tokyo, october 2019 insurance supervisory authority ...baoviet insurance supervisory function...
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Tokyo, October 2019INSURANCE SUPERVISORY AUTHORITY
MINISTRY OF FINANCE
1. Introduction
2. Legal framework on insurance business
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1. Introduction01 fellows from Insurance Supervisory Authority
(ISA)Tran Nam Trung (Mr) Inspection Division 06 years experience on inspections of life insurance
companies, non- life insurance companies andbroker.
MINISTRY OF FINANCE organization chart
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INSURANCE SUPERVISORY AUTHORITY MINISTRY OF FINANCE OF VIETNAM
1992-20031992-2003MINISTRY OF
FINANCE
InsuranceDivision
Department of Bankingand
Financial Institutions
MINISTRY OFFINANCE
2003-2008MINISTRY OF
FINANCE
InsuranceDepartment
Legal Non-life Life
MINISTRY OFFINANCE
InsuranceDepartment
Legal Non-life Life
Prior to 1992Prior to 1992
BaoViet Insurance
SupervisoryFunction
MINISTRY OFFINANCE
BaoViet Insurance
SupervisoryFunction
MINISTRY OFFINANCE
Insurance Supervisory Authority (ISA)
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INSURANCE SUPERVISORY AUTHORITY MINISTRY OF FINANCE OF VIETNAM
MINISTRY OFFINANCE
InsuranceSupervisory Authority
(ISA)
Non-life Intermediaries
Center of
Research and
Training
Admin InspectorateMarket
Development Life
Current
Statistical
MINISTRY OFFINANCE
InsuranceSupervisory Authority
(ISA)
Intermediaries
Center of
Research and
Training
Statistical
Insurance Supervisory Authority (ISA)
1. Introduction
2. Legal framework on insurance business
3. Areas of interest
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2. Legal framework on insurance business
88
Insurance Laws Others
Law on Insurance Business 2000 and Revised Law on Insurance Business 2010, 2019
• Civil Code• Enterprise Law• Investment Law
• Fire and Exp Constructionlosion• Administrative
Sanctions
Decree 73/2016Circular 50/2017/TT-BTC guiding the implementation of
Decree 73/2016
Horizontal Laws
Financial regime OthersOperation
Administrative sanctions, special kinds of products. etc
Insurance supervisionOff-site supervision
Market conductFinancial Condition
On site supervision
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Market conduct• Licensing Business undertakings
• Fit and Proper
• Internal control
• Product distribution
• Underwriting principles
• Commission
• Agent supervision
• Reinsurance
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Financial condition Minimum capital requirement Technical reserves Minimum solvency margin Investment principles and investment sources Fund splitting (account seperation) and surplus distribution
principles Financial management, internal audit and independent audit Cost and revenue recognization Technical reports and financial reports
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THANK YOU FOR YOUR ATTENTION!
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