Regulations on insurance brokerage of Credit Institutions
Any credit institution or branch of a foreign bank may provide insurance brokerage services for a life insurance company as long as the conditions below are satisfied:
- It is allowed to provide insurance brokerage services by the State Bank according to its establishment and operation license;
- It has signed a insurance brokerage contract with the life insurance company.
- Credit Institutions and the branches of foreign banks must have employees in charge of insurance brokerage who are trained and issued with certificates of training in insurance brokerage as regulated.
In addition, the parties can combine insurance products with the banking products and services but an insurance contract, which is separated from other agreements of such credit institution or branch of the foreign bank, must be concluded and the parties must take responsibility for the products/services they provide.
A credit institution or branch of a foreign bank must not simultaneously provide insurance brokerage services for another life insurance company without written consent of the current life insurance company with which they have an insurance brokerage contract.
The above are significants regulations in Joint Circular No. 86/2014/TTLT-BTC-NHNNVN.
This Circular shall come into force since September 01, 2014.
- It has signed a insurance brokerage contract with the life insurance company.
- Credit Institutions and the branches of foreign banks must have employees in charge of insurance brokerage who are trained and issued with certificates of training in insurance brokerage as regulated.
In addition, the parties can combine insurance products with the banking products and services but an insurance contract, which is separated from other agreements of such credit institution or branch of the foreign bank, must be concluded and the parties must take responsibility for the products/services they provide.
A credit institution or branch of a foreign bank must not simultaneously provide insurance brokerage services for another life insurance company without written consent of the current life insurance company with which they have an insurance brokerage contract.
The above are significants regulations in Joint Circular No. 86/2014/TTLT-BTC-NHNNVN.
This Circular shall come into force since September 01, 2014.
Source: http://thuvienphapluat.vn/news/headlines/7716/regulations-on-insurance-brokerage-of-credit-institutions
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