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MINISTRY Of fiNANCE
No. 46-TC-CDTC SOCIALIST REPUBLIC Of VIETNAM
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Hanoi, 30 May 1994.
Pursuant to Decree 100-CP dated 18 December 1993 of the Government on insurance business;
The Ministry of finance provides guidelines for its implementation as follows:
1. Pursuant to article 1 of Decree 100-CP of the Government dated 18 December 1993, insurance activities which are commercial or business by nature shall be subject to the provisions of the Decree. Medical insurance referred to in Decree 299-HDBT of the C ouncil of Ministers (now the Government) dated 15 August 1992 and social insurance referred to in Decree 43-CP of the Government dated 22 June 1993 shall not be deemed to be insurance activities for the purpose of the Decree.
2. Entities subject to the provisions of the Decree include insurance companies, insurance broker organizations, and insurance agents.
An insurance company shall be solely responsible for the insured including cases where the company re-insures the risks accepted, and the insurance contracts arranged by its agents. The insured shall be responsible for full payment of premiums in a timely manner, and the insurer shall be responsible for payment of compensation or value insured in the event of occurrence of a particular hazard.
3. The Ministry of finance shall be the body responsible for the State management of insurance business activities. An insurance company or insurance broker organization wishing to carry out insurance business activities must obtain from the Minister of f inance a certificate certifying that all criteria and conditions for carrying on an insurance business have been satisfied.
Having obtained the insurance business certificate from the Ministry of finance, the insurance company or insurance broker organization must carry out the procedure for the establishment and registration of the business and, where the entity is a foreign organization, an application for an investment license must be prepared and submitted in accordance with the provisions of the law.
Domestic and foreign economic organizations shall be prohibited from carrying out insurance business activities in Vietnam if they have not been issued with an insurance business certificate and a certificate of business registration or an investment lice nse (in respect of foreign organizations).
4. During its operation, an insurance company or insurance broker organization must comply with the provisions on financial management in accordance with the law currently in force.
II Activities and Scope of Operation of Insurance Businesses
1. The activities and scope of operation of an insurance company or insurance broker organization shall be governed by the provisions of Decree 100-CP and shall be stated in detail in the insurance business certificate issued. The insurance company must r egister the number and list of all its issuance agents with the Ministry of finance.
Any amendment to the activities or scope of operation of an insurance company or insurance broker organization must be approved by the Ministry of finance in writing.
An insurance company or insurance broker organization shall be permitted to invest its capital in accordance with the provisions of the law currently in force and the guidance provisions of the Ministry of finance on financial management of insurance busi nesses.
2. In addition to the provisions referred to in clause 1, insurance business must also ensure the implementation of the following provisions:
2.1. In respect of an insurance company:
Submission to the Ministry of finance for approval of
(a) The terms and conditions and insurance premiums which apply to each class of business insured; (b) The terms and conditions of personal insurance policies such as life insurance, voluntary medical insurance, personal injury insurance, and employee's compensation insurance.
An insurance company must always conduct its business in accordance with its ability to meet its liabilities and it must always prove that it has sufficient funds to meet such liabilities.
An insurance company must establish proper business reserve funds to ensure the performance of all its undertakings with the insured.
The ability to meet liabilities and the required business reserve funds shall be stipulated in detail in the guidance provisions of the Ministry of finance on financial management of insurance businesses.
Where necessary, the insurance company must accept re-insurance ceded by other insurance companies within the country.
Where the insurance company accepts re-insurance ceded by foreign insurance organizations, it must re-insure a proportion of the liabilities with the National Re-insurance Company of Vietnam as determined by the Ministry of finance.
The National Re-insurance Company of Vietnam has the responsibility to accept re-insurance ceded by insurance companies at a minimum level stipulated by the Ministry of finance.
Where the National Re-insurance Company considers that the risks assumed by the ceding insurance company are inconsistent with the practice of the international insurance market in respect of terms and premiums, it shall have the right to refuse a pan or the whole of that liability.
2.2. In respect of an insurance broker organization:
An insurance broker organization has a responsibility to arrange the signing of insurance or re-insurance contracts for insurance companies authorized to operate in Vietnam.
An insurance broker organization shall only be permitted to provide its services overseas if it can prove that the insurance companies authorized to operate in Vietnam refuse to use its services.
2.3. In respect of an insurance agent:
An insurance agent must comply with the terms and conditions of the agency contract entered into with an insurance company.
An insurance agent shall be prohibited from acting as an agent for another insurance company if he has not obtained the approval of his current principal.
An insurance agent shall be prohibited from carrying out any activity which is in direct conflict with the benefits of his current principal.
III Certificate Certifying fulfillment of all Criteria and Conditions for Operating an Insurance Business
1. In order to be issued with an insurance business certificate, the following criteria and conditions for operating an insurance business must be satisfied:
A promoter who wishes to establish an insurance company or insurance broker organization to carry out insurance business activities in Vietnam must submit to the Ministry of finance an application for a certificate certifying that all criteria and conditi ons for operating an insurance business have been satisfied (hereinafter referred to as the certificate).
The Ministry of finance shall base its decision on the following conditions:
1.1. In respect of Vietnamese economic organizations:
Must have a clear objective and a targeted area of insurance business: stating clearly the scope of operation, the duration of operation, and the proposed types of business services offered.
Must have charter capital of at least the level of legal capital stipulated in article 22 of Decree 100-CP.
Must have a business organizational structure which is consistent with the provisions of article 2 of Decree 100-CP.
Must have a principal office which is suitable for the proposed business activities: clear address, lawful premises, and appropriately sized premises for the requirements of the business.
The manager must have management ability, professional business skills in insurance, qualifications from a university of economics, and management experience in the private sector or a State owned enterprise for at least three years.
The national economy must have a demand for the type of insurance business which the economic organization is proposing to establish. The proposed locality in which the business is to be established must have a potential to accommodate other insurance bus inesses in the future. The proposed insurance business must be appropriate for the social economic lifestyle of the locality and the potential clients.
1.2. In respect of a joint venture insurance company or brooking organization, in addition to the provisions regulating the activities of Vietnamese economic organizations, the following conditions must also be satisfied:
The proposed parties to the joint venture must be organizations legally operating in accordance with the laws currently in force of the countries in which those organizations have their head offices. The authorized financial or accounting bodies of the re levant countries must confirm that such organizations are not in a position where their assets are impounded, where they are unable to pay their debts, or where they are in a state of bankruptcy.
The proposed joint venture must be consistent with the policy on the development of the insurance market in Vietnam.
At least one of the joint venture parties must be an organization currently conducting insurance business activities.
1.3. In respect of a branch of a foreign insurance organization or foreign insurance broker organization, or a one hundred per cent foreign owned insurance company or insurance broker organization: in addition to compliance with the provisions regulating Vietnamese economic organizations, the foreign insurance or insurance broker organization must also be an organization currently operating legally in accordance with the laws of the country of incorporation, and it must obtain written confirmation from th e authorized financial or accounting body of that country confirming that its assets are not impounded, that it is able to pay its debts, and that it is not in a state of bankruptcy. In addition, the following conditions must also be satisfied:
The insurance market of Vietnam must have a demand for the establishment and development of foreign insurance businesses which provide services that an existing domestic or joint venture insurance business cannot provide. The economic and social development of Vietnam requires the development of additional new insurance businesses.
1.4. When considering the applications for a certificate of foreign insurance or insurance broker organizations which wish to operate in Vietnam, the Ministry of finance must give preference to the following:
An insurance or insurance broker organization of a country which has significant invested capital in Vietnam. A large insurance organization which has a highly regarded reputation and clients who are major investors in Vietnam. An insurance organization which has been granted with a license to open a representative office in Vietnam.
An insurance organization which wishes to establish a joint venture company with Vietnamese economic organizations to carry out insurance business activities in Vietnam.
2. Application file for a certificate:
2.1. In respect of Vietnamese economic organizations:
The application file for a certificate for submission to the Ministry of finance shall include:
An application form for a certificate (in accordance with the model form of the Ministry of finance attached to this Circular).
The terms, conditions, insurance premiums, and insurance commissions which apply to the proposed types of insurance services to be offered. This requirement shall not apply to economic organizations which submit an application for the establishment of an insurance broker organization. The terms and conditions must clearly specify the following main items:
- The risk or subject matter of the insurance policy; - The parties to the insurance policy; - The rights and obligations of the parties to the insurance policy and the insured; - The responsibility of the insurance company.
A business plan for a period of at least five years of the initial stage of operation. In respect of economic organizations which submit an application for the establishment of an insurance company, the business plan must state clearly the premiums and co mmission rates for each class of business, the calculation of revenue and estimates of compensation payments, the estimated growth rate of the scope of operation, the basis on which insurance premiums are calculated, and the business reserve funds which n eed to be established. The charter of the organization and proposed operation must be in accordance with the provisions of article 20 of Decree 100-CP (this requirement does not apply to privately owned businesses). Personal files and documents of the members of the board of management or the manager as evidence of their ability: curriculum vitae, qualifications or evidence of completion of a training course.
2.2. In respect of joint venture insurance company or insurance broker organization:
The application file for a certificate for submission to the Ministry of finance shall include the documents referred to clause 2.1 which apply to Vietnamese economic organizations and the documents stipulated in clause 2 of article 18 of Decree 100-CP. A ny translation or copy must be notarized by a public notary of the locality in which the joint venture party has its head office.
The entire application file for a certificate for submission to the Ministry of finance must be prepared in two languages (Vietnamese and English).
2.3. In respect of a branch of a foreign insurance or insurance broker organization, or a one hundred per cent foreign owned insurance company or insurance broker organization:
The application file for a certificate for submission to the Ministry of finance shall include the documents referred to in clause 2.1 which apply to Vietnamese economic organizations and the documents stipulated in clause 3 of article 18 of Decree 100-CP . Any translation or copy must be notarized by a notary public of the country of incorporation.
The entire application file for a certificate for submission to the Ministry of finance must be prepared in two languages (Vietnamese and English).
2.4. Having received the complete application file, the Ministry of finance shall consider the application within the time limit stipulated in article 21 of Decree 100-CP.
Where necessary, the Ministry of finance shall request additional information for the purpose of clarifying any issue relating to the documents submitted.
In respect of applications of foreign insurance or insurance broker organizations, the Ministry of finance shall, where it considers necessary, consult with the Prime Minister of the Government prior to issuing a decision to accept or reject the applicati on for a certificate .
3. The certificate and payment of fees:
3.1. The certificate issued by the Ministry of finance to an insurance company or an insurance broker organization (a model certificate is attached to this Circular) confirms that the company or organization has satisfied all criteria and conditions neces sary for conducting insurance business activities in Vietnam, and includes provisions on the scope of operation and the types of business which the company or organization is authorized to conduct. for insurance business activities, the certificate is a c ondition precedent which must be obtained before permission for the establishment of a business, or an investment license and business registration certificate can be obtained from the competent bodies. If, twelve (12) months after the date of issuance of the certificate, the insurance company or insurance broker organization fails to complete the establishment and registration formalities, or fails to obtain an investment license, the company or organization must notify the Ministry of finance of the rea sons for the delay and the expected date of completion for the purposes of consideration of an extension of the certificate. The certificate may be extended once only, and the period of extension shall not exceed six months, after which a new application must be submitted.
3.2. An insurance company or insurance broker organization must pay a fee for the issuance of the certificate in Vietnamese or foreign currency as stipulated in article 21 of Decree 100-CP. This fee must not be deducted from the charter or prescribed capi tal of the insurance company or insurance broker organization. 3.3. In cases where an insurance company or insurance broker organization wishes to amend the content of the issued certificate, an official written request for the amendment of, or addition to the certificate, or for the issuance of a new certificate mus t be submitted to the Ministry of finance specifying clearly the reasons and the provisions of the existing certificate which need to be amended. The insurance company or insurance broker organization must pay a fee of ten (10) million dong (or an equival ent amount in foreign currency) for any amendment made or new certificate issued. Within ninety (90) days from the date of receipt of the complete file, the Ministry of finance shall have a responsibility to issue a decision on the amendment of, or additi on to the certificate, or to refuse the request. 3.4. Payment of fees in respect of the issuance of a certificate shall be carried out in accordance with the provisions of sub-clauses 3.2 and 3.3 of this article, the provisions of Decision 276-CT dated 28 July 1992 of the Council of Ministers (now calle d the Government) on uniform management of levies and fees, and the provisions of Circular 48-TC-TCT dated 28 September 1992 of the Ministry of finance on the implementation of Decision 276-CT. Twenty five (25) per cent of the fees collected shall cover t he expenses incurred in the appraisal process such as expenses of printing declaration forms and certificates, and payment of salaries to personnel. The remaining seventy five (75) per cent of the collected fees shall be paid into State Treasury.
4. Security deposit:
Within twelve (12) months from the date of issue of the certificate (and any extension thereof) and not later than fifteen (15) days from the commencement of operation, the insurance company must make a security deposit with a bank authorized to operate i n the territory of Vietnam as determined by the Ministry of finance. The amount of security deposit required shall be determined as follows:
In respect of a Vietnamese insurance company and a joint venture insurance company, the amount of security deposit shall be two million dong or two hundred thousand (200,000) US dollars. In respect of a branch of a foreign insurance organization or a one hundred per cent foreign owned insurance company, the amount of security deposit shall be one million US dollars.
An insurance company shall be entitled to receive the interest on the deposited amount. The security deposit must not be included in the charter or prescribed capital of the insurance company and shall only be used in accordance with the guidelines issued by the Ministry of finance and the financial management regime which applies to insurance businesses. The bank which is appointed to accept the security deposit shall only permit the insurance company to make withdrawals from the security deposit upon pr esentation of the written recommendation of the Ministry of finance.
5. Registration of insurance agents:
An insurance company must register a list of its insurance agents with the Ministry of finance. The list of agents must specify fully the details of each insurance agent (full name, date of birth, place of birth, place of residence, education level, and a ddress) and the scope of operation of each agent. In the event of changes to the registered list of agents, the insurance company must notify the Ministry of finance in writing.
IV. Supervision of lnsurance Business Activities
1. financial year:
1.1. The financial year of an insurance company or insurance broker organization commences on 1 January and ends on 31 December of each calendar year. In cases where a different financial year is applied, the approval of the Ministry of finance must be ob tained. 1.2. The first financial year shall begin on the date of commencement of operation and end on 31 December of that year.
2. Accounting:
2.1. An insurance company or insurance broker organization must perform its accounting requirements in accordance with the Ordinance on Accounting and Statistics as currently in force. It must apply a system of accounts which is determined or approved by the Ministry of finance, and use Vietnamese dong as the accounting unit. 2.2. An insurance company or insurance broker organization shall be permitted to open bank accounts in Vietnamese and foreign currencies with a bank(s) authorized to operate in Vietnam,
3. Reporting:
The reporting regime and the content of reports must comply with the guidelines issued by the Ministry of finance and the financial management regime which applies to insurance businesses.
4. fulfillment of financial obligations:
An insurance company, insurance broker organization, or an insurance agent must fulfill all financial and tax obligations stipulated by the law currently in force, the guidelines of the Ministry of finance, and the financial management regime which applie s to insurance businesses.
Where a foreign insurance or insurance broker organization operating in Vietnam wishes to remit profits abroad during the period of operation or to remit capital upon cessation of business or dissolution, it must carry out the remittance in accordance wit h the provisions of the Law on foreign Investment in Vietnam and other legislation currently in force.
5. Inspection:
In addition to inspections carried out by competent State bodies as determined by the law, an insurance company or insurance broker organization shall also be subject to inspections and supervision carried out by the Ministry of finance in respect of its management methods, ability to meet liabilities, management of assets, implementation of its registered insurance terms and conditions, insurance premiums, and commissions, and compliance with the law currently in force. The inspection must not interfere with the normal operation of the insurance company or insurance broker organization. Depending on each particular case, the Ministry of finance may request the insurance company or insurance broking organization to change its management methods, increase its solvency margin, adjust the terms and conditions of its policies, adjust its premiums or commissions, replace the managing director, correct its business, or implement financial recovery measures.
6. Restrictions, Suspension, and Withdrawal of the Certificate:
An insurance company or insurance broking organization may have its certificate withdrawn, suspended, or restricted by the Ministry of finance the following circumstances:
6.1. Where twelve (12) months after the date of issue of the certificate or expiry of the extension of the certificate the company or organization fails to satisfy the conditions required for the commencement of the business or becomes unable to carry out its operation. 6.2. Where the company or organization fails to satisfy the conditions staled at the time when the certificate was issued. 6.3. Where the company or organization fails to implement correctly the terms and conditions and insurance premiums approved by the Ministry of finance. 6.4. Where the company or organization commits a serious breach of the provisions of the laws of Vietnam and Decree 100-CP during its business operation. 6.5. Where the company or organization fails to meet its liabilities in respect of the insured. 6.6. Where the company or organization suspends its operation while the certificate is still valid. 6.7. Where the company or organization dissolves or is declared bankrupt. 6.8. Where the company or organization divides or participates in a merger. 6.9. In addition to the situations referred to above, the certificate of a joint venture insurance company or broking organization, or a branch of a foreign insurance or insurance broking organization may be withdrawn in cases where the business license i ssued to the relevant entity in the particular foreign country is also withdrawn.
The withdrawal, suspension, or restriction may apply to one or more types of business services, or all of the business services.
In cases where the withdrawal, suspension, or restriction applies to a certain class of business, the insurance company shall be prohibited from signing a new insurance contract for that particular class of business but shall still be responsible for othe r insurance contracts which were previously signed.
The notice of withdrawal, suspension, or restriction issued by the Ministry of finance must be forwarded to the relevant bodies for implementation.
7. Dissolution and Bankruptcy:
Upon dissolution, cessation of operation, liquidation, division, or merger, the insurance company or insurance broking organization must immediately establish a liquidation committee. As from the date of its establishment, the liquidation committee shall represent the insurance company or insurance broking organization before competent bodies of Vietnam in respect of the assignment of responsibility and management of assets of the relevant parties in accordance with the law currently in force.
The bankruptcy proceeding of an insurance company or insurance broking organization operating in Vietnam shall be governed by the provisions or the Law on Business Bankruptcy passed by Legislature IX of the National Assembly of the Socialist Republic of V ietnam on 30 December 1993 at its 4th session, and other detailed guideline provisions.
8. Dispute resolution:
Any complaint of an organization or individual in respect of insurance business activities must be lodged with the Ministry of finance for consideration and resolution.
Any dispute or complaint relating to insurance contracts shall be resolved by way of negotiation and conciliation. Where the dispute or complaint cannot be resolved by way of negotiation and conciliation, the matter shall be referred to an economic court for resolution. The decision of the economic court shall be final.
V. Implementing Organizations
This Circular shall be of full force and effect as from 1 January 1994.
Insurance companies and insurance broking organizations which commenced operations in Vietnam prior to the promulgation of this Circular must, within twelve (12) months from the date on which this Circular becomes effective, complete the formalities stipu lated in Decree 100-CP and follow the guidelines of this Circular in order to be issued with a certificate and a business registration as determined by law.
Any problem which arises during the implementation of this Circular must be reported to the Ministry of finance to enable a timely response.
for the Ministry of finance Minister
HO TE (Signed)
Model form No.1 SOCIALIST REPUBLIC Of VIETNAM Independence-freedom -Happiness htmlhtmlhtml----
......,/...../199...
APPLICATION fOR lNSURANCE BUSINESS CERTIfiCATE (for establishment of a State owned enterprise)
To: The Ministry of finance
(Name and address of the enterprise) hereby make an application for establishment of a State owned enterprise as follows:
1. Name used in commercial transactions:
in Vietnamese ..........................
in foreign language (if any) ...............
2. Principal address: ..............................
Branch address .............................
3. Area of business:
4. Scope of operation and period of operation:
5. Nature of operation:
6. Charter capital:
Consists of State funds
7. Name and address of legal representative:
(Name of the enterprise) hereby undertakes to carry out all formalities to establish Stale owned enterprise ............. after receiving an insurance business certificate, and to register and operate the enterprise in accordance with the provisions of th e law.
We hereby accept all responsibilities before the law in respect of the content of this application and its appendices.
Signature and seal
Note:Where a number of enterprise join capital to establish the Stale owned enterprise, the relevant signatures and seals must be evident on the application.
Model form No.2 SOCIALIST REPUBLIC Of VIETNAM Independence - freedom - Happiness htmlhtmlhtmlhtml----
..., ../.... /199...
APPLICATION fOR INSURANCE BUSINESS CERTIfiCATE (for establishment of a company in accordance with the Law on Companies)
To: The Ministry of finance
We, the promoters (please list names): ................
(Please note: Individuals must state clearly their full name, home address, and date of birth. Enterprise or companies must state clearly the business name, the address of the principal office, and the full name and position of the legal representative.)
We hereby make an application for an insurance business certificate to establish a company (limited liability or share holding) as follows:
1. Name used in commercial transactions:
in Vietnamese
in foreign language (if any) .............
2. Principal address: .......................
Branch address:
3. Area of business (insurance, re-insurance, insurance broking, or re- insurance broking):
4. Scope of operation and period of operation:
5. Nature of operation:
6. Charter capital: ...............
7. Name and address of legal representative:
The attached documents include:
We hereby undertake to carry out all formalities to establish company................. after receiving the insurance business certificate, and to register and operate in accordance with the provisions of the law.
We, the promoters of the company, hereby accept all responsibility before the law in respect of the content of this application and its appendices.
Signatures
Note: Individuals must sign and obtain confirmation of their addresses from ward or village authorities. Legal representatives of enterprises or companies must sign and stamp, and print clearly their positions.
Model form No.3 SOCIALIST REPUBLIC Of VIETNAM Independence-freedom-Happiness
......../.. .../...199..
APPLICATION fOR INSURANCE BUSlNESS CERTIfiCATE (for establishment of a joint venture insurance company or broking organization)
To: The Ministry of finance
We, the parties to the joint venture contract signed on.../..../199.., hereby make an application for an insurance business certificate to establish the joint venture company ....................... as follows:
1. Names and addresses of the parties:
Vietnamese party(s) (company):...................
Principal address: ...........
foreign party(s) (individual or company):.........
Principal address: ...........
2. Name used in commercial transactions:
in Vietnamese ..................... .........
in foreign language (if any) ...............
3. Principal address: ..............................
Branch Address: .............................
4. Area of business:
5. Scope of operation and period of operation:
6. Nature of operation:
7. Prescribed capital: ....................
The attached documents include:
We hereby undertake to carry out all formalities to establish the joint venture company .................after receiving the insurance business certificate, and to register and operate in accordance with the provisions of the law.
We hereby accept all responsibility before the law in respect of the content of this application and its appendices.
Vietnamese Party(s) foreign Party(s) signature and seal signature and seal
Model form No.4 SOCIALIST REPUBLIC Of VIETNAM Independence-freedom-Happiness htmlhtmlhtml----
........ .../.../199..
APPLICATION fOR INSURANCE BUSINESS CERTIfiCATE (for establishment of a branch of a foreign insurance or insurance broking organization, or a 100% foreign owned capital company)
To: The Ministry of finance
(Name of the parent company, address of the principal office, telephone number, facsimile number, and name, address, and nationality of the legal representative) hereby makes application for an insurance business certificate to establish (a branch or a 10 0% foreign owned company) as follows:
1. Name used in commercial transactions:
in Vietnamese (if any) .....................
in foreign language ........................
2. Principal address in Vietnam: ...................
Branch/representative office address in Vietnam: .....,..................................
3. Area of business (insurance, re-insurance, insurance broking or re-insurance broking):
4. Scope of operation and period of operation:
5. Nature of operation:
6. Issued capital (or prescribed capital): ..........
7. Name, address, and nationality of chief representative: .....
Attached documents include:
We hereby undertake to establish the branch (or a 100% foreign owned company) .................after receiving the insurance business certificate, and to register and operate in accordance with provisions of the law.
We hereby accept all responsibility before the law in respect of the content of this application and its appendices
Signature and seal
Model form No.5 SOCIALIST REPUBLIC Of VIETNAM Independence - freedom - Happiness
......, ..../..../ 199..
APPLICATION fOR lNSURANCE BROKING BUSINESS CERTIfiCATE (for establishment of a private insurance broking company)
To: The Ministry of finance
full name:
Date of birth: Male/female
Identity Number:
Issued by (name of public security office):
Dale of issue:
Education level:
Business specialization level:
State of health:
I hereby make an application for an insurance broking business certificate to establish company as follows:
1. Name used in commercial transactions:
in Vietnamese: .................. ............
in foreign language (if any): ................
2. Principal address: ...............................
Branch/representative office address: ..................
3. Area of business:
4. Scope of operation and period of operation:
5. Nature of operation:
6. Invested capital: ..................................
7. Name and address of legal representative: ..........
Attached documents include:
I hereby undertake to carry out all formalities to establish a private company after receiving the insurance broking business certificate, and to register and operate in accordance with the provisions of the law.
I hereby accept all responsibility before the law in respect of the content of this application and its appendices.
Confirmation of home address
Applicant by ward or village authority ..........................................................
Model form No.6
MINISTRY Of fiNANCE
CERTIfiCATE Of fULfilLMENT Of CRITERIA AND CONDITIONS fOR OPERATING AN INSURANCE BUSINESS
No.,,,, TC-GCN
Date: .../.../.....,.
Place of issue: Hanoi
Issuing body: Ministry of finance
MINISTRY Of fiNANCE No. ...... TC-GCN, SOCIALIST REPUBLIC Of VIETNAM Independence-freedom-Happiness
Hanoi, ./../ 1994
CERTIfiCATE Of fULfilLMENT Of CRITERIA AND CONDITIONS fOR OPERATING AN INSURANCE BUSINESS
The Minister of finance
Pursuant to Decree 100-CP dated 18 December 1993 of the Government on insurance business and the implementing legislation;
Having considered the application file ....... dated .../../199.. for a certificate of fulfillment of criteria and conditions for operating an insurance business.
Decides:
Article 1
To confirm that ....................................... which has its principal address at........................ and charter (or prescribed) capital of (in words) .............. (in numbers) ......... has fully satisfied the criteria and conditions for operating an insurance business.
Article 2
................... shall be permitted to operate in the following area of business:
The period of operation shall be: .......................
The scope of operation shall be: .........................
Article 3
.................... shall be permitted to conduct the following business activities:
1. Insurance business activities:
1.1 Insurance: ..............................
1.2 Re-insurance: .........................
1.3 lnsurance broking: ..................
2. Investment activities:
3. Other related services: (valuation, investigation, loss assessment, evaluation agent, and appraisal of compensation).
Article 4
During the period of operation ........................ must abide by the laws of Vietnam and the provisions of Decree 100-CP dated 18 December 1993 of the Government on insurance business and other legislation of the Ministry of finance.
Article 5
This certificate shall be become effective as of the date of its signing. Within twelve (12) months from the date of issue, ............... must complete the necessary formalities such as:
1. Lodgment of a security deposit with a bank (as determined by the Ministry of finance).
2. Paid up charter capital (or issued capital of a branch of a foreign insurance business).
3. Make an application for establishment of the business (or investment license).
4. Register the business.
5. Advertise and commence operation.
.................................... must submit a report of the progress of the activities referred to above to the Ministry of finance.
Where ........................ fails to carry out the stipulated formalities within the period referred to above, this certificate shall become invalid.
Article 6
This certificate shall be made in four originals: one shall be issued to....................., one shall be registered with the Ministry of finance, one shall be sent to the ............ People's Committee (or the State Committee for Co-operation and Inve stment), and one shall be registered with ...........