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LAW ON INSURANCE BUSINESS |
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In order to protect the legitimate rights and interests of the organizations and individuals participating in insurance transactions; to accelerate nsurance business; help to promote and maintain a sustainable ocio-economic development, stabilize the people's living standards; and strengthen the effectiveness of State administration of insurance business; ursuant to the 1992 Constitution of the Socialist Republic of Vietnam; This aw sets forth provisions concerning insurance business,
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Insurers not deterred by stricter rules |
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Tighter licencing restrictions are not deterring firms from attempting to enter Vietnam’s insurance sector. An MoF source said there had been numerous applications for new insurance businesses submitted by domestic and foreign entities since the new legal framework was released in early 2007.
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Insurance market grows drastically |
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Viet Nam Insurance Association General Secretary Phung Dac Loc said "the sector registered a 31 percent increase, or five-year high, in non-life premium revenue of almost 6 trillion VND in the first nine months of 2007"
(VNeconomy.com.vn )
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A revolution in insurance market |
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On two consecutive days, September 12 and 13, the two largest insurers of Vietnam, Bao Viet and Bao Minh, announced the names of their foreign strategic partners. Bao Viet chose the Hong Kong and Shanghai Banking Corporation (HSBC) while Bao Minh selected the AXA of France.
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