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January 12, 2023

Practical Law: Insurance and Reinsurance in Vietnam 2022

Thomson Reuters Practical Law

Experts from Tilleke & Gibbins’ corporate and commercial team have written the Vietnam chapter of Practical Law’s Insurance and Reinsurance Global Guide, a Q&A-style overview of insurance and reinsurance law in dozens of jurisdictions worldwide.

The guide covers:

  • Market trends
  • Regulatory framework and relevant legislation
  • Authorization for insurers, reinsurers, and intermediaries, and ownership restrictions
  • Ongoing requirements and penalties for non-compliance
  • Sales and marketing
  • Transfer of risk
  • Reinsurance contracts and risks
  • Contracts and policies
  • Claims
  • Dispute resolution
  • Insolvency
  • Tax
  • InsurTech
  • Reform

To read the Vietnam chapter, please visit the Practical Law website or click on the link below.

RELATED INSIGHTS​ 

December 1, 2016
On November 29, the Office of Insurance Commission (OIC) in Thailand announced that it had approved, in principle, draft notifications that set out the criteria, procedures, and conditions for the issuing and offering for sale of both life and general insurance products through online channels.The key features of the draft notifications are as follows:   
September 2, 2016
Many people are approached by “investment consultants” selling various investment products and/or life insurance. One of the products they commonly offer is life insurance that is written to pay a benefit based on the performance of particular investments. They may refer to this as an “insurance wrapper,” or explain that the investments (stocks, bonds, mutual funds, etc.) are held “inside” the insurance. Whatever the informal description, it is important to understand that activities involving these types of products are subject to strict regulation under Thai law.
August 10, 2016
On July 1, 2016, the Vietnam government enacted with immediate effect Decree No. 73/2016/ND-CP guiding the Law on Insurance Business 2000, as amended in 2010 (Decree 73). Decree 73 replaces Decree No. 45/2007/ND-CP (and its amendments) and Decree No. 46/2007/ND-CP.Decree 73 introduces the following key changes to the reinsurance business in Vietnam:
June 24, 2016
Technological advancements are leading to innovation and disruption across a range of industries, and insurance is no exception. Self-driving cars, for example, may one day cause insurance risk to shift from car owners and drivers to car manufacturers. New approaches to insurance, such as peer-to-peer insurance, are also shaking up the industry.