The 2014/15 edition of Practical Law Company’s Q&A-style, multi-jurisdictional guide to Insurance and Reinsurance has been released. The guide presents readers with in-depth analysis of insurance and reinsurance markets around the world, covering a total of 18 jurisdictions. Contributing the Vietnam chapter of the guide, Vinh Quoc Nguyen and Jim Dao, senior associate and registered foreign attorney respectively in Tilleke & Gibbins’ Vietnam insurance team, provide a high-level overview of the following main topics:
- Market trends and regulatory framework: Foreign investment, life and non-life insurance, reinsurance requirements, Law on Insurance Business, and regulatory bodies.
- Regulation of insurance and reinsurance contracts: Fortuity principle, insurable interests, types of regulated contracts, and categories of insurance products.
- Corporate structure: Forms of corporate organization available to foreign insurers.
- Regulation of insurers and reinsurers: Restrictions on business activities and statutory limits and restrictions on transferring risk.
- Operating restrictions: Authorization, licensing, foreign non-life insurers, intermediaries, ownership, control, ongoing requirements for authorized or licensed entities, penalties for non-compliance, and restrictions on persons to whom services can be marketed or sold.
- Reinsurance monitoring and disclosure requirements: Extent of action required.
- Insurance and reinsurance policies: Content requirements, commonly found clauses, facultative/treaty reinsurance, implied terms, customer protections, and standard terms.
- Policy claims: Establishing an insurance claim, third-party insurance claims, time limits, enforcement, remedies, and punitive damage claims.
- Insolvency of insurance and reinsurance providers: Regulatory provisions, protection for policyholders, “drop down” measures, and setting-off mutual debts and credits.
- Taxation: Requirements on insurance and reinsurance providers.
- Dispute Resolution: arbitration clauses and other types of recognized clauses.
- Reform: Proposed changes to the law.