Decision No. 1313/QD-BTC dated June 11, 2014 of the Ministry of Finance on defining functions, duties, power and organizational structure of the Department of Insurance Supervisory Authority

THE MINISTRY OF FINANCE

Decision No.1313/QD-BTC dated June 11, 2014 of the Ministry of Finance on defining functions, duties, power and organizational structure of the Department of Insurance Supervisory Authority

Pursuant to Decree No. 36/2012/ND-CP dated April 18, 2012 of the  Government defining the functions, tasks, powers and organizational structures of Ministries and ministerial-level agencies;

Pursuant to Decree No. 215/2013/ND-CP dated December 23, 2013 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

Considering the proposal of Head of  Department of Insurance Supervisory Authority and Director of personnel and organization Department,

DECIDES:

Articles 1. Position and function

The Department of Insurance Supervisory Authority is a unit under the Ministry of Finance and has functions to advise and assist the Minister of Finance to perform the State management over the area of insurance business nationwide; directly manage and supervise the insurance business and services related to the area of insurance business.

The Department of Insurance Supervisory Authority with its legal status and seal may open accounts at the State Treasury and banks as provided for by law;

Article 2. Duties and power

1. Requesting the Minister of Finance to issue under the authority or to request the competent authorities to issue the legal normative documents and policies on insurance business, strategies and long-term, medium-term and annual plan for the insurance business;

2. Implementing, propagating the insurance; publicizing, giving guidance and inspection the implementation of strategies and plans and legal normative documents on insurance business;

3. Receiving and verifying dossiers and submitting them to the Minister of Finance for issue, renewal or revocation of establishment and operation License of insurance enterprises, insurance brokerage enterprises (including cases of overseas investment and enterprises with foreign invested capital in Vietnam); branches of foreign non-life insurance enterprises; license to establish representative offices of foreign insurance enterprises or insurance brokerage enterprises in Vietnam. Requesting the Minister of Finance to approve the changes of above-mentioned organizations as provided for by law;

4. Inspecting and supervising activities of insurance enterprises, branches of foreign non-life insurance enterprises and insurance brokerage enterprises operating in Vietnam; activities of representative offices of foreign insurance enterprises or insurance brokerage enterprises in Vietnam.

5. Carrying out specialized inspection in the area of insurance for organizations and individuals involved in area of insurance as provided for by law;

6. Settling complaints, denunciations and handling administrative violation in the area of insurance business as regulated by law;

7. Implementing international cooperation in the area of insurance business as regulated by law;

8. Performing the State management over the activities of associations and non-governmental organizations in the area of insurance business;

9. Regularly assisting Ministries and sectors concerned in steering and supervising the implementation of compulsory insurance of civil liability of motor vehicle owners (National Body exercising the compulsory insurance program of motor vehicles)

10. Establishing the insurance database; performing the statistics, analysis, forecast, preliminary review, final review and evaluation of activities of insurance market; making statistical reports on insurance market as regulated by law;

11. Conducting scientific researches or coordinated scientific researches with the units in and outside sector;

12. Performing the training or retraining for organizations and individuals involved in the area of insurance business;

13. Carrying out other duties and powers assigned by the Minister of Finance;

Article 3. Organizational structure

1. The assisting apparatus of the Head of Department of Insurance Supervisory Authority:

a) Department Office;

b) Division of insurance market development;

c) Division of management and supervision of non-life insurance;

d) Division of management and supervision of life insurance;

dd) Division of management and supervision of insurance brokerage;

e) Division of inspection and examination;

g) Division of statistics and information on insurance market;

2. Non-business unit: Centre for Research and Training in insurance.

Regulation on organization and operation of this Center is provided for by the Minister of Finance;

The specific duties of Offices and Divisions are provided for by the Head of Department of Insurance Supervisory Authority;

The Department of Insurance Supervisory Authority work under division organization combined with expert mode. For work done under expert mode, the Head of Department shall assign duties to officials and officers in accordance with title, criteria and professional competence to ensure completion of assigned tasks.

The Department of Insurance Supervisory Authority may appoint Chief Accountant at the units receiving State budget estimate under current regulations of law and of the Ministry of Finance;

The staff of the Department of Insurance Supervisory Authority shall be decided by the Minister of Finance;

Article 4. Department’s leaders

The Department of Insurance Supervisory Authority is managed by the Head and Deputy Head;

The Head of Department of Insurance Supervisory Authority shall take responsibility before the Minister of Finance for all activities of the Department; manage officials and assets assigned as provided by law;

The Deputy Head of Department of Insurance Supervisory Authority shall take responsibility before the Head for assigned duties;

Article 5. Effect and implementation

This Decision takes effect from the date of its signing and supersedes Decision No. 288/2009/QD-BTC dated February 12, 2009 of the Minister of Finance defining the functions, duties, powers and organizational structure of the Department of Insurance Supervisory Authority and Decision No. 1853/QD-BTC dated July 31, 2009 of the Ministry of Finance on supplementation of duties, powers and adjustment of organizational structure of the Department of Insurance Supervisory Authority;

The Head of Department of Insurance Supervisory Authority, Director of personnel and organization Department, Chief of Office of Ministry of Finance and the Heads of units and organizations under management of the Ministry are liable to execute this Decision./.

The Minister of Finance

Dinh Tien Dung