Law Amending Law on Insurance Business and Law on Intellectual Property, Law No. 42/2019/QH14

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ATTRIBUTE Law Amending Law on Insurance Business and Law on Intellectual Property

Law No. 42/2019/QH14 dated June 14, 2019 of the National Assembly on Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property
Issuing body: National Assembly of the Socialist Republic of VietnamEffective date:
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Official number:42/2019/QH14Signer:Nguyen Thi Kim Ngan
Type:LawExpiry date:Updating
Issuing date:14/06/2019Effect status:
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Fields:Insurance , Intellectual property

SUMMARY

Trademark un-used for 05 consecutive years shall be invalidated

On June 14, 2019, the National Assembly promulgates the Law No. 42/2019/QH14 on amendment and supplement of a number of articles of the Law on Insurance Business and the Law on Intellectual Property.

Accordingly, trademark owners shall be obliged to use the trademark continuously. The use of trademarks by transferees under trademark use contracts shall be also considered the use by trademark owners. In case the trademarks are not used continuously for at least five years, the registration certificates of such trademarks shall be invalidated.

In addition, this Law amends a number of article of the Law on Insurance Business. To be specific: Individuals providing insurance consulting services shall purchase professional liability insurance for their provision of insurance consulting services; insurance auxiliary service providers shall purchase professional liability insurance corresponding to each type of insurance auxiliary services; besides, such individuals and organizations must keep confidential customer information, using customer information with the appropriate purposes and no providing such information to third parties without the consent of the customers…

Otherwise, the insurance auxiliary service providers shall not provide insurance damage assessment services and insurance claim settlement assistance for the insurance contracts in which they are also the insurance purchasers or the insured or beneficiaries; insurance brokers shall not provide insurance damage assessment services for insurance contracts in which they make contract arrangements.

This Law takes effect on November 01, 2019.
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Effect status: Known

THE PRESIDENT
 

No. 01/2019/L-CTN

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

Hanoi, June 18, 2018

 

Order

On the promulgation of law

 

THE PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM

Pursuant to Articles 88 and 91 of the Constitution of the Socialist Republic of Vietnam;

Pursuant to Article 80 of the Law on Promulgation of Legal Documents,

 

PROMULGATES:

The Law on Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property,

which was passed on June 14, 2019, by the XIVth National Assembly of the Socialist Republic of Vietnam at its 7th session.

President of the Socialist Republic of Vietnam
NGUYEN PHU TRONG

 

 

THE NATIONAL ASSEMBLY

 

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 42/2019/QH14

 

Hanoi, June 14, 2019

 

LAW

Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property[1]

 

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law Amending and Supplementing a Number of Articles of Law No. 24/2000/QH12 on Insurance Business which was amended and supplemented under Law No. 61/2010/QH12 and Law No. 50/2005/QH11 on Intellectual Property which was amended and supplemented under Law No. 36/2009/QH12.

 

Article 1. To amend and supplement a number of articles of the Law on Insurance Business

1. To add Clauses 21, 22, 23, 24, 25 and 26 below Clause 20, Article 3 as follows:

“21. Insurance auxiliary services mean a constituent of the insurance business, which are performed by insurance enterprises, insurance brokerage enterprises or other organizations or individuals for profit, including insurance consultancy, insurance risk assessment, insurance actuary, insurance loss assessment, and insurance claim settlement support.

22. Insurance consultancy means the provision of consultancy services on insurance programs, insurance products, insurance risk administration, and loss prevention and restriction.

23. Insurance risk assessment means the identification, classification, and assessment of the nature and level of risks and assessment of the administration of human, property and civil liability risks to obtain grounds for insurance participation
 

[1] Công Báo Nos 559-560 (17/7/2019)

 

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