What conditions must an individual directly performing insurance loss assessment activities meet?

When providing insurance loss assessment services, what principles do individuals need to follow?

In Article 4 of the 2022 Insurance Business Law, insurance loss assessment is explained, and this regulation also Mentioning insurance loss assessment as one of the forms of insurance auxiliary services:

Explanation of terms

In this Law, the following terms are understood as follows:

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7. Insurance auxiliary services include consulting, insurance risk assessment, insurance calculation, insurance loss assessment, and support for insurance compensation settlement. Insurance auxiliary services do not include self-implementation by insurance enterprises, reinsurance enterprises, foreign branches in Vietnam, or mutual organizations providing micro insurance to deploy their own insurance and reinsurance business activities.

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11. Insurance loss appraisal is the activity of determining the current status, cause, level of loss and calculating the allocation of liability for loss as a basis for settling insurance compensation.

Thus, insurance loss assessment activities must comply with the regulations of insurance auxiliary services.

Specifically, Article 141 of the 2022 Insurance Business Law regulates the principles of providing insurance auxiliary services, including:

– Honesty, objectivity, transparency; ensure the legitimate rights and interests of relevant parties.

– Comply with standards in the field of insurance support.

– Comply with professional ethics rules issued by social-professional organizations.

– Contracts for providing insurance auxiliary services must be made in writing.

What conditions must individuals directly perform insurance loss assessment activities meet?

Individuals directly performing insurance loss assessment activities must meet the conditions specified in Clause 2, Article 143 of the Law on Insurance Business 2022, specifically including:

Conditions for providing insurance auxiliary services dangerous

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2. Organizations providing insurance auxiliary services must meet the following conditions:

a) Have legal status, be legally established and operate;

b) Individuals directly performing auxiliary insurance activities in organizations providing auxiliary insurance services must have full civil act capacity; Have diplomas and certificates in insurance support appropriate to the type of insurance support services issued by training establishments legally established and operating domestically or abroad;

c) Individuals directly performing insurance loss assessment activities in organizations providing insurance auxiliary services must meet the conditions specified in Point b of this Clause and the standards of assessors according to the provisions of commercial law;

At the same time, Article 84 of Decree 46/2023/ND-CP also stipulates the conditions for performing insurance loss appraisals as follows:

Conditions for diplomas, certificates, and standards for individuals directly performing insurance support activities in organizations providing insurance support services

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4. Individuals directly performing insurance loss assessment activities must meet the following qualifications, certificates, and standards:

a) Have a college degree or higher in accordance with the requirements of the inspection field;

b) Have an insurance loss assessment certificate issued by an insurance training facility legally established and operating domestically and internationally corresponding to the types of non-life insurance operations performing insurance loss assessment;

c) Have at least 03 years working in the field of inspection.

Thus, individuals directly performing insurance loss assessment activities must meet the following qualifications, certificates, and standards:

– Have a college degree or higher in accordance with the requirements of the inspection field;

– Have an insurance loss assessment certificate issued by an insurance training facility legally established and operating domestically and internationally corresponding to the types of non-life insurance operations performing insurance loss assessment;

– Have at least 03 years working in the field of inspection.

What are the responsibilities of individuals when providing insurance loss assessment services?

The responsibilities of individuals when providing insurance loss assessment services are specified in Article 142 of the Law on Insurance Business 2022, specifically as follows:

– Keep customer information confidential, use customer information for the right purpose and do not provide it to third parties without the customer’s consent, except in cases where it is provided according to the provisions of law.

– Insurance brokerage enterprises are not allowed to provide insurance loss assessment services for insurance contracts in which they arrange and enter into insurance contracts.

– Organizations providing insurance auxiliary services are not allowed to provide insurance loss assessment services and insurance compensation settlement support for insurance contracts in which that organization is also the insurance buyer or the insured or beneficiary.

– Individuals providing consulting services must purchase professional liability insurance for providing consulting services; Organizations providing insurance auxiliary services must purchase professional liability insurance appropriate to each type of insurance auxiliary service.