Here are the remarkable policies on insurance, salaries, and retirement age...which shall take effect on January 2023.
Buyers may refuse to participate in insurance within 21 days
This is the remarkable content prescribed in the Law on insurance business No. 08/2022/QH15 which is passed by the National Assembly on June 16, 2022.
In particulars, Law on insurance business 2022 supplements the time to consider participating in life insurance and health insurance as follows:
For insurance contracts with a term of more than 1 year, within 21 days from the date of receiving the insurance contract, the insurance buyer may refuse to continue participating in insurance.
In case the insurance buyer refuses to continue participating in insurance, the insurance contract shall be canceled and the insurance buyer shall be refunded the premium paid after deducting reasonable expenses (if any) as agreed in the insurance contract.
Insurance enterprises shall not be required to indemnify or pay insurance premiums when the insured event occurs.
In accordance with the Law on insurance business, life insurance means a type of insurance provided in cases where the insured is alive or dead. The objects of life insurance contracts shall be the human age and life.
Health insurance means a type of insurance provided in cases where the insured suffers an injury, accident, illness, or disease or needs health care. The object of health insurance contracts shall be human health.
Law Amending and Supplementing a Number of Articles of the Law on Intellectual Property
The Law amending and supplementing a number of articles of the Law on Intellectual Property is one of the Laws taking much care from enterprises. From January 01, 2023, Law on Intellectual property is amended with remarkable contents as follows:
- There are grounds to believe that the applicant does not have the right to register subject matters of industrial property or register the mark with bad intentions.
- The protected mark has become a common name of goods or services registered for the such mark; The use of the mark protected for goods or services by the mark owner or a person permitted by the mark owner leads to consumers’ misunderstanding about the nature, quality or geographical origin of such goods or services;
- Supplement the dossiers for registration of copyright and related rights, accordingly authors, copyright holders, and related rights holders may personally file or authorize other organizations or individuals to file dossiers for registration of copyright or related rights by hand-delivery, by post or via the Online Public Service Portal to the state management agency in charge of copyright and related rights.
Therefore, from January 01, 2023, file the dossier for registration of copyrights by post or via the Online Public Service Portal.
Law on Cinematography
After many “break-down” in cinematography, Law on Cinematography 2022 is issued and formally takes effect on January 01, 2023, with the purpose to strengthen legal compliance in this industry.
Accordingly, this Law emphasizes that cinema establishments can refuse to serve audiences who use banned substances or stimulants; bring weapons, flammable and explosive materials, radioactive substances, toxic substances, banned substances or stimulants into cinemas; cause disturbance or disorder at cinemas; Cinematic establishments shall be responsible to offer exemption from or reduction of ticket prices for the elderly, people with disabilities, people with meritorious services to the revolution, children, people in extremely difficult circumstances and other subjects.
Besides, Law on Cinematography 2022 also supplements the regulations on termination of dissemination of a film as prescribed in Article 30, accordingly, there are 02 cases of termination of dissemination of the film, in one of the following cases:
- Prohibited acts in the cinematography Inciting or offending beliefs or religions; propagating or promoting illegal belief and religious activities; insulting the National Flag, Communist Party of Vietnam’s Flag, National Emblem, or National Anthem; Carrying out propaganda to incite wars of aggression; causing hatred; Distorting the nation’s history, denying revolutionary achievements; great personalities...
- For national defense, security, disasters, epidemics, or emergency circumstances.
Defining illicit profits earned from trading in counterfeit or banned goods
On November 02, 2022, the Ministry of Finance issues Circular No. 65/2022/TT-BTC detailing Clause 2, Article 91, Decree No. 98/2020/ND-CP.
This Circular details provisions of Clause 2 Article 91 of Decree 98/2020/ND-CP, regarding illicit profits earned through the commission of administrative violations being taken the remedial measure, trading in counterfeit or banned goods, and protection of consumer rights, for the latter to remit into the state budget.
Illicit monetary profits: The money amount through the commission of administrative violations shall be equal to (=) the number of goods, the volume of services that have been transferred or consumed, multiply by (x) the unit price minus (-) costs directly constituting the goods or services.
Earned illicit profit amounts that are valuable papers mean the whole valuable papers that an organization or individual earned through the commission of administrative violations.
Illicit profits earned through the commission of administrative violations, which are other assets and objects, are other assets as prescribed by the Civil Code.
In case material evidence or means of administrative violations have been illegally sold, dispersed, or destroyed, the violator must refund the amount of money equivalent to the value of material evidence or means of administrative violations that have been illegally sold, dispersed, or destroyed.
Conditions for the depository of valuable papers at the SBV
On November 30, 2022, the State Bank of Vietnam issues Circular No. 16/2022/TT-NHNN providing for the depository and use of valuable papers at the State Bank of Vietnam. This Circular takes effect on January 17, 2023.
Accordingly, Article 4 Circular prescribes conditions, par value, and code of valuable papers deposited at the State Bank as follows:
- Valuable papers deposited at the State Bank, including:
State Bank Bills;
Government-underwritten bonds with the settlement of 100% of principal and interest upon maturity;
Special bonds, bonds issued directly to credit institutions to sell debts to buy bad debts at the market value of Vietnam Asset Management Company;
Bonds issued by commercial banks in which more than 50% of charter capital is held by the State; bonds issued by credit institutions (except credit institutions under special control) and other enterprises;
Valuable papers are decided by the Governor of the State Bank in each period.
- Conditions for valuable papers:
Under the legal ownership of members;
The right to receive principal and interest has not been finalized at maturity;
The certified valuable papers deposited at the State Bank must be intact, not torn, damaged, not changed in color, faded with pattern images, letters, or numbers, and not crumpled or crushed, blurred, dirty, or erased.
The par value of valuable papers deposited at the State Bank is VND 100,000 or a multiple of VND 100,000.
An insurance agent certificate issued before 2023 shall be used before 2025
On November 16, 2022, the Minister of Finance issues Circular No. 69/2022/TT-BTC detailing regulations on insurance certificates, insurance agent certificates, insurance broker’s certificates, and insurance auxiliary operations certificates.
Accordingly, an insurance agent certificate that is issued before January 1, 2023, must be converted into an insurance agent certificate specified in this Circular before December 31, 2025.
The insurance agent certificate which is issued before January 01, 2023, shall in invalid from January 01, 2025, before the conversion of the new certificate.
Insurance agent certificates shall be converted into e-data and stored on the Certificate Examination Management System.
A dossier of requests for conversion of the insurance agent certificates specified includes:
- A written request for the conversion of certificates
- Authenticated copies of the insurance agent certificates issued before January 1, 2023, of the insurance agents;
- Authenticated copies of the insurance agents’ citizen ID card/ID card/Passport.
The dossier for conversion of the insurance agent certificate shall be submitted to the Insurance Supervisory Authority and shall be carried out through the Certificate Examination Management System.
Implementation duration: within 60 days from the date of receiving a complete and valid dossier.
This Circular takes effect on January 01, 2023.
Increase the interest rate of commercial banks for outstanding housing support loans
On December 12, 2022, the State Bank of Vietnam issues the Decision No. 2081/QD-NHNN on the interest rate of commercial banks for outstanding housing support loans in 2023.
In particulars, on the interest rate of commercial banks for outstanding housing support loans in 2023 in accordance with the Circular No. 11/2013/TT-NHNN dated May 15, 2013, Circular No. 32/2014/TT-NHNN and Circular No. 25/2016/TT-NHNN shall be 5.0% per annum (increased by 0.2% compared with 2021 - 2022).
This Decision takes effect on January 01, 2023 and replaces the Decision No. 1956/QD-NHNN dated December 03, 2021 of the Governor of State Bank of Vietnam on the interest rate of commercial banks for outstanding housing support loans.