On November 1, 2019, the Government issued Decree No. 80/2019 / ND-CP with the content of amending and supplementing a number of regulations guiding the implementation of the Law on Insurance Business.
Accordingly, an additional important content is the regulations on Insurance ancillary services, according to which, from November 1, 2019, individuals and organizations participating in the provision of insurance ancillary services must meet the conditions prescribed in the above Decree. Specifically:
For individuals providing insurance consultancy services: Being full 18 years or older, having full civil act capacity; University degree or higher in insurance industry. If not, must have a university degree or higher in another major and have a certificate of insurance consulting, which is issued by a training institution that is legally established and operates at home and abroad.
For organizations providing insurance auxiliary services: Having the legal person status, legally established and operating; Individuals directly engaged in insurance auxiliary activities must be full 18 years old and have full civil act capacity; have diplomas and certificates of insurance auxiliaries suitable to the type of insurance ancillary services provided by training establishments that are legally established and operate at home and abroad.
Particularly for individuals directly conducting loss assessment, they must also meet the standards of assessors according to the provisions of commercial law; Individuals directly performing insurance calculation must meet the standards of practicing actuarial practice and be a member of the Association of International actuaries.
Therefore, with the promulgation of Decree No. 80/2019 / ND-CP above, the Government has timely made important amendments and supplements to ensure the compatibility of the legal system in the time of the Law amending and supplementing the effective Law on Insurance Business and the Intellectual Property Law.