economic growth and makes several recommendations. Key points include:
1) Vietnam has steady economic growth but its banking system needs reforms to develop interbank markets, cash management products, and simplify paperwork for foreign exchange and lending.
2) The State Bank of Vietnam should amend regulations to strengthen loan efficiency and allow more flexible account structures and roll-over loans.
3) Government ministries should simplify foreign exchange transaction requirements and promote database sharing to streamline verification processes.
4) The EVFTA, expected to take effect in 2018, opens new opportunities
VIETNAM – NOW OPEN FOR BETTING BUSINESS - BREAKING NEWS – WHAT YOU MUST KNOWDr. Oliver Massmann
Vietnam has legalized international soccer betting in addition to existing horse racing and greyhound racing betting through Decree No. 06/2017/ND-CP. To obtain a betting license, companies must have a minimum investment capital of $459 million for horse racing, $137 million for greyhound racing, or $459 million for a 5-year international soccer betting pilot project. The Ministry of Finance will issue licenses to companies that demonstrate adequate finances, business plans, and betting rules. Players must be over 21, have a registered account, and bets are limited to $50 per day with payouts of at least 65% of revenues. The decree takes effect on March 31, 2017.
Successful business in Vietnam - What you must know and do :Dr. Oliver Massmann
This document provides advice and recommendations for foreign businesses looking to do business in Vietnam. It discusses benefits such as lower wages and production costs compared to other Asian countries. It emphasizes the importance of thoroughly researching the Vietnamese market and culture. The document recommends finding potential partners through online directories and ensuring any agreements are legally binding contracts. It also stresses the value of professional liability insurance and offshore dispute resolution for foreign investors due to ambiguities in Vietnamese law. Overall, it portrays opportunities in Vietnam while cautioning businesses to properly understand the legal and cultural landscape.
lawyer in Vietnam Dr. Oliver Massmann VIETNAM – SECURITIES AND BANKING - COU...Dr. Oliver Massmann
The State Bank of Vietnam (SBV) acts as the central bank, regulating monetary policy and supervising financial institutions. A key role of the SBV is managing foreign exchange reserves and activities. Vietnam's banking sector is undergoing privatization, with the goal of reducing state ownership of the largest state-owned banks. Foreign ownership of Vietnamese banks is restricted, with limits on ownership percentages by individual foreign investors and total foreign ownership. Regulations govern foreign exchange activities and foreign borrowing by Vietnamese entities.
VIETNAM TAXATION – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE TRADE AGREEMENT...Dr. Oliver Massmann
The document discusses several issues with Vietnam's taxation system and opportunities presented by the EU-Vietnam Free Trade Agreement (EVFTA). It identifies inconsistencies between central government policies and local tax department practices, contradictory regulations, and complexity in VAT calculation and refund rules that create difficulties for businesses. Implementation of clearer rules and guidelines is needed to resolve tax payment issues, properly apply incentives, and avoid penalties from changing interpretations. The EVFTA is expected to boost investment and trade but also influence Vietnam to adopt more fixed and determined tax rules for greater certainty.
Lawyer in Vietnam Oliver Massmann - Legal Update April 2016Dr. Oliver Massmann
This document summarizes recent legal updates from Vietnam in April 2016 related to foreign exchange management, industrial property rights, foreign investment in goods trading, automobile transport businesses, and foreign employment. Specifically:
1) The State Bank of Vietnam amended its circular on foreign exchange management to create favorable conditions for enterprises to pay foreign loans through importing goods.
2) A joint circular detailed how enterprises violating intellectual property rights through their names would be forced to change names or remove violating elements.
3) A draft decree supplements regulations for goods trading and related activities by foreign-invested enterprises in Vietnam.
4) A draft decree regulates passenger transport businesses using apps like Uber to ensure fair competition and protect consumer rights.
LAWYER IN VIETNAM DR.OLIVER MASSMANN - VIETNAM - SECURITIES AND BANKING GUIDE...Dr. Oliver Massmann
The document summarizes Vietnam's banking and securities regulations, including:
1. The State Bank of Vietnam (SBV) acts as Vietnam's central bank, regulating monetary policy and supervising financial institutions.
2. Vietnam began privatizing its banking sector in the 1990s, though state-owned banks still dominate. The goal is to reduce state ownership in major banks to 51-65% by 2025.
3. Foreign ownership of Vietnamese credit institutions is limited, with no single foreign investor allowed over 20% ownership and total foreign ownership capped at 30% for banks and 49% for non-banks. The government may allow higher limits for restructuring weak institutions.
Vietnam has taken steps to address money laundering risks through laws and regulations but its framework remains insufficient. Money laundering activities have been visible through various means like bank accounts and illegal currency transfers. Key directives include the 2012 Anti-Money Laundering Law and related decrees that establish regulators like the State Bank of Vietnam and require customer due diligence and record keeping by reporting entities. Violations of anti-money laundering laws can result in administrative or criminal penalties including imprisonment and asset forfeiture. Reporting entities must also implement internal anti-money laundering procedures and training.
VIETNAM - BANKING AND FINANCING – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE ...Dr. Oliver Massmann
This document discusses Vietnam's banking and financing sector and outlook regarding the EU-Vietnam Free Trade Agreement (EVFTA). It notes Vietnam's strong economic growth and makes several recommendations. Key points include:
1) Vietnam has steady economic growth but its banking system needs reforms to develop interbank markets, cash management products, and simplify paperwork for foreign exchange and lending.
2) The State Bank of Vietnam should amend regulations to strengthen loan efficiency and allow more flexible account structures and roll-over loans.
3) Government ministries should simplify foreign exchange transaction requirements and promote database sharing to streamline verification processes.
4) The EVFTA, expected to take effect in 2018, opens new opportunities
VIETNAM – NOW OPEN FOR BETTING BUSINESS - BREAKING NEWS – WHAT YOU MUST KNOWDr. Oliver Massmann
Vietnam has legalized international soccer betting in addition to existing horse racing and greyhound racing betting through Decree No. 06/2017/ND-CP. To obtain a betting license, companies must have a minimum investment capital of $459 million for horse racing, $137 million for greyhound racing, or $459 million for a 5-year international soccer betting pilot project. The Ministry of Finance will issue licenses to companies that demonstrate adequate finances, business plans, and betting rules. Players must be over 21, have a registered account, and bets are limited to $50 per day with payouts of at least 65% of revenues. The decree takes effect on March 31, 2017.
Successful business in Vietnam - What you must know and do :Dr. Oliver Massmann
This document provides advice and recommendations for foreign businesses looking to do business in Vietnam. It discusses benefits such as lower wages and production costs compared to other Asian countries. It emphasizes the importance of thoroughly researching the Vietnamese market and culture. The document recommends finding potential partners through online directories and ensuring any agreements are legally binding contracts. It also stresses the value of professional liability insurance and offshore dispute resolution for foreign investors due to ambiguities in Vietnamese law. Overall, it portrays opportunities in Vietnam while cautioning businesses to properly understand the legal and cultural landscape.
lawyer in Vietnam Dr. Oliver Massmann VIETNAM – SECURITIES AND BANKING - COU...Dr. Oliver Massmann
The State Bank of Vietnam (SBV) acts as the central bank, regulating monetary policy and supervising financial institutions. A key role of the SBV is managing foreign exchange reserves and activities. Vietnam's banking sector is undergoing privatization, with the goal of reducing state ownership of the largest state-owned banks. Foreign ownership of Vietnamese banks is restricted, with limits on ownership percentages by individual foreign investors and total foreign ownership. Regulations govern foreign exchange activities and foreign borrowing by Vietnamese entities.
VIETNAM TAXATION – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE TRADE AGREEMENT...Dr. Oliver Massmann
The document discusses several issues with Vietnam's taxation system and opportunities presented by the EU-Vietnam Free Trade Agreement (EVFTA). It identifies inconsistencies between central government policies and local tax department practices, contradictory regulations, and complexity in VAT calculation and refund rules that create difficulties for businesses. Implementation of clearer rules and guidelines is needed to resolve tax payment issues, properly apply incentives, and avoid penalties from changing interpretations. The EVFTA is expected to boost investment and trade but also influence Vietnam to adopt more fixed and determined tax rules for greater certainty.
Lawyer in Vietnam Oliver Massmann - Legal Update April 2016Dr. Oliver Massmann
This document summarizes recent legal updates from Vietnam in April 2016 related to foreign exchange management, industrial property rights, foreign investment in goods trading, automobile transport businesses, and foreign employment. Specifically:
1) The State Bank of Vietnam amended its circular on foreign exchange management to create favorable conditions for enterprises to pay foreign loans through importing goods.
2) A joint circular detailed how enterprises violating intellectual property rights through their names would be forced to change names or remove violating elements.
3) A draft decree supplements regulations for goods trading and related activities by foreign-invested enterprises in Vietnam.
4) A draft decree regulates passenger transport businesses using apps like Uber to ensure fair competition and protect consumer rights.
LAWYER IN VIETNAM DR.OLIVER MASSMANN - VIETNAM - SECURITIES AND BANKING GUIDE...Dr. Oliver Massmann
The document summarizes Vietnam's banking and securities regulations, including:
1. The State Bank of Vietnam (SBV) acts as Vietnam's central bank, regulating monetary policy and supervising financial institutions.
2. Vietnam began privatizing its banking sector in the 1990s, though state-owned banks still dominate. The goal is to reduce state ownership in major banks to 51-65% by 2025.
3. Foreign ownership of Vietnamese credit institutions is limited, with no single foreign investor allowed over 20% ownership and total foreign ownership capped at 30% for banks and 49% for non-banks. The government may allow higher limits for restructuring weak institutions.
Lawyer in Vietnam Dr. Oliver Massmann SECURITIES AND BANKING GUIDE UPDATE 2018Dr. Oliver Massmann
The State Bank of Vietnam (SBV) is the central bank of Vietnam and is responsible for monetary policy and supervision of financial institutions. A process of privatizing Vietnam's banking sector is underway, with the goal of reducing state ownership of the four largest state-owned commercial banks. Foreign ownership of Vietnamese credit institutions is restricted, with no single foreign investor allowed over 20% ownership and total foreign ownership capped at 30% for commercial banks and 49% for non-banking institutions. The government is drafting a new decree to increase the foreign ownership limit for commercial banks to 50%.
The State Bank of Vietnam (SBV) is the central bank of Vietnam and is responsible for monetary policy, supervising financial institutions, managing foreign exchange reserves, and other monetary functions. In 1990, the bank system was reorganized to separate the SBV from commercial banks and establish the private banking sector. Today Vietnam's banking sector is still dominated by major state-owned commercial banks, but a process of privatization is underway to gradually reduce state ownership to 51%. Foreign ownership of Vietnamese credit institutions is regulated, with individual foreign ownership capped at 5% and total foreign ownership limited to 30% for commercial banks and 49% for non-bank institutions. The foreign exchange market and foreign borrowing are also governed by regulations issued by the S
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new decrees on factoring business, insurance business and agribusiness.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the issuance of covered warrants; amended decree on stamp duties; business license fees and standards assessment business.
The document is an intermediate circular from Banque du Liban amending a previous decision regarding facilities that may be granted by Banque du Liban to banks and financial institutions. The amendment adds a new article that allows banks to benefit from interest-free facilities for up to 7 years to participate in the capital of startup companies, incubators, and venture capital funds in Lebanon. The facilities are intended to support economic and job growth. Strict conditions are outlined regarding eligibility, participation limits, required documents, oversight, and penalties for non-compliance.
Country Comparative Legal Guides to Insurance & Reinsurance, Ireland 2017Matheson Law Firm
This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in Ireland. It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion as to the future of the insurance market over the next five years.
The document discusses the Asian Clearing Union (ACU), which facilitates payments between central banks in Asia on a multilateral basis. It was established in 1974 to promote trade and monetary cooperation in the region. Key points:
1) ACU allows members to settle payments for international transactions through their central banks rather than relying on foreign currency reserves, reducing costs.
2) It has grown trade significantly since inception and members reliably settle payments on time.
3) ACU introduced a multi-currency system using ACU dollars and euros to facilitate settlements.
4) Membership does not require financial quotas, and costs are covered by the Central Bank of Iran.
The document provides a summary of recent legal and regulatory developments in India. It discusses:
1) A Supreme Court ruling restricting cheque bouncing cases to the jurisdiction of the drawer bank's location.
2) A ruling that arbitration cannot be barred due to criminal proceedings related to the agreement.
3) New regulations introduced by SEBI allowing real estate investment trusts (REITs) in India.
4) Increased FDI limits in railways and defence infrastructure projects.
BANKING LAW & PRACTICE (NI Act, RBI Act, BR Act, Contract Act, Company Act,...Abinash Mandilwar
This document provides an overview of banking law and practice in India. It lists 31 acts, regulatory authorities, and committees that directly or indirectly relate to banking services. The key acts discussed include the Negotiable Instruments Act 1881, the Reserve Bank of India Act 1934, and the Banking Regulation Act 1949. It also outlines various types of negotiable instruments, parties to a bill of exchange, endorsement processes, and key definitions relating to holders and holders in due course under the Negotiable Instruments Act.
PNBHFL provides safe investment options to various deposit schemes with attractive rate of interest. With over two decades of specialized experience in housing finance, PNBHFL has a robust network of branches spread across the country which help it customers avail financial services (loans and deposits) seamlessly.
The document summarizes a presentation made by Nibha Goyal on their 8-week internship at ECGC. It provides an overview of ECGC including its history, vision, products/services offered, and departments. It also outlines the research conducted on exporters that identified problems/needs. Key findings were that exporters want customized policies, cover for restricted countries, and faster claim settlements. The presentation concludes with suggestions for new schemes specifically tailored to location/commodity with higher premiums for riskier countries.
The document discusses rules around borrowing and lending between residents and non-residents in India. It states that borrowing between two residents in Indian rupees does not involve foreign exchange. It also describes options for a non-resident guarantor to discharge liability, such as using rupee balances in India, remitting funds to India, or debiting an NRE/FCNR account. The document outlines conditions for non-resident entities to provide credit enhancements for domestic debt issued by infrastructure companies and IFCs.
Lawyer in Vietnam Dr. Oliver Massmann - DOING BUSINESS IN VIETNAM - What in-h...Dr. Oliver Massmann
The document provides an overview of doing business in Vietnam presented by Dr. Oliver Massmann of Duane Morris Vietnam LLC. It discusses Vietnam's strong economic growth, integration into regional trade agreements, attractive investment environment including tax incentives, and labor market. Specific topics covered include Vietnam's GDP, exports, free trade agreements like CPTPP and EVFTA, sectors seeing foreign investment, procedures for investment and M&A, and taxation. The presentation encourages investors to take advantage of opportunities in Vietnam.
The document provides information on the impacts of demonetization in India. It discusses how demonetization aims to tackle black money, eliminate fake currency, and lower cash transactions. It outlines tax impacts for honest taxpayers versus dishonest taxpayers. It details the process of depositing cash in banks, potential inquiries by tax departments, and requirements to explain cash sources. It also covers proposed penalties for unexplained cash deposits, impacts of benami transactions, and details of the Pradhan Mantri Garib Kalyan Yojana tax amnesty scheme.
The document summarizes several topics related to maritime law, finance law, foreign direct investment law, and employment law in China:
1) It outlines the current authority and procedures for arresting ships in China according to the Maritime Procedure Law, including what claims allow for arrest, competent courts, ability to arrest sister ships, security requirements, and application process.
2) It discusses conflicts between laws regarding share pledges of foreign-invested enterprises and efforts by the Supreme Court to address this issue.
3) New measures allow foreign investors to become partners in partnerships established in China while tightening control over foreign companies' representative offices.
4) Guidance is provided on properly establishing an enforceable
Export credit gurantee corporation of india ltd.Abhishek Vishwa
ECGC (Export Credit Guarantee Corporation of India) was established in 1957 by the Government of India to promote exports by providing credit insurance. It insures exporters against the risks of payment defaults from overseas buyers due to political and commercial reasons. ECGC offers various types of export credit insurance policies to exporters and banks/financial institutions to facilitate export financing. This helps exporters expand their international business with confidence by mitigating payment risks.
The document analyzes interest costs for Indian states and the central government from 2014 to 2020. It finds that:
- State interest expenditures have grown 12% annually on average and stood at Rs. 3.2 lakh crore in FY2019, projected to reach Rs. 3.5 lakh crore in FY2020.
- Outstanding state liabilities have also grown 12.3% annually on average, reaching Rs. 47.1 lakh crore in FY2019 and projected to be Rs. 52.5 lakh crore in FY2020.
- Average interest costs have been higher for states than the central government in most years, though this difference has narrowed over time.
The document summarizes a new circular from the State Bank of Vietnam regarding foreign portfolio investment accounts.
The circular provides a new framework for indirect investment activities in Vietnam, requiring that all such investments be conducted in Vietnamese dong and through an indirectly invested capital account at a licensed Vietnamese bank.
While the circular aims to promote legal certainty around foreign portfolio investments, it raises some uncertainties. Specifically, it is unclear how to determine if foreign investors are directly participating in enterprise management. It also does not provide guidance on procedures for closing foreign investment accounts and transferring balances. Some terms are also not fully defined by other relevant regulations.
Additional guidance is needed from the State Bank of Vietnam to clarify aspects of the new circular and ensure
The document summarizes recent relaxations of Sri Lanka's exchange control regulations between 2010 and 2011. It discusses policies that (1) allowed Sri Lankans to invest in overseas equities and sovereign bonds, (2) allowed foreigners to invest in rupee-denominated debentures issued by local companies, and (3) expedited approvals for local companies to borrow from foreign sources. The policies aimed to encourage both local and foreign business activity in Sri Lanka.
The document discusses investment opportunities in Vietnam. It provides an overview of Vietnam's economy and growth rates in recent years. Vietnam has pursued many free trade agreements that have reduced restrictions and opened its markets. This integration into regional and global trade, combined with a young workforce and growing middle class, make Vietnam an attractive investment destination according to the document.
Lawyer in Vietnam Dr. Oliver Massmann SECURITIES AND BANKING GUIDE UPDATE 2018Dr. Oliver Massmann
The State Bank of Vietnam (SBV) is the central bank of Vietnam and is responsible for monetary policy and supervision of financial institutions. A process of privatizing Vietnam's banking sector is underway, with the goal of reducing state ownership of the four largest state-owned commercial banks. Foreign ownership of Vietnamese credit institutions is restricted, with no single foreign investor allowed over 20% ownership and total foreign ownership capped at 30% for commercial banks and 49% for non-banking institutions. The government is drafting a new decree to increase the foreign ownership limit for commercial banks to 50%.
The State Bank of Vietnam (SBV) is the central bank of Vietnam and is responsible for monetary policy, supervising financial institutions, managing foreign exchange reserves, and other monetary functions. In 1990, the bank system was reorganized to separate the SBV from commercial banks and establish the private banking sector. Today Vietnam's banking sector is still dominated by major state-owned commercial banks, but a process of privatization is underway to gradually reduce state ownership to 51%. Foreign ownership of Vietnamese credit institutions is regulated, with individual foreign ownership capped at 5% and total foreign ownership limited to 30% for commercial banks and 49% for non-bank institutions. The foreign exchange market and foreign borrowing are also governed by regulations issued by the S
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new decrees on factoring business, insurance business and agribusiness.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the issuance of covered warrants; amended decree on stamp duties; business license fees and standards assessment business.
The document is an intermediate circular from Banque du Liban amending a previous decision regarding facilities that may be granted by Banque du Liban to banks and financial institutions. The amendment adds a new article that allows banks to benefit from interest-free facilities for up to 7 years to participate in the capital of startup companies, incubators, and venture capital funds in Lebanon. The facilities are intended to support economic and job growth. Strict conditions are outlined regarding eligibility, participation limits, required documents, oversight, and penalties for non-compliance.
Country Comparative Legal Guides to Insurance & Reinsurance, Ireland 2017Matheson Law Firm
This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in Ireland. It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion as to the future of the insurance market over the next five years.
The document discusses the Asian Clearing Union (ACU), which facilitates payments between central banks in Asia on a multilateral basis. It was established in 1974 to promote trade and monetary cooperation in the region. Key points:
1) ACU allows members to settle payments for international transactions through their central banks rather than relying on foreign currency reserves, reducing costs.
2) It has grown trade significantly since inception and members reliably settle payments on time.
3) ACU introduced a multi-currency system using ACU dollars and euros to facilitate settlements.
4) Membership does not require financial quotas, and costs are covered by the Central Bank of Iran.
The document provides a summary of recent legal and regulatory developments in India. It discusses:
1) A Supreme Court ruling restricting cheque bouncing cases to the jurisdiction of the drawer bank's location.
2) A ruling that arbitration cannot be barred due to criminal proceedings related to the agreement.
3) New regulations introduced by SEBI allowing real estate investment trusts (REITs) in India.
4) Increased FDI limits in railways and defence infrastructure projects.
BANKING LAW & PRACTICE (NI Act, RBI Act, BR Act, Contract Act, Company Act,...Abinash Mandilwar
This document provides an overview of banking law and practice in India. It lists 31 acts, regulatory authorities, and committees that directly or indirectly relate to banking services. The key acts discussed include the Negotiable Instruments Act 1881, the Reserve Bank of India Act 1934, and the Banking Regulation Act 1949. It also outlines various types of negotiable instruments, parties to a bill of exchange, endorsement processes, and key definitions relating to holders and holders in due course under the Negotiable Instruments Act.
PNBHFL provides safe investment options to various deposit schemes with attractive rate of interest. With over two decades of specialized experience in housing finance, PNBHFL has a robust network of branches spread across the country which help it customers avail financial services (loans and deposits) seamlessly.
The document summarizes a presentation made by Nibha Goyal on their 8-week internship at ECGC. It provides an overview of ECGC including its history, vision, products/services offered, and departments. It also outlines the research conducted on exporters that identified problems/needs. Key findings were that exporters want customized policies, cover for restricted countries, and faster claim settlements. The presentation concludes with suggestions for new schemes specifically tailored to location/commodity with higher premiums for riskier countries.
The document discusses rules around borrowing and lending between residents and non-residents in India. It states that borrowing between two residents in Indian rupees does not involve foreign exchange. It also describes options for a non-resident guarantor to discharge liability, such as using rupee balances in India, remitting funds to India, or debiting an NRE/FCNR account. The document outlines conditions for non-resident entities to provide credit enhancements for domestic debt issued by infrastructure companies and IFCs.
Lawyer in Vietnam Dr. Oliver Massmann - DOING BUSINESS IN VIETNAM - What in-h...Dr. Oliver Massmann
The document provides an overview of doing business in Vietnam presented by Dr. Oliver Massmann of Duane Morris Vietnam LLC. It discusses Vietnam's strong economic growth, integration into regional trade agreements, attractive investment environment including tax incentives, and labor market. Specific topics covered include Vietnam's GDP, exports, free trade agreements like CPTPP and EVFTA, sectors seeing foreign investment, procedures for investment and M&A, and taxation. The presentation encourages investors to take advantage of opportunities in Vietnam.
The document provides information on the impacts of demonetization in India. It discusses how demonetization aims to tackle black money, eliminate fake currency, and lower cash transactions. It outlines tax impacts for honest taxpayers versus dishonest taxpayers. It details the process of depositing cash in banks, potential inquiries by tax departments, and requirements to explain cash sources. It also covers proposed penalties for unexplained cash deposits, impacts of benami transactions, and details of the Pradhan Mantri Garib Kalyan Yojana tax amnesty scheme.
The document summarizes several topics related to maritime law, finance law, foreign direct investment law, and employment law in China:
1) It outlines the current authority and procedures for arresting ships in China according to the Maritime Procedure Law, including what claims allow for arrest, competent courts, ability to arrest sister ships, security requirements, and application process.
2) It discusses conflicts between laws regarding share pledges of foreign-invested enterprises and efforts by the Supreme Court to address this issue.
3) New measures allow foreign investors to become partners in partnerships established in China while tightening control over foreign companies' representative offices.
4) Guidance is provided on properly establishing an enforceable
Export credit gurantee corporation of india ltd.Abhishek Vishwa
ECGC (Export Credit Guarantee Corporation of India) was established in 1957 by the Government of India to promote exports by providing credit insurance. It insures exporters against the risks of payment defaults from overseas buyers due to political and commercial reasons. ECGC offers various types of export credit insurance policies to exporters and banks/financial institutions to facilitate export financing. This helps exporters expand their international business with confidence by mitigating payment risks.
The document analyzes interest costs for Indian states and the central government from 2014 to 2020. It finds that:
- State interest expenditures have grown 12% annually on average and stood at Rs. 3.2 lakh crore in FY2019, projected to reach Rs. 3.5 lakh crore in FY2020.
- Outstanding state liabilities have also grown 12.3% annually on average, reaching Rs. 47.1 lakh crore in FY2019 and projected to be Rs. 52.5 lakh crore in FY2020.
- Average interest costs have been higher for states than the central government in most years, though this difference has narrowed over time.
The document summarizes a new circular from the State Bank of Vietnam regarding foreign portfolio investment accounts.
The circular provides a new framework for indirect investment activities in Vietnam, requiring that all such investments be conducted in Vietnamese dong and through an indirectly invested capital account at a licensed Vietnamese bank.
While the circular aims to promote legal certainty around foreign portfolio investments, it raises some uncertainties. Specifically, it is unclear how to determine if foreign investors are directly participating in enterprise management. It also does not provide guidance on procedures for closing foreign investment accounts and transferring balances. Some terms are also not fully defined by other relevant regulations.
Additional guidance is needed from the State Bank of Vietnam to clarify aspects of the new circular and ensure
The document summarizes recent relaxations of Sri Lanka's exchange control regulations between 2010 and 2011. It discusses policies that (1) allowed Sri Lankans to invest in overseas equities and sovereign bonds, (2) allowed foreigners to invest in rupee-denominated debentures issued by local companies, and (3) expedited approvals for local companies to borrow from foreign sources. The policies aimed to encourage both local and foreign business activity in Sri Lanka.
The document discusses investment opportunities in Vietnam. It provides an overview of Vietnam's economy and growth rates in recent years. Vietnam has pursued many free trade agreements that have reduced restrictions and opened its markets. This integration into regional and global trade, combined with a young workforce and growing middle class, make Vietnam an attractive investment destination according to the document.
Link Building Strategies That Increase Monthly Revenue by $240,740 #EngagePDXRoss Hudgens
Audio w/ slides: https://www.youtube.com/watch?v=rG-d1Jh6gEo
Are links not working for you? It might be your strategy, not the links. Ross Hudgens breaks down common applications and what to do instead in this presentation.
[Memoire 2016] Comment les entreprises peuvent-elles améliorer leur e-réputat...Erika DESANGLE
Diplômée de l'Essec, j'ai réalisé mon mémoire de fin d'étude en 2016 sur le thème du Personal Branding et de l'e-réputation des entreprises. Celui-ci s'appuie sur des interviews menés auprès d'experts du digital : Nicolas Bordas, Arnaud Le Roux, Vincent Caltabellotta, Fadhila Brahimi, Séverine Lienard, Marc Rougier, Pascal Cübb ...et de recherches provenant d’articles de presse, d’études et d’ouvrages. N'hésitez pas à réagir sur mon groupe facebook "#PersonalBranding au service de la marque employeur" https://www.facebook.com/groups/234035736953804/?fref=ts
10 Must-Know Commercial Real Estate TermsREoptimizer®
Once, even mid-sized companies had large corporate real estate departments that handled lease negotiation, site selection and property management. Today, many companies choose to run leaner and, instead, put responsibility for managing their commercial real estate on anyone from a COO, CFO or even, in some cases, the human resources department. If you're a part-time CRE manager, here are some terms that might not be familiar, but that you should know.
In this presentation I breakdown growth into 4 parts, understanding your funnel (top 3 acquisition channels & bottle necks), defining your customer personas & metrics and lastly a walkthrough of my simple growth process.
Here's a link to my growth framework google spreadsheet: http://bit.ly/growthframework
For more information on growth hacking visit my blog http://sujanpatel.com or download my book: http://100daysofgrowth.com
This document outlines Sujan Patel's content creation process. It begins with an overview of the results his content drove in 2016, including pageviews, backlinks, leads, and a book deal. It then notes that most blogs are inactive and identifies two common reasons content fails. The process involves ideating high-quality, differentiating content through research and brainstorming techniques. Key steps include outlining, writing while adding promotional elements, publishing, and promoting content through social media, advertising, email, and relationship building. The goal is to spend 80% of efforts marketing content once created.
Capgemini reports on the major 2017 trends in the payments industry which revolve around three core areas of payment instruments, regulatory and industry initiatives, and key stakeholder strategies. Currently, the global payments industry is undergoing a paradigm shift with an influx of technology, demographic, and regulatory dynamics. While the customer facing part of the value chain continues to witness high levels of innovation, service providers are still grappling with back-end infrastructure enhancements. Trends such as new opportunities in the payments industry in terms of adoption of Open Application Programming Interfaces (APIs), growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are impacting the industry in terms of fostering competition, nurturing innovation, and enhancing process and system-related efficiencies.
The Be-All, End-All List of Small Business Tax DeductionsWagepoint
Read the full article with even more details at https://blog.wagepoint.com/h/i/289427271-the-comprehensive-list-of-small-business-tax-deductions/185037
PDF, audio, and voiceover are now available on designintechreport.wordpress.com
Today’s most beloved technology products and services balance design and engineering in a way that perfectly blends form and function. Businesses started by designers have created billions of dollars of value, are raising billions in capital, and VC firms increasingly see the importance of design. The third annual Design in Tech Report examines how design trends are revolutionizing the entrepreneurial and corporate ecosystems in tech. This report covers related M&A activity, new patterns in creativity × business, and the rise of computational design.
Lawyer in Vietnam Oliver Massmann New Decree on Public - Private PartnershipDr. Oliver Massmann
This document contains a presentation by Oliver Massmann from Duane Morris Vietnam LLC given on January 4, 2017 in Hanoi about the new decree on public-private partnerships (PPP) in Vietnam. The presentation covers the general introduction of the new decree, positive changes introduced by the decree including broader application to new sectors, additional contract forms, changes to private capital requirements and government contributions, and selection of investors. It also discusses specific issues still needing clarification such as foreign currency convertibility, land use rights, and negotiation timeframes.
Letter to Mr. Donald Trump - Trans-Pacific Partnership – Don’t drop your Slic...Dr. Oliver Massmann
Letter to Mr. Donald Trump - Trans-Pacific Partnership – Don’t drop your Slice of the Pie
From Oliver Massmann – General Director of Duane Morris Vietnam LLC
The document discusses 7 low-cost usability testing methods that can be used at different stages of a project: 1) Hit the streets, 2) Information architecture, 3) First click, 4) Live experiments, 5) Did you get it done, 6) Microtesting content, and 7) Weekly drop-in lab test. Each method is described in terms of the time and cost required to implement it. The document advocates for incorporating usability testing into project plans from the beginning and testing with actual users rather than colleagues. It provides guidance on setting up a usability testing lab and conducting regular weekly testing sessions.
This document discusses life insurance in Vietnam and the need for regulations on e-commerce for financial services distribution. It notes that while e-commerce has grown in Vietnam, there are currently no specific regulations enabling the distribution of insurance via e-commerce. The document recommends that the Vietnamese government issue a complete, detailed regulation on this to promote faster development of the insurance sector and allow insurers to reach more customers.
Vietnam is a member of several international insurance organizations and must comply with their regulations. The Ministry of Finance regulates the domestic insurance industry through the Insurance Supervisory Authority. Key Vietnamese insurance laws include the Law on Insurance Business and related decrees and circulars. Insurance companies must meet minimum capital requirements and establish reserves. They can invest domestically but have some restrictions, and limited outbound investment is permitted. Non-life, life and reinsurance have different regulatory requirements regarding permitted business scope, reserves and qualifications of appointed actuaries. Regulators can hire independent experts to assist with investigations of insurers.
Vietnam has a regulated insurance market that complies with international standards set by organizations like the IAIS and WTO. The Ministry of Finance regulates the domestic insurance industry through the Insurance Supervisory Authority. Key laws governing insurance include the Law on Insurance Business and related decrees. Regulations cover requirements for licenses, foreign ownership, capital reserves, product rules, and qualifications for insurance company executives and actuaries.
IRDA working in India and regulations workingShreyasVyas9
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. Some key points:
- IRDAI was established in 2000 based on recommendations from the Malhotra Committee to regulate and develop the private insurance sector.
- IRDAI's objectives include protecting policyholders' interests, promoting insurance industry growth, ensuring fair claims settlement, and bringing transparency to financial markets.
- IRDAI is headed by a 10-member board including a chairman and whole-time members. It issues licenses, regulates companies/intermediaries, and protects policyholders.
- The document outlines IRDAI's organizational structure, functions, and
The document outlines the Insurance Business Law of Myanmar. It establishes an Insurance Business Supervisory Board to oversee and regulate the insurance industry. The Board is tasked with licensing insurers, underwriters, and brokers and ensuring they follow principles of financial soundness, transparency, and protection of policyholders. The law aims to develop the insurance sector in Myanmar through increased private investment while maintaining oversight over operations and taking administrative action or pursuing penalties for any violations of its provisions.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999 and is responsible for regulating insurance companies, products and intermediaries. IRDAI aims to protect policyholders' interests and promote an orderly and sustainable growth of the insurance industry in India. It monitors insurers' solvency, investments, products and market conduct to ensure policyholder protection and financial stability of the insurance sector.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of parliament in 1999 and is responsible for regulating insurance companies, products, and intermediaries. IRDAI monitors insurers' solvency, investments, reporting requirements, and issues regulations on various aspects of insurance operations. Its goal is to protect policyholders while promoting an orderly and sustainable growth of the insurance industry.
The IRDA was established in 1996 and formally constituted in 2000 as the regulator of India's insurance industry. Originally called the Insurance Regulatory Authority, it was later renamed the Insurance Regulatory and Development Authority to reflect its broader role in promoting growth of the Indian insurance market. The IRDA frames regulations and guidelines, and works to facilitate market integration, attract players, and align the domestic market with global standards, while protecting policyholders and ensuring the healthy growth of the industry.
INSURANCE REGULATORY DEVELOPMENT AUTHORITYBHANU DIXIT
IRDA is the statutory, independent body that governs and supervises the insurance industry in India. It was established in 2000 by the Insurance Regulatory and Development Authority Act, 1999. IRDA regulates the insurance industry, issues licenses, protects policyholders, and promotes growth of the insurance sector. It aims to ensure speedy settlement of claims, prevent fraud and malpractices, and bring transparency to the insurance market. The organization is headed by a Chairman and has 10 members. IRDA seeks to balance effective regulation with ensuring the development of the insurance industry in India.
The document discusses the roles and responsibilities of the Insurance Regulatory and Development Authority (IRDA) in India. It provides an overview of IRDA, including its objectives to promote the insurance industry and protect policyholders. It also outlines IRDA's powers such as regulating insurance companies and agents. The document then discusses different types of life insurance policies (term plans, endowment plans, etc.) and general insurance policies (motor, health, fire, etc.). It provides examples of various insurance products and coverages available in India.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI). It provides background on the establishment of IRDAI in 1999 by an act of Parliament to regulate and promote the insurance industry. It details the composition, functions, and objectives of IRDAI which include protecting policyholders, licensing insurers, regulating investments and rates, and settling disputes. The roles of the Ombudsman in handling consumer complaints and the claims process are also outlined.
The document provides information on insurance regulation in India. It defines insurance and describes the roles of the insurer and insured. It outlines the evolution of insurance regulation in India from 1818 to the present day. It describes the mission and organizational structure of the Insurance Regulatory and Development Authority (IRDA) and its duties and responsibilities in regulating the insurance industry. It also discusses insurance products, intermediaries, the ombudsman system for resolving complaints, and IRDA's new health insurance regulations.
This document summarizes a joint memorandum circular issued by the Insurance Commission, Cooperative Development Authority, and Securities and Exchange Commission regarding informal insurance activities. It defines informal insurance activities as those that collect contributions/premiums before contingent events and provide guaranteed benefits after such events occur. Entities engaged in informal insurance are required to formalize their activities by partnering with authorized insurers or becoming authorized themselves within 1-2 years. Guidelines are also provided for the treatment of existing funds collected from informal insurance to ensure they continue benefiting contributors. The deadline to comply is extended to December 31, 2011.
Singapore Special Purpose Reinsurance Vehiclesrobsonlee6
Robson Lee's comprehensive content on Singapore's Special Purpose Reinsurance Vehicles (SPRVs). Details regarding SPRV regulations, operations, and key regulatory notes from MAS are covered.
Insurance involves an insurer agreeing to compensate an insured for specified losses in exchange for premium payments. Key parties are the insurer and insured, with their relationship outlined in an insurance policy. Insurance covers losses to property from events like fire or accidents, as well as life-related contingencies like death. There are different types of insurance like life, fire, marine, and general insurance. The Insurance Regulatory and Development Authority (IRDA) regulates and promotes the insurance sector in India, issuing licenses to companies and setting rules on capitalization, investments, and consumer protection.
The passage summarizes the Insurance Regulatory and Development Authority (IRDA) act in India. It established IRDA as a statutory body in 1999 to regulate and promote the growth of the insurance industry. IRDA's mission is to protect policyholders' interests and ensure the orderly growth and development of the insurance sector. Its key objectives include registering insurance companies, protecting policyholders and investors, and regulating solvency requirements and accounting practices. IRDA oversees various functions like issuing licenses, monitoring investments and claims settlement procedures. It has 10 members including a chairman and whole-time/part-time members appointed by the Government of India.
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous statutory body tasked with regulating and promoting the insurance industry in India. It is headquartered in Hyderabad and has regional offices in Delhi and Mumbai. IRDAI has a chairman and nine other members appointed by the Government of India. It performs supervisory, regulatory, promotional, and monitoring roles. Its powers and functions include protecting policyholders' interests, registering insurers, regulating insurance rates and solvency margins, and resolving disputes. IRDAI opened the insurance market to foreign companies in 2000 and increased the FDI limit to 49% in 2016.
This document summarizes the regulatory framework for Takaful (Islamic insurance) in Pakistan. It outlines the key controlling documents and rules for Takaful operators, including the Insurance Ordinance 2000, Takaful Rules 2005, and circulars issued by the Securities and Exchange Commission of Pakistan (SECP). It describes the major regulatory requirements for Takaful businesses such as registration, Shariah board oversight, minimum capital and solvency requirements, statutory deposits, operational models, reTakaful, fund maintenance, investments, market conduct, and additional family Takaful requirements. It also discusses some key issues, recent developments, and concludes with thanks.
The Insurance Regulatory and Development Authority (IRDA) is India's insurance regulatory body established in 1999 by the IRDA Act. IRDA regulates, promotes, and ensures the orderly growth of the insurance sector. It aims to protect policyholders' interests, promote an ethical insurance industry, and regulate and supervise insurers, agents and other insurance intermediaries. IRDA has powers to issue certificates, specify conduct codes and qualifications, control rates and terms, adjudicate disputes, and more. It is headed by a 10-member board including a Chairman and members appointed by the government.
The document proposes a Payroll Risk Insurance Act that would establish Payroll Risk Insurance Funds in each state. Key points:
- Each state could optionally establish a Payroll Risk Insurance Fund to provide payroll payments to businesses suspended by government order.
- The funds would be financed by assessments on commercial property insurers and overseen by state insurance regulators.
- The federal government would provide low-interest loans to reimburse funds for basic 4-week payroll coverage for small businesses. Much of the loans for small businesses would be forgiven.
- States would have flexibility to design more generous programs than the minimum federal standards but would need to finance any additional costs.
VIETNAM — Anwalt in Vietnam Dr. Oliver Massmann Corporate Sustainability Due ...Dr. Oliver Massmann
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Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
1. VIETNAM INSURANCE GUIDE
By Oliver Massmann
Market overview
Global
Member of International Association of Insurance Supervisors (IAIS) ?
Yes, Vietnam became member of IAIS in 2007.
Global regulators, bodies and legislation applicable to country
A project “ComFrame” set up by the Internationally Active Insurance Groups (IAIG related to
IAIS), is planned to establish regulatory framework with mandatory standards. For now, it
remains at the test phase but would become effective by 2019. Vietnam, as a member of the IAIS
will have to comply with its regulations.
As a member of the WTO and WHO, Vietnam must also comply with regulations of these
organizations with respect to insurance. In its bilateral / multilateral agreements such as Korea –
Vietnam FTA, EU- Vietnam FTA, Hong Kong - ASEAN FTA, ASEAN- China FTA, ASEAN –
Australia – New Zealand FTA, commitments on insurance are also binding on Vietnam
In addition, Vietnam is a member of the OECD, which issues guidelines and good practices of
non-binding nature for member countries.
European (if applicable) Not applicable for Vietnam
Supervised by EIOPA?
Does Solvency II apply?
Key regulators and rulebooks
Domestic
Key regulators
The Ministry of Finance is in charge of the state regulation on insurance business. In addition, on
12 February 2009, the Ministry of Finance (MOF) issued Decision No. 288/QD-TTg to establish
the Insurance Supervisory Authority (ISA) under the MOF. The ISA will assist the Minister of
the MOF to regulate insurance business nationwide; directly govern and supervise insurance
business activities and services related to insurance business in accordance with law.
2. In June 2009, Insurance Research and Training Centre (IRTC) under the ISA was established
according to Decision No. 1379/QD-BTC . The IRTC is tasked with organizing scientific study
and training on insurance and insurance market.
Laws and relevant court decisions/judgements
The following laws and regulations mainly govern insurance business in Vietnam:
1. Law on Insurance Business issued by the National Assembly on 09 December 2000, as
amended by Law No. 61/2010/QH12 dated 24 November 2010 (Law on Insurance Business);
2. Decree No. 73/2016/ND-CP on guiding the implementation of the Law on Insurance
Business issued by the Government on 01 July 2016 (Decree 73);
3. Decree No. 98/2013/ND-CP on administrative sanctions on insurance business and lottery
business issued by the Government on 28 August 2013 (Decree 98);
4. Circular No. 195/2014/TT-BTC on guiding the assessment and classification of insurance
companies issued by the Ministry of Finance on 17 December 2014 (Circular 195);
5. Circular No. 101/2013/TT-BTC on guiding the management and use of fund for policy-
holders, issued by the Ministry of Finance on 30 July 2013 (Circular 101);
6. Decision No. 1826/QD-TTg of the Prime Minister on approving the Plan on
“Restructuring the securities market and insurance companies” on 28 December 2012 (Decision
1826).
Key rules and requirements may include
Senior management responsibilities
1. Promulgation of legal instruments and implementing guidelines on insurance business;
formulation of strategies, policies, master planning and specific plans for the development of the
Vietnamese insurance market;
2. Issuance and withdrawal of licenses for establishment and operation insurers and insurance
brokers, and of licenses for establishment of representative offices of foreign insurers and foreign
insurance brokers in Vietnam;
3. Promulgation, ratification and guiding the implementation of insurance regulations,
provisions, scales of premiums and commissions;
4. Supervision of insurance business activities via professional activities, financial status,
enterprise management, risk management and compliance with the law on insurers and brokers;
application of necessary measures to ensure that insurers satisfy the financial requirements and
fulfil their undertakings to purchasers of insurance;
5. Organization of provision of information on the status of the insurance market and market
forecasts;
6. International cooperation in the area of insurance;
3. 7. Consent for overseas operations of insurers and insurance brokers;
8. Administration of the operations of representative offices of foreign insurers and foreign
insurance brokers in Vietnam;
9. Organization of the formation and training of a workforce of insurance management
personnel and insurance professional experts; and
10. Inspection and checks of insurance business activities; resolution of complaints and
denunciations, and dealing with breaches of the laws on insurance business.
Whistle-blowing rules
There is no such rules specifically for the insurance sector.
Foreign ownership limit in an existing shareholding company
ü The maximum shareholding by an individual shareholder is limited to 10% of the charter
capital of the target company;
ü The maximum shareholding by an institutional shareholder is limited to 20% of the charter
capital of the target company; and
ü The maximum shareholding owned by a shareholder and related persons/affiliates in aggregate
is limited to 20% of the charter capital of the target company.
Capital reserve requirements
Reserve funds
Insurers and insurance brokers must establish a compulsory fund to supplement their charter
capital and ensure their solvency. Appropriations for the compulsory reserve fund shall be made
annually at 5% of after-tax profits. The maximum amount of compulsory reserve fund is
equivalent to 10% of the charter capital of the insurance enterprise or issued capital of the
foreign branch.
In addition to this compulsory reserve fund, insurers and insurer brokers may establish other
reserve funds from their after-tax profits of the fiscal year as determined in their charter. It is
noted that after-tax profits must not be first shared among shareholders but only after 5% of such
profits is contributed to the compulsory reserve fund.
Insurance reserves
Insurance reserve means an amount of money which an insurer must set aside to pay for its
insurance liabilities determined in advance and arising from the insurance contracts which it has
entered into.
Insurance reserve must be established for each type of insurance product or insurance contract
with respect to that part of liability retained by the insurer or foreign branch. Specific amount
contributed for insurance reserve is not yet provided by the MOF given the recent effectiveness
of Decree 73.
4. Security deposit
Insurers must pay a security deposit into a commercial bank operating in Vietnam in an amount
of 2% of the legal capital as specified for each type of insurance company (for example, a health
insurance company must pay a security deposit of VND6 billion or USD270,000) within 60
days from the issuance date of the operating license in Vietnam. An insurance enterprise or
foreign branch may only use its security deposit to meet undertakings to purchasers of insurance
when its solvency is inadequate and upon written approval of the MOF. The whole amount of
their security deposit can only be withdrawn upon termination of their operation.
Product specific legislation
Relevant advisory documentation or other requirements, including tax.
Life
Legal capital
ü For life insurance business (excluding unit linked insurance and retirement insurance) and
health care insurance business: VND600 billion
ü Life insurance business and unit linked insurance business or retirement insurance business:
VND800 billion
ü Life insurance business, unit linked insurance business and retirement insurance business:
VND1,000 billion.
Qualifications of the appointed actuary
ü Not be prohibited from managing an enterprise according to Vietnam laws;
ü In the three consecutive years prior to the time of appointment:
o Not have been subject to an administrative penalty for a breach in the insurance business
sector with the form of penalty being compulsory dismissal from his or her position as a manager
or executive, approved by the MOF, or with the form of penalty being suspension from a
position to which such person was appointed by an insurance enterprise, insurance broker or
foreign branch;
o Not have been disciplined in the form of dismissal for a breach of internal rules on
underwriting, assessment, compensation and indemnity, internal control, management of finance
and investment or management of a re-insurance program in an insurance enterprise or foreign
branch; or for a breach of the rules on professional insurance broking operations, on internal
control or professional ethics of an insurance broker;
o At the time of being appointed as a manager or executive of an insurance enterprise or foreign
branch, not be directly related to any case prosecuted by a competent agency.
ü Have undergone training as an appointed actuary, and have at least 10 years' work experience
as an appointed actuary in the life insurance and be a fellow of one of the Associations of
Actuaries which are widely recognized internationally such as the Institute of Actuaries of
England; the Society of Actuaries of the USA; the Institute of Actuaries of Australia; the
Canadian Institute of Actuaries; or be a member of another Association of Actuaries which is an
official member of the International Associations of Actuaries; or have at least 5 years' work
5. experience as an appointed actuary in the life insurance or health insurance sector from the time
of becoming a fellow of one of the above associations.
ü Not have committed any breach of the professional ethics of actuaries.
ü Be an employee of the life insurer.
ü Be resident in Vietnam during the term of office.
Permitted scope of business
Life insurers are not allowed to do non-life business.
Life insurance products must be approved by the MOF in advance.
Insurance reserve
Insurance reserve for life insurance companies includes: actuarial reserve, unearned premium
reserve, compensation reserve, profit distribution reserve, committed interest rate reserve and
balance reserve.
Investment of idle capital from insurance reserves
Investments of idle capital from insurance reserves of insurance enterprises or foreign branches
may be made directly by the insurance enterprise or foreign branch or by entrusting another
entity to make the investment, but shall only be invested in Vietnam in the following sectors:
ü Purchase of Government bonds, Treasury bills, Treasury bonds, public bonds for construction
of the Homeland, local authority bonds and Government guaranteed bonds without any
restriction;
ü Deposits with credit institutions without any restriction;
ü Purchase of shares, bonds of enterprises and fund certificates but not to exceed 50% of idle
capital from insurance reserves;
ü Real estate business in accordance with the Law on Real Estate Business but not to exceed
20% of idle capital from insurance reserves;
ü Capital contribution to other enterprises but not to exceed 20% of idle capital from insurance
reserves.
General insurance
Under Vietnam laws, general insurance is called non-life insurance, which means the types of
insurance products being property insurance, civil liability insurance and other products which
are not life insurance.
Legal capital
- For non-life insurance business (excluding aviation insurance business and satellite insurance
business) and health insurance: VND300 billion
- For non-life insurance business (including aviation insurance business or satellite insurance
business) and health insurance: VND350 billion
- For non-life insurance business, including aviation insurance business and satellite insurance
business and health insurance: VND400 billion
Qualifications of an appointed actuary regarding reserves and solvency of non-life insurer
ü Not be prohibited from managing an enterprise according to Vietnam laws;
6. ü In the three consecutive years prior to the time of appointment:
o Not have been subject to an administrative penalty for a breach in the insurance business
sector with the form of penalty being compulsory dismissal from his or her position as a manager
or executive, approved by the MOF, or with the form of penalty being suspension from a
position to which such person was appointed by an insurance enterprise, insurance broker or
foreign branch;
o Not have been disciplined in the form of dismissal for a breach of internal rules on
underwriting, assessment, compensation and indemnity, internal control, management of finance
and investment or management of a re-insurance program in an insurance enterprise or foreign
branch; or for a breach of the rules on professional insurance broking operations, on internal
control or professional ethics of an insurance broker;
o At the time of being appointed as a manager or executive of insurance enterprise or foreign
branch, not be directly related to any case prosecuted by a competent agency.
ü Be an associate of an Association of Actuaries which is an official member of the International
Associations of Actuaries; or
ü Have at least five years' work experience in the non-life insurance sector and have evidence of
passing two exams of one of the following Associations: the Institute of Actuaries of England;
the Society of Actuaries of the USA; the Institute of Actuaries of Australia, and the Canadian
Institute of Actuaries, or evidence of passing exams of a training course or program on actuaries
recognized by the above Associations as equivalent to two exams of the above Associations; and
ü Not have committed any breach of the professional ethics of actuaries.
Permitted scope of business
Non-life insurance companies are allowed to do health insurance business.
Insurance reserve
Insurance reserve for non-life insurance companies includes unearned premium reserve, claim
reserve, and large loss fluctuation reserve.
Investment of idle capital from insurance reserves
ü Purchase of Government bonds, Treasury bills, Treasury bonds, public bonds for construction
of the Homeland, local authority bonds and Government guaranteed bonds without any
restriction;
ü Deposits with credit institutions without any restriction;
ü Purchase of shares, bonds of enterprises, fund certificates and capital contribution in other
enterprises but not to exceed thirty five (35) per cent of idle capital from insurance reserves; and
ü Real estate business in accordance with the Law on Real Estate Business but not to exceed ten
(10) per cent of idle capital from insurance reserves.
Reinsurance
Legal capital
- For non-life reinsurance business or both non-life reinsurance business and health
reinsurance business: VND400 billion;
7. - For life reinsurance business or both life reinsurance business and health reinsurance
business: VND700 billion;
- For business in all three types of life reinsurance, non-life reinsurance and health
reinsurance, VND1,100 billion.
Qualifications of an appointed actuary regarding reserves and solvency of reinsurer
Same as in non-life insurance.
Permitted scope of business
ü An insurance enterprise or may transfer part but is not permitted to assign all of the liability
for which insurance has already been accepted in an insurance contract to one or a number of
domestic and foreign insurance enterprises, and other foreign branches;
ü The maximum level of the liability retained on each risk or on each separate loss shall not
exceed 10% of equity.
ü If an insurance enterprise cedes reinsurance as appointed by an insured person, the maximum
rate for re-insurance by appointment shall be 90% of the liability insured;
ü An insurance enterprise may accept reinsurance of the liability for which another insurance
enterprise has already accepted insurance.
Insurance reserve
- For non-life reinsurance: unearned premium reserve, claim reserve, and large loss
fluctuation reserve;
- For life reinsurance: actuarial reserve, unearned premium reserve, compensation reserve,
profit distribution reserve, committed interest rate reserve and balance reserve;
- For health reinsurance: actuarial reserve, unearned premium reserve, compensation
reserve, and balance reserve.
Investment of idle capital from insurance reserves
- For non-life reinsurance: same as non-life insurance
For life reinsurance and health reinsurance: same as life insurance and health insurance
Commercial insurance
Please refer to the Section on General insurance above.
Investment management and markets
Overview of relevant regulation affecting insurers' investment portfolios, including Asset
Liability Management (ALM).
An insurance enterprise can make investment from its equity, idle capital from insurance
reserves and other lawful sources.
In addition to rules of domestic investment of idle capital from insurance reserves as mentioned
above for each type of insurance business, the following principles apply:
8. ü It is not permitted to borrow loans for purposes of direct investment or entrusted investment in
securities, real estate, or capital contribution to other enterprises;
ü It is not permitted to reinvest in any form [being lending to or reinvesting with] capital
contributing shareholders (members) or related persons [affiliated persons] as defined in the Law
on Enterprises, except for deposits with shareholders (or members) which are credit institutions;
ü It is not permitted to invest more than 30% of its investment capital sources in companies
within one Group or within one group of companies with a mutual ownership relationship (this
provision shall not apply to deposits at credit institutions and offshore investment capital sources
in the form of establishment of enterprises or branches overseas);
ü In the case of investment entrustment, the organization accepting entrustment must be issued
by the competent agency with a licence to carry out the activities of acceptance of investment
entrustment in compliance with the contents of acceptance of investment entrustment.
An insurance enterprise may also make offshore investment but only to set up offshore insurance
company or an offshore insurance branch. Such offshore investment must be approved by the
MOF.
Enforcement and investigation
Rules of regulatory investigation
Insurance business activities must be checked without overlapping and no more than once in
respect of one item in any one year with respect to enterprises (except for the case of an
extraordinary or unscheduled check).
Complaints procedure
There is no specific rule on complaints handling procedure in insurance enterprises. Instead, such
rules are as indicated in the insurance contracts and must follow relevant regulations of the Civil
Code and economic agreements.
Complaints on administrative decisions will be handled according to laws on complaints and
denunciations, which are applied for all sectors.
Redress, including Ombudsman service
Depending on the nature and seriousness of violations, the violators may be subject to
administrative sanctions (warnings, monetary fines, suspension of operation, remedies) or
criminal penalty. In case of causing damages, they must compensate according to Vietnam laws.
Insurance mediation compensation schemes
As indicated in the insurance contract. The insured person has maximum one year to claim for
indemnity from the date of occurrence of the insured event. Upon occurrence of such insured
event, the insurer must pay the indemnity with the time-limit stated in the insurance contract. If
9. there is no statement in the contract, the time-limit is 15 days from the date of receipt of a
complete and proper application requesting payment of indemnity.
Personal accident and health care insurance
- Personal accident insurance: the insurer must pay insurance proceeds to the beneficiary up
to the sum insured, based on the actual injury of the person insured and as agreed in the contract.
- Health care insurance: the insurer must pay insurance proceeds to the beneficiary up to
the sum insured, based on the costs of medical examination, treatment and convalescence of the
insured person arising as a result of an illness or accident and as agreed in the contract.
Property insurance
- Property insurance below value: the insurer is only responsible to indemnify in
accordance with the ratio of the sum insured to the market value of the insured property at the
date of entering the contract.
Double insurance contracts
Upon occurrence of the insured event, each insurer is only responsible to indemnify in
accordance with the ratio of the agreed sum insured to the total sum insured under all insurance
contracts which the purchaser of the insurance has entered into. The total sum of indemnity
payable by all the insurers will not exceed the value of the actual property damage.
Insolvency and policy-holder protection
Relevant resolution regime?
There is no separate insolvency regime for insurers. Instead, the Law on Bankruptcy which deals
with bankruptcy and insolvency in all sectors will apply.
The general procedure to handle bankruptcy cases is as follows:
ü Filing the petition to the court to commence bankruptcy procedures (by creditors, employees,
grass-root trade union, legal representative of the company, shareholders, Chairman of the Board
of Management, etc.)
ü The court will handle the bankruptcy case according to its competence within 6 working days
from the receipt of the petition. Decisions to open bankruptcy procedure must be sent to all
relevant parties and published on local newspapers and the People’s Supreme Court web portal.
ü Calling for the meeting of creditors
ü Depending on the Resolution of the Creditors’ meeting, the company’s operation can be
recovered or the court is requested to announce the bankruptcy.
ü Management and liquidation of assets are conducted by a liquidator or company that is
appointed by the court and specializes in the management and liquidation of assets.
Data protection
There is no separate rule governing data protection in the insurance sector in Vietnam. Instead,
Vietnam’s data protection laws are scattered in many legislations, which include the Civil Code,
the Penal Code, the Law on Cyber Information Security, the Law on Information Technology,
the Law on Telecommunications, the Law on Consumer Protection, the Law on E-Transactions
and relevant Decrees guiding implementation of the mentioned laws. These laws include
10. provisions to prevent, detect, stop and address spam, computer viruses and cyber-attacks, and
protect information exchanged in cyberspace.
There is no consistent definition of “personal information” in Vietnam laws. General speaking,
personal information could be any information that could be used to identify a specific person,
including information on payment transactions.
Organisations processing personal information must take appropriate management and technical
measures to protect personal information that they have collected and stored and ensure that the
personal information is not lost, stolen, disclosed, modified or destroyed without consent.
Depending on the nature of violations of data protection policies, administrative fines (warning,
monetary fine) and possible remedial measures or criminal penalties might apply.
Corporate governance
Managers and executives of insurance enterprises, foreign branches and insurance brokers are:
ü Chairman of the board of management (chairman of the members' council or company
chairman); members of the board of management (members of the members' council);
ü Head of the inspection committee; head of the internal audit committee; inspectors (if the
enterprise does not establish an inspection committee);
ü General Director (Director); Deputy General Director (Deputy Director);
ü Head of the internal control or audit division; chief accountant; branch directors; heads of
representative offices; heads of professional sections; appointed actuaries (in the case of a life
insurer or health insurer); appointed actuaries regarding reserves and solvency (in the case of a
non-life insurer or foreign branch).
Allocation of these people must follow the below principles:
ü A member of the board of management or members' council of an insurance enterprise or
insurance broker is not permitted to concurrently be a member of the board of management or
members' council of an enterprise operating in the same sector (non-life insurance, life insurance,
reinsurance or insurance brokerage);
ü The general director (director) or deputy general director (deputy director) of an insurance
enterprise, foreign branch or insurance broker is not permitted to concurrently work for another
insurance enterprise, foreign branch or insurance broker operating in the same sector in Vietnam;
and the general director (director) of an insurance enterprise, foreign branch or insurance broker
is not permitted to be a member of the board of management or members' council of another
insurance enterprise or insurance broker operating in the same sector in Vietnam;
ü The general director (director), deputy general director (deputy director), a branch director or a
head of a representative office of an insurance enterprise or insurance broker is only permitted to
concurrently be the head of no more than one branch or representative office or professional
section of the insurance enterprise or insurance broker. The director or deputy director of a
foreign branch is only permitted to concurrently be the head of no more than one professional
section of such branch;
ü An appointed actuary of a life insurer or health insurer, an appointed actuary regarding
reserves and solvency of a non-life insurer, of a reinsurer or of a foreign branch has the duty of
organizing implementation of work to ensure the financial safety of the insurance enterprise or
foreign branch. An appointed actuary or an appointed actuary regarding reserves and solvency
11. has independent rights regarding his or her professional specialty and is not permitted to
concurrently be the general director (director) or chief accountant.
Financial crime prevention
Member of FATF? On FATF blacklist?
Not a members of FATF and not blacklisted either.
***
If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann
under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane
Morris Vietnam LLC.
Thank you very much!