Consolidated Text No. 06/VBHN-VPQH dated June 25, 2019 of the Office of the National Assembly on the Law on Insurance Businessc

  • Summary
  • Content
  • Status
  • Vietnamese
  • Download
Save

Please log in to use this function

Send link to email

Please log in to use this function

Error message
Font size:

ATTRIBUTE

Consolidated Text No. 06/VBHN-VPQH dated June 25, 2019 of the Office of the National Assembly on the Law on Insurance Businessc
Issuing body: Office of the National AssemblyEffective date:Updating
Official number:06/VBHN-VPQHSigner:Nguyen Hanh Phuc
Type:Consolidated TextExpiry date:Updating
Issuing date:25/06/2019Effect status:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Fields:Insurance
For more details, click here.
Download files here.
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency
Effect status: Known

CONSOLIDATED TEXT - THE OFFICE OF THE NATIONAL ASSEMBLY

 

 

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

 

LAW ON INSURANCE BUSINESS

 

Law No. 24/2000/QH10 on Insurance Business of December 9, 2000, of the National Assembly, which takes effect on April 1, 2001, is amended and supplemented by:

1. Law No. 61/2010/QH12 of November 24, 2010, of the National Assembly, Amending and Supplementing a Number of Articles of the Law on Insurance Business, which takes effect on July 1, 2011;

2. Law No. 42/2019/QH14 of June 14, 2019, of the National Assembly, Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property, which takes effect on November 1, 2019.

In order to protect the lawful rights and interests of organizations and individuals participating in insurance; step up insurance business activities; contribute to promoting and maintaining the sustainable socio-economic development, and stabilizing the people’s life; and enhance the effect of the state management of insurance business activities;

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam;

This Law prescribes the insurance business.

 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Law regulates the organization and operation of insurance business and define the rights and obligations of organizations as well as individuals participating in insurance.

2. This Law does not apply to social insurance, health insurance, deposit insurance and other types of insurance, which are provided by the State and not for commercial purposes.

Article 2. Application of the Law on Insurance Business, relevant laws, treaties and international practices

1. The organization and operation of insurance business in the territory of the Socialist Republic of Vietnam must comply with the provisions of this Law and other provisions of relevant laws.

2. In case the treaties to which the Socialist Republic of Vietnam has signed or acceded contain provisions different from those of this Law, the provisions of such treaties shall apply.

3. Parties participating in insurance may agree to apply international practices if such practices do not run counter to Vietnam’s laws.

Article 3.Interpretation of terms

In this Law, the terms below are construed as follows:

1. Insurance business means the operation carried out by insurance enterprises for the purpose of profit generation, whereby the insurance enterprises accept risks incurred by the insured on the basis of insurance premium payment by the insurance buyers so that the insurance enterprises pay the insurance money to the beneficiary or indemnify the insured when the insured events occur.

2. Reinsurance business means the operation carried out by insurance enterprises for the purpose of profit generation, whereby the insurance enterprises receive an amount of premium paid by other insurance enterprises for the commitment to pay compensation for the liabilities which the former have accepted for insurance.

3. Insurance agency activities mean the activities of introducing, offering and selling insurance, arranging the conclusion of insurance contracts and other activities aiming to perform the insurance contracts under authorization of insurance enterprises.

4. Insurance brokerage activities mean the provision of information and consultancy to the insurance buyers on insurance products, insurance conditions, premium rates, insurance enterprises and activities relating to the negotiation, arrangement and performance of insurance contracts at the request of the insurance buyers.

5. Insurance enterprises are those which are established, organized and operate under the provisions of this Law and other provisions of relevant laws, for insurance or reinsurance business.

6. Insurance buyers are organizations or individuals that enter into insurance contracts with insurance enterprises and pay premiums. An insurance buyer may also be the insured or the beneficiary.

7. The insured means organizations or individuals that have property, civil liabilities and/or life insured under insurance contracts. The insured may also be the beneficiary.

8. The beneficiaries mean organizations or individuals designated by the insurance buyers to receive insurance money under personal insurance contracts.

9. Insurable interests mean the rights to ownership, the rights to possession, the right to use, and the property rights; and the rights and obligations to foster and provide financial support for insured objects.

10. Insured events mean objective events mutually agreed upon by the parties or prescribed by law upon the occurrence of which the insurance enterprises shall pay the insurance money to the beneficiaries or pay indemnities to the insured.

11. Premium means a sum of money to be paid by the insurance buyers to insurance enterprises according to time limits and by modes mutually agreed upon by the parties in the insurance contracts.

12. Life insurance means a class of insurance provided in case the insured is alive or dead.

13. Endowment insurance means a class of insurance provided in case the insured lives till a certain point of time, whereby the insurance enterprises shall pay insurance money to the beneficiaries, should the insured remain alive till the time limit agreed upon in the insurance contracts.

14. Term insurance means a class of insurance provided in case the insured dies within a certain period of time, whereby the insurance enterprises shall pay insurance money to the beneficiaries, should the insured die within the time limits agreed upon in the insurance contracts.

15. Combined insurance means a class of insurance which combines endowment insurance and term insurance.

Click download to see the full text

Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Processing, please wait...
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency

ENGLISH DOCUMENTS

Official Gazette
Consolidated Text 06/VBHN-VPQH PDF

This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here

* Note: To view documents downloaded from LuatVietnam.vn, please install DOC, DOCX and PDF file readers
For further support, please call 19006192

SAME CATEGORY

loading