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1 Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY MINISTRY OF FINANCE

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Tokyo, October 2019INSURANCE SUPERVISORY AUTHORITY

MINISTRY OF FINANCE

1. Introduction

2. Legal framework on insurance business

Page 3: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

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.

Page 4: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

MINISTRY OF FINANCE organization chart

Page 5: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

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)

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)

Page 7: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

1. Introduction

2. Legal framework on insurance business

3. Areas of interest

Page 8: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

2. Legal framework on insurance business

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

Page 9: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

Insurance supervisionOff-site supervision

Market conductFinancial Condition

On site supervision

Page 10: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

Market conduct• Licensing Business undertakings

• Fit and Proper

• Internal control

• Product distribution

• Underwriting principles

• Commission

• Agent supervision

• Reinsurance

Page 11: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

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

Page 12: Tokyo, October 2019 INSURANCE SUPERVISORY AUTHORITY ...BaoViet Insurance Supervisory Function MINISTRY OF FINANCE Insurance Supervisory Authority (ISA) 6 INSURANCE SUPERVISORY AUTHORITY

THANK YOU FOR YOUR ATTENTION!

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