Guiding on some provisions of the legal documents on insurance business

Guiding on some provisions of the legal documents on insurance business 29/03/2024 11:35:00 163

Font-size:A- A+
Contrast:Increase Decrease

On November 2nd 2023, Ministry of Finance issued the Circular No. 67/2023/TT-BTC providing guidance on certain provisions of the Insurance Business Law and detailing the implementation of Government Decree 46/2023/NĐ-CP.

Accordingly, the Circular No.67/2023/TT-BTC guides some main contents as follow:

1. When consulting insurance products, insurance agents or brokers must provide complete and accurate information of insurance products to the buyer, use document provided by insurance companies or branches of foreign non-life insurance companies.

2. Insurance agents are not allowed to create their own product introduction documents or sales illustration documents, or unilaterally change the content of product introduction documents or sales illustration documents provided by the insurance company or branches of foreign non-life insurance companies.

3. For provisions of investment-linked insurance products, insurance agents must comply with the following regulations: Collecting information and completing documents as prescribed; informing to the buyers about the calculation tools to help them to build themselves insurance plan; making clear to the buyers about the benefits and risks of each insurance product; comparing or ensuring investment results among insurance companies is now allowed; making audio record of insurance consultations for insurance products is required in certain cases.

This Circular takes effect from the date of its signing, except from some cases regulated at the following Points:

- Points a, b, c, đ, i, Clause 1, Points b, d Clause 2, Points a, b, Clause 3 Article 20, Points a, b, Clause 1 Article 29, Articles 33, 34, 45, 46, 47, 48, 51, Clause 1 Article 52, Article 55, Section 3 and Section 4 Chapter IV of this Circular take effect since 01/01/2023.

- Clauses 2, 3 Article 29 of this Circular take effect since July 1st 2024, sales illustration documents of universal insurance products must include information according to Appendix I issued with Circular No. 52/2016/TT-BTC; sales illustration documents of unit linked insurance products must include information according to Appendix II issued with Circular No. 135/2012/TT-BTC; sales illustration documents of pension insurance products must include information according to Appendix IV issued with Circular No. 115/2013/TT-BTC;

The Circular No. 67/2023/TT-BTC replaces for the following Circulars:

- Circular No. 50/2017/TT-BTC issued by the Ministry of Finance on 15 May 2017 detailing previous Decree No. 73/2016/ND-CP (as amended from time to time) that has detailed for implementation of the previous law on insurance business, except for Article 20 and Chapter VI of Circular No. 50/2017/TT-BTC which take effect till end of 31/12/2027;

- Circular No. 01/2019/TT-BTC dated January 2nd 2019 of the Ministry of Finance amending and supplementing some Articles of Circular No. 50/2017/TT-BTC dated 15 May 2017, except for Clause 2 Article 1 Circular No. 01/2019/TT-BTC which take effect till end of 31/12/2027;

- Article 01 Circular 89/2020/TT-BTC dated 11/11/2020 amending and supplementing some Articles of Circular No. 50/2017/TT-BTC dated 15 May 2017 detailing previous Decree No. 73/2016/ND-CP (as amended from time to time) that has detailed for implementation of the previous law on insurance business; Circular No. 105/2016/TT-BTC dated 29/6/2016, Circular No. 195/2014/TT-BTC dated 17/12/2014, Circular 115/2014/TT-BTC dated 20/8/2014, Circular No. 116/2014/TT-BTC dated 20/8/2014;

- Article 1 Circular No. 14/2022/TT-BTC dated 28/02/2022 of Ministry of Finance amending and supplementing some Articles of Circular No. 50/2017/TT-BTC dated 15 May 2017 detailing previous Decree No. 73/2016/ND-CP that has detailed for implementation of the previous law on insurance business and Circular No. 04/2021/TT-BTC dated 15/01/2021 of Ministry of Finance detailing some Articles of Decree No. 03/2021/NĐ-CP dated 15/01/2021 of the Government on compulsory civil liability insurance of motor vehicle users;

- Circular No. 135/2012/TT-BTC dated 15/8/2012 of Ministry of Finance guiding implementation of unit linked insurance products, except for Appendix II issued with the Circular No. 135/2013/TT-BTC which takes effect till end of 30/6/2024;

- Circular No. 115/2013/TT-BTC dated 20/8/2013 of Ministry of Finance guiding pension insurance and voluntary pension insurance, except for Appendix IV issued with the Circular No. 115/2013/TT-BTC which takes effect till end of 30/6/2024;

- Circular No. 130/2015/TT-BTC dated 25/8/2015 of Ministry of Finance amending and supplementing Circular No. 115/2013/TT-BTC dated 20/8/2013 guiding pension insurance and voluntary pension insurance;

- Circular No. 52/2016/TT-BTC dated 21/3/2016 of Ministry of Finance guiding implementation of universal insurance products except for Appendix I issued with the Circular No. 52/2016/TT-BTC which takes effect till end of 30/6/2024.

 

Voted

Voting Score
0 / 5
0 votes
5
0%
4
0%
3
0%
2
0%
1
0%