On the morning of November 3, continuing the 10th Session, Minister of Finance Nguyen Van Thang, authorized by the Prime Minister, presented a draft Law amending and supplementing a number of articles of the Law on Insurance Business.
According to Minister Nguyen Van Thang, regarding the content, cutting, reducing, and simplifying business conditions in 7 articles: canceling confirmation from foreign management agencies that enterprises do not seriously violate regulations; canceling conditions before officially operating.
Some general conditions and standards for managers and controllers are abolished; some conditions for insurance agents, licensing the establishment and operation of brokerage enterprises and providing insurance support services are abolished.
The draft law stipulates conditions and standards for directors or general directors, and legal representatives of insurance companies.
Accordingly, you must have a university degree or higher in insurance. In case there is no university degree or higher in insurance, there must be a university degree or higher in another major, including insurance major or a university degree or higher in another major and have an insurance certificate issued by insurance training institutions established and operating legally in the country or abroad.
Have at least 5 years of experience working in the insurance, finance, and banking sectors, including at least 3 years as a manager or controller of an organization operating directly in the insurance, finance, and banking sectors. Residing in Vietnam during his term.
Reviewing this content, Chairman of the Economic and Financial Committee Phan Van Mai basically approved the amendment of conditions and standards for managers and controllers to remove obstacles in the use of high-quality human resources.
However, the easing of graduation requirements (allowing other professional university degrees with insurance subjects) for important positions such as director and general director needs to be studied and considered further to ensure professional qualifications and system management capacity.
Regarding inspection, examination and insurance agents, the inspection report recommends strictly reviewing regulations on internal control, risk management, deposit and license revocation, ensuring no impact on market safety.
Regarding insurance agents, the inspection agency requested to clearly explain the reasons for amending the operating principles in Clause 1, Article 127, carefully assessing the risk of conflicts of interest to ensure effective state management. It is necessary to clarify the scope of "specialized inspection" to distinguish it from inspection activities, avoiding legal gaps.
