Insurance enterprise means an enterprise that fully meets the conditions for giấy phép công bố mua bán trang thiết bi y tế business and is established, organized and operated in accordance with law to do insurance or reinsurance business. Insurance enterprises are allowed to choose one of the following types to conduct business such as: Limited liability company; Joint Stock Company; Branches of foreign insurance enterprises; Insurance brokerage business. Accordingly, each form of operation will have different procedures for applying for a license. Within the scope of the article below, Toan Long Law will advise and guide the application for a license for establishment and operation for each type of activity.
See also: Conditions for insurance business
Part 2: Dossier of application for the establishment and operation license of a joint-stock insurance company
1. A written request for a license, made according to the form prescribed by the Ministry of Finance.
2. Draft company charter.
3. Operation plan for the first 5 years suitable to the business field for which the License is requested, clearly stating the target market, distribution channel, method of setting up professional reserves, reinsurance program, capital investment, business efficiency, solvency of insurance enterprises.
4. A copy of the citizen identification card, people's identity card, passport or other lawful personal identification; criminal record, curriculum vitae, copies of diplomas and certificates of the person expected to be appointed as Chairman of the Board of Directors, General Director, actuary or backup actuary and solvency accountant, chief accountant of an insurance enterprise.
5. List of founding shareholders and the following attached documents:
a) For individuals:
- A copy of the citizen's identity card, people's identity card, passport or other lawful personal identification; judicial record according to the form prescribed by law;
- Bank's confirmation of the balance of VND or freely convertible foreign currency deposited at the bank.
b) For organizations:
- A copy of the establishment decision, business registration certificate or other equivalent document; for foreign organizations, the copy must be consularly legalized;
- Company rules;
- The document of the competent authority of the capital contributing organization deciding on the participation in capital contribution to establish the insurance enterprise;
- A written authorization, a copy of the citizen's identity card, people's identity card, passport or other lawful personal identification of the authorized representative of the capital contributing organization;
- Audited financial statements for 03 consecutive years preceding the year of submitting the application for a license.
6. Rules, terms and premium schedule of insurance products to be deployed.
7. Certification of the bank licensed to operate in Vietnam of the charter capital deposited in the escrow account opened at the bank.
8. Minutes of meeting of shareholders on:
a) Agree to contribute capital to establish an insurance joint-stock company together with a list of founding shareholders;
b) Approve the draft of the company's charter.
9. Minutes of authorizing an individual or organization on behalf of the shareholders to be responsible for carrying out the procedures for applying for a License.
10. A document from a competent state agency that the Vietnamese organization contributes capital to satisfy financial safety conditions and is allowed to contribute capital to establish an insurance enterprise in accordance with specialized laws.
11. In case the foreign organization is an insurance enterprise, a written certification from the competent authority of the country where the insurance enterprise is located must certify that:
a) Foreign insurance enterprises are allowed to establish insurance enterprises in Vietnam. Where the regulations of the country where the enterprise is headquartered do not require written approval, there must be evidence to confirm this;
b) The foreign insurance enterprise is operating in the field it intends to operate in Vietnam;
c) The foreign insurance enterprise is in a healthy financial position and fully meets the management requirements in the country where the enterprise is headquartered;
d) No serious violations of regulations on insurance business activities and other legal regulations of the country where the foreign organization's head office is located within 03 consecutive years preceding the year in which the application for issuance is submitted. License.
12. The written commitment of shareholders to meet the conditions to be granted a License in accordance with the law.