Decision No. 1799/QD-BTC dated September 11, 2017 of the Ministry of Finance defining the functions, tasks, powers and organizational structure of the Insurance Supervisory Authority

DECISION

Defining the functions, tasks, powers and organizational structure of the Insurance Supervisory Authority

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THE MINISTER OF FINANCE

Pursuant to the Government’s Decree No. 123/2016/ND-CP dated September 01, 2016, defining the functions, tasks, powers and organizational structures of ministries and ministerial-level agencies;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Directors of the Insurance Supervisory Authority and the Personnel and Organization Department,

DECIDES:

Article 1. Position and functions

The 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 in accordance with law provisions.

The Insurance Supervisory Authority with its legal status and seal may open accounts at the State Treasury and banks in accordance with law provisions.

Article 2. Tasks and powers

1. To submit the Minister of Finance to issue according to the competence or to submit the competent authorities to issue legal normative documents, policies and insurance business activities, long-term, medium-term and annual strategies and master plans on the insurance business.

2. To organize the implementation, propagandize, disseminate, provide guidance and inspect the implementation of strategies, plans, master plans and legal normative documents on insurance business.

3. To receive and verify dossiers and submit them to the Minister of Finance for grant, extension or revocation of establishment and operation licenses of insurance businesses and insurance brokerage enterprises (including cases of overseas investment and enterprises with foreign invested capital in Vietnam); branches of foreign non-life insurance businesses; licenses to establish representative offices of foreign insurance businesses or insurance brokerage enterprises in Vietnam. To submit the Minister of Finance to approve the changes of above-mentioned organizations in accordance with law provisions.

4. To inspect and supervise activities of insurance businesses, branches of foreign non-life insurance enterprises and insurance brokerage enterprises operating in Vietnam; activities of representative offices of foreign insurance businesses or insurance brokerage enterprises in Vietnam.

5. To carry out specialized inspection in the area of insurance for organizations and individuals involved in insurance activities in accordance with law provisions.

6. To settle complaints, denunciations and handle administrative violations in the area of insurance business in accordance with law provisions.

7. To implement international cooperation in the area of insurance business in accordance with law provisions.

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

9. To regularly assist concerned ministries and branches in steering and supervising the implementation of compulsory insurance for motor vehicle owner’s civil liability (the National Body exercising the compulsory insurance program of motor vehicles).

10. To develop the insurance database; perform the statistics, analysis, forecast, preliminary review, final review and evaluation of activities of insurance market; make statistical reports on insurance market in accordance with law provisions.

11. To conduct scientific research or coordinated scientific research with the units in and outside sector.

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

13. To manage the Fund for the Protection of the Insured (FPI) in accordance with law provisions.

14. To perform other tasks and powers as assigned by the Minister of Finance.

Article 3. Organizational structure

1. Apparatus assisting the Director of the Insurance Supervisory Authority:

a) Authority 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 units:

Center for Research and Training in Insurance.

Regulation on organization and operation of the Center for Research and Training in Insurance shall be regulated by the Minister of Finance.

The specific task of the Office and Divisions shall be specified by the Director of the Insurance Supervisory Authority.

The Insurance Supervisory Authority shall work under the division organization combined with specialist mode. For works under the specialist mode, the Director shall assign tasks to civil servants and public employees in accordance with their titles, standards and professional competence to ensure completion of assigned tasks.

The Insurance Supervisory Authority may appoint chief accountants at the units receiving State budget estimate under current laws and the Ministry of Finance’s regulations.

The payroll of the Insurance Supervisory Authority shall be decided by the Minister of Finance.

Article 4. Authority’s leaders

The Insurance Supervisory Authority may have a Director and 03 (three) Deputy Directors maximum.

The Director of the Insurance Supervisory Authority shall take responsibility before the Minister of Finance for all activities of the Authority; manage civil servants, public employees and assigned assets in accordance with law provisions.

The Deputy Director of the Insurance Supervisory Authority shall take responsibility before the Director for the assigned tasks.

Article 5. Effect and implementation responsibility

This Decision takes effect on the date of its signing and replaces the Decision No. 1313/QD-BTC dated June 11, 2014 of the Minister of Finance, defining the functions, tasks, powers and organizational structure of the Insurance Supervisory Authority.

The Directors of the Insurance Supervisory Authority and the Personnel and Organization Department, Chief of Office of Ministry of Finance and Heads of units and organizations of the Ministry shall be responsible for the implementation of this Decision./.