Order and procedures for applying for a license to establish and operate an insurance enterprise

What do the dossiers and documents required to issue an Establishment and Operation License for an insurance enterprise include? What is the order and procedures for applying for a license? The article shares in detail the legal regulations surrounding the procedures for licensing the establishment and operation of insurance enterprises according to current legal regulations.

CSPL: Article 15, 16 Decree 46/2023/ND-CP

1. Dossier to apply for an Establishment and Operation License for an insurance enterprise

– According to the provisions of Clause 2, Article 15 of Decree 46/2023/ND-CP, an application dossier for an Establishment and Operation License to an insurance enterprise includes:

+ Documents with signatures, titles and water seals Foreign organizations and individuals in the application dossier must be consularly legalized according to the provisions of law within 12 months from the date of submission of the application dossier, except for the following documents: Written request for License; copy of citizen identification card or identity card or passport; documents from competent authorities of the enterprise; authorization document; written commitment;

+ In case the dossier contains a copy of the document, it must be a copy from the original register or certified;

+ For dossiers requesting the issuance of an Establishment and Operation License of foreign organizations and individuals, each set includes 01 copy in Vietnamese and 01 copy in English, except for Vietnamese documents that are originals (or copies from the original Vietnamese) made at Vietnam;

+ Documents prepared in a foreign language must be accompanied by a certified translation into Vietnamese by a competent authority. Translations of financial reports must be certified by organizations and individuals licensed to practice translation in accordance with the law;

+ Criminal record according to the form or equivalent documents of foreigners prescribed by foreign law, issued by a competent authority no more than 12 months before the date of submitting the application, which must contain full information about criminal record status and information about the ban on holding positions, establishing and managing businesses and cooperatives;

+ The resume must be made before the date of application. The application must be no more than 06 months old;

+ Bank confirmations of the balance of Vietnamese Dong or freely convertible foreign currency deposited at banks licensed to operate in Vietnam specified in this Decree must be made no more than 06 months before the date of submission of the application;

+ Each set of documents must have a list of documents.

2. Procedures for applying for an establishment and operation license for insurance enterprises

– Application method:

+ Submit directly to the Ministry of Finance;

+ Submit by post;

+ Submit via the online public service system if eligible to apply application.

– Within 30 days from the date of receiving the license application dossier, if the dossier is not complete and valid, the Ministry of Finance shall notify in writing a request to supplement or amend the dossier. The maximum time limit for supplementing and amending the investor’s documents is 06 months from the date of notification. In case the investor does not supplement or amend the dossier within the prescribed time limit, the Ministry of Finance refuses to consider granting the License.

– The total time for organizations and individuals to add and amend dossiers is a maximum of 12 months from the date of the first notification by the Ministry of Finance. Past the above time limit, if organizations or individuals do not complete records and documents, the Ministry of Finance has the right to refuse to consider granting a License.

– Within 60 days from the date of receiving complete and valid documents, the Ministry of Finance shall issue a License for establishment and operation to the insurance enterprise. In case of refusal to issue a License, the Ministry of Finance shall issue a document clearly explaining the reason. The Ministry of Finance can only refuse to grant a License when organizations and individuals contributing capital or insurance enterprises do not meet the conditions and documents for licensing as prescribed in Decree 46/2023/ND-CP or organizations or individuals commit fraud or forge papers and documents specified in Clause 3, Article 15 of Decree 46/2023/ND-CP.