The draft Law on amending and supplementing a number of articles of the Law on Insurance Business presented by Deputy Minister of Finance Le Tan Can said that the promulgation of the law aims to reduce investment and business conditions for insurance business activities; simplify administrative procedures; remove some urgent difficulties and obstacles that need to be amended.
In which, cutting, reducing and simplifying business conditions in 7 articles: canceling confirmation from foreign management agencies that enterprises do not violate serious 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 inspection report presented by Chairman of the Economic and Financial Committee Phan Van Mai stated that the Standing Committee of the Committee agreed on the necessity of promulgating the Law.
At the same time, it is recommended that the drafting agency continue to complete the draft Law in the direction of only amending and supplementing truly necessary and urgent issues, those that, if not removed, will create bottlenecks, hold back, and hinder the development of the insurance market, affecting socio-economic growth.
Regarding the content of the activities of insurance companies, reinsurance companies, and foreign branches in Vietnam, the draft Law amends Article 63 in the direction of eliminating the form of "insurance products for death risks with a term of 1 year or less" for non-life insurance companies (Point b, Clause 3, Article 63) and abolishing Point c, Clause 3, Article 63: "Health insurance companies trading in insurance products for death risks with a term of 1 year or less".
The Standing Committee of the Committee requested the drafting agency to clarify the reasons for abolishing the above contents, review and clarify the understanding of the types of non-life insurance corporate insurance implemented.
Regarding the official operating period, Clause 5, Article 1 of the draft Law abolishes the conditions that insurance companies, reinsurance companies, and foreign branches in Vietnam must meet to officially operate.
However, to ensure the goal of shifting from pre-inspection to post-inspection, the Standing Committee of the Committee proposed reviewing regulations on internal control, internal audit, risk management, deposit, license revocation... to ensure strictness, without affecting the safety of the insurance market as well as the effectiveness of state management.
At the same time, review to fully regulate cases, creating favorable conditions for businesses...
Vice Chairman of the National Assembly Vu Hong Thanh said that the National Assembly Standing Committee suggested that the Government continue to review the contents of the draft Law, ensuring compliance with the Party's guidelines, policies and guidelines.
At the same time, it is recommended that the submitting agency preside over and coordinate with the reviewing agency and relevant agencies to study, supplement and clarify.
Regarding political basis, legal basis, and practical basis, it is necessary to continue to evaluate and summarize the implementation of regulations, conditions for business investment, administrative procedures, and difficulties and problems arising since the Law on Insurance Business 2022 took effect.
Regarding the proposed policies, it is necessary to carefully and comprehensively assess the impact on relevant parties; identify and have solutions to overcome limitations through summarizing the implementation of the Law on Insurance Business 2022...
