Insurance Business Activities Under the Management Authority of the Ministry of Finance

17:52, 11/07/2024

This is one of the duties and powers of the Ministry of Finance in state management of insurance as stipulated in Decree 87/2017/ND-CP. To be specific:

1. Develop and submit to the Government of Vietnam for promulgation legal documents on insurance business; develop strategies, plans, and policies for the development of the insurance market;

2. Grant or revoke licenses for the establishment and operation of insurers, foreign non-life insurer's branches in Vietnam, and insurance brokerage enterprises; grant licenses and manage the operations of representative offices of insurers and foreign insurance brokerage enterprises in Vietnam;

3. Inspect and supervise the activities of insurers, foreign non-life insurer's branches in Vietnam, insurance brokerage enterprises, and related organizations and individuals;

4. Preside over and cooperate with relevant agencies to apply necessary measures to ensure that the operations of the insurance market comply with the law;

For details, refer to Decree 87/2017/ND-CP effective from July 26, 2017.

- Ngoc Duyen -

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