Article 85 What are the highlights of Vietnam’s Law on Insurance Business?

“Hello, Lawyer. Because I do not have much knowledge about legal issues related to insurance. I hope that you can answer my questions about insurance agents, especially Article 85 of the Law on Business. Article 85 of the Law on Insurance Business? Article 85 of the Law on Insurance Business?“. Thanks for your question. To clarify this, today, LSX Lawfirm will give you an article about “Article 85 What are the highlights of Vietnam’s Law on Insurance Business?“, as follows:

Legal grounds

Insurance Business Law

What is an insurance agent?

Agents are the intermediary between a product manufacturing business and customers. Agents are allowed to sell the products on behalf of the company as agreed in advance and receive appropriate remuneration from the enterprise.

It is roughly understood like that, but for the insurance business, our state has a clear definition of an insurance agent in Article 84 of the 2000 Law on Insurance Business as follows:

“Insurance agent means an organization or individual authorized by an insurance enterprise on the basis of an insurance agency contract to perform insurance agency activities in accordance with this Law and other provisions of law. related.”

Article 85 What are the highlights of the Law on Insurance Business?

Article 85 of the Law on Insurance Business 2000 provides for the contents of insurance agency activities, including the following:

An insurance agent may be authorized by an insurance enterprise to carry out the following activities:

– Introduce, offer to sell insurance;

• Arrange the conclusion of insurance contracts;

– Collect insurance premiums;

• Arrange for settlement of compensation and payment of insurance when the insured event occurs;

Performing other activities related to the performance of the insurance contract.

Pursuant to Article 4 of Circular 37/2019/TT-NHNN (effective March 2, 2020) stipulating insurance agency activities of credit institutions for insurance enterprises, including one or a number of activities: The following:

1. Customer introduction:

Credit institutions introduce customers wishing to buy insurance for insurance enterprises to offer insurance.

And

2. Insurance offering:

Credit institutions offer to sell directly, explain the terms and conditions of insurance products to customers wishing to buy insurance; or offer to sell insurance through electronic methods, online insurance, or other methods in accordance with the provisions of law.

3. Arrange for the conclusion of insurance contracts:

So Credit institutions guide and assist customers in making insurance contracts, receiving insurance claim dossiers, and arranging the conclusion of insurance contracts as agreed in the insurance agency contracts and regulations of the insurance agency. insurance business law.

4. Insurance premium collection:

Credit institutions collect insurance premiums from customers as agreed in the insurance agency contract.

5. Arrange for compensation and insurance payment upon the occurrence of insured events:

Then Credit institutions support and guide customers on the procedures for claiming insurance benefits, receiving claim files, paying insurance payments from customers, and returning them to insurance enterprises for appraisal. the decision to indemnify and pay insurance premiums. If authorized by an insurance enterprise, a credit institution shall compensate and pay insurance premiums to customers.

6. Carry out other activities related to the performance of the insurance agency contract in accordance with the provisions of the law on insurance business and as authorized by the insurance enterprise.

What are the regulations on the operating conditions of insurance agents?

Pursuant to Article 86, Law on Insurance Business, 2000. An organization or individual wishing to become an insurance agent must satisfy the following conditions:

For individuals

Being a Vietnamese citizen permanently residing in Vietnam;

Being full 18 years old and having full civil act capacity;

Having a certificate of insurance agent training issued by an insurance enterprise or Vietnam Insurance Association.

For the organization

Is an organization legally established and operating;

Employees in the agency organization directly performing insurance agency activities must fully meet the prescribed conditions as a personal agent;

Persons who are being examined for penal liability or are serving prison sentences or deprived of the right to practice by the Court for committing crimes as prescribed by law may not sign insurance agency contracts.

Insurance agent contract

According to Article 87 of the Law on Insurance Business, for individual agents who want to directly sign insurance agency activities with an insurance company, the contract will include:

a) Name and address of the insurance agent;

b) Name and address of the insurance enterprise;

c) Rights and obligations of insurance enterprises and insurance agents;

d) Contents and scope of activities of insurance agents;

dd) Insurance agent commissions;

e) The term of the insurance agency contract;

f) Principles of dispute settlement.

In addition

For organizations and foreign bank branches, according to Article 6 of the Joint Circular 86/2014-BTC-NHNNVN guiding the operation of insurance agents of credit institutions and foreign bank branches for businesses. the insurance agent contract will include:

• Name, address, establishment and operation license, legal representative or authorized person of the credit institution, foreign bank branch;
• Name, address, establishment and operation license, legal representative, or authorized person of the insurance enterprise;
• The effective date and term of the insurance agency contract;
• Contents and scope of agency activities that the insurance enterprise authorizes credit institutions, and foreign bank branches to perform;
• Insurance commissions and other payments (if any);
• Rights and obligations of the insurance enterprise;
• Rights and obligations of credit institutions and foreign bank branches;
• Agreement on information provision between the insurance enterprise and the credit institution, foreign bank branch;
• Terms on termination of insurance agency contracts;
• Regulations on dispute settlement and jurisdiction

Thus, an insurance agency contract will have 2 main parts, the first part is the terms and conditions of the insurance agent contract, and the second part is the information of the insurance company (name, address, phone number, etc.). , representative, position …) and information of the insurance agent (name, identity card, place of identity card issue, date of birth, address, phone number, agent code, area …) to satisfy the signing agreement. In addition, the insurance agent contract may contain other information at the request of the insurance enterprise to reach an agreement and binding with the agent, but must be consistent with reality.

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