On 16 November 2022, the Ministry of Finance of Vietnam (MOF) released two new circulars to provide additional guidelines on certain contents for implementing the Insurance Business Law 2022. They include insurance certificates and risk management, internal audit and internal control of insurance companies.
a) Circular No. 69/2022/TT-BTC of the MOF provides detailed guidelines on the issuance of different types of insurance certificates, including:
- insurance certificates (applicable to managers and executives of insurance companies);
- insurance agent certificates (applicable to individual agents);
- insurance brokerage certificates (applicable to individual brokers); and
- insurance ancillary certificates (applicable to insurance ancillary service providers).
Circular No. 69 sets out (i) training and examination requirements; and (ii) the process for relevant entities to apply for each type of certificates.
b) The MOF also issued another Circular No. 70/2022/TT-BTC on risk management, internal audit and internal control of insurance companies. Circular No. 70 requires the insurance companies to, amongst others:
- organize the risk management (e.g., forming different layers of risk management, formulating internal regulations on risk management, having mechanisms to report on the risk management activities); and
- formulate functional process regarding the internal control and internal audit.
Both Circular No. 69 and Circular No. 70 take effect from 1 January 2023.