Summary
GlobalData’s "Governance, Risk and Compliance - The Vietnamese Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Vietnam.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Vietnam, including -
- An overview of the insurance regulatory framework in Vietnam.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Vietnam.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- The Ministry of Finance, with support from the ISA is responsible for the supervision and control of the Vietnamese insurance industry.
- 100% FDI is permitted in the Vietnamese insurance industry.
- Motor-third party liability insurance, aviation third-party liability insurance, and professional indemnity insurance for lawyers, notaries, auditors, engineers, architects and insurance brokers are the key classes of compulsory insurance in Vietnam.
- The placement of non-admitted insurance is not permitted in the Vietnamese insurance industry with few exceptions.
- Composite insurance is not permitted in the Vietnamese insurance industry.
Scope
- The report covers details of the insurance regulatory framework in Vietnam.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Vietnam.
- Track the latest regulatory changes, and expected changes impacting the Vietnamese insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Aviation liability insurance
2.4.3 Fire and explosion insurance for high risk establishments
2.4.4 Social insurance
2.4.5 Construction insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Ministry of Finance
2.5.3 Insurance Supervisory Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxations
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Vietnam - Insurance Regulatory Framework Key Features
Table 3: Vietnam- Maximum Commission Rates for Non-life Insurance Agents
Table 4: Vietnam- Maximum Commission Rates for Life Insurance Agents
Table 5: Vietnam - Insurance Agent Commission Rate
Table 6: Vietnam - Life Insurance Regulatory Framework
Table 7: Vietnam - Property Insurance Regulatory Framework
Table 8: Vietnam - Motor Insurance Regulatory Framework
Table 9: Vietnam - Liability Insurance Regulatory Framework
Table 10: Vietnam - Tariff Rates for Motor Third-Party Liability Insurance
Table 11: Vietnam - Minimum Capital Requirements
Table 12: Vietnam - Corporate Tax Rates for the Financial Year 2018
List of Figures
Figure 1: Vietnam - Insurance Supervision and Control at Various Levels
Figure 2: Vietnam - Insurance Regulatory Frameworks for Company Registration and Operation
