What are the titles of managers of insurance enterprises and reinsurance enterprises? What general conditions and standards must a manager meet?

1. What are the titles of managers of insurance enterprises and reinsurance enterprises?

Managers of insurance enterprises and reinsurance enterprises are specified in Clause 1, Article 80 of the Law on Insurance Business 2022 as follows:

Managers and controllers of insurance enterprises, reinsurance enterprises and foreign branches in Vietnam Male

1. Managers of insurance enterprises and reinsurance enterprises include the following positions:

a) Chairman of the Board of Directors, member of the Board of Directors or Chairman of the Board of Members, member of the Board of Members;

b) Director or General Director, Deputy Director or Deputy General Director, legal representative;

c) Accountant Chief, Branch Director, Head of Representative Office, Heads of professional departments and equivalent positions as prescribed in the Company Charter.

2. Managers of foreign branches in Vietnam include the following positions:

a) Director, Deputy Director;

b) Chief accountant, heads of professional departments and equivalent positions according to regulations on organization and operation of foreign branches in Vietnam.

3. Controllers at insurance enterprises, reinsurance enterprises, and foreign branches in Vietnam have the right to independence in terms of professional expertise, including the following titles:

a) Head of the Supervisory Board, Controller;

b) Head of risk management department, Head of compliance control department, Head of internal audit department;

c) Expert calculation.

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Thus, according to regulations, managers of insurance enterprises and reinsurance enterprises include the following titles:

(1) Chairman of the Board of Directors, member of the Board of Directors or Chairman of the Board of Members, member of the Board of Members;

(2) Director or General Director, Deputy Director or Deputy General Director, legal representative;

(3) Chief Accountant, Branch Director, Head of representative office, heads of professional departments and equivalent positions as prescribed in the company’s Charter.

2. What general conditions and standards must managers of insurance enterprises and reinsurance enterprises meet?

General conditions and standards for the position of manager are specified in Clause 1, Article 81 of the 2022 Law on Insurance Business as follows:

Conditions and standards for managers and controllers of insurance enterprises, reinsurance enterprises, and branches foreigners in Vietnam

1. General conditions and standards:

a) Have the right to manage the enterprise according to the provisions of the Enterprise Law;

b) Not be sanctioned for administrative violations in the insurance business field, not be disciplined in the form of dismissal due to violation of internal processes for 03 consecutive years before the time of appointment; not be prosecuted by competent authorities according to the provisions of law at the time of election or appointment.

2. Conditions and standards for the Chairman of the Board of Directors, Chairman of the Board of Members, members of the Board of Directors, members of the Board of Members:

a) General conditions and standards specified in Clause 1 of this Article;

b) Have a university degree or higher;

c) Chairman of the Board of Directors, Chairman of the Board of Members have at least 05 years directly working in the field of insurance, finance, banking or at least 03 years holding the position of manager, executive, controller at an enterprise operating in the field of insurance, finance, banking; Members of the Board of Directors, members of the Board of Members have at least 03 years directly working in the field of insurance, finance, banking or have at least 03 years holding the position of manager, executive, and controller at an enterprise operating in the field of insurance, finance, banking.

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Thus, according to regulations, managers of insurance enterprises and reinsurance enterprises must meet the following general conditions and standards. here:

(1) Have the right to manage the enterprise according to the provisions of the Law on Enterprises 2020;

(2) Not be sanctioned for administrative violations in the insurance business field, not be disciplined in the form of dismissal due to violation of internal processes for 03 consecutive years before the time of appointment;

Not be disciplined by competent authorities prosecute according to the provisions of law at the time of election or appointment.

3. Can the Head of the Control Board of an insurance enterprise or reinsurance enterprise also be a manager of another enterprise?

Head of the Control Board of an insurance enterprise or reinsurance enterprise is prescribed in Clause 5, Article 82 of the 2022 Law on Insurance Business as follows:

Principles of holding positions service

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5. The Head of the Supervisory Board and Controllers are not allowed to concurrently hold any management positions at the same organization. The Head of the Supervisory Board must not concurrently be a Controller or manager of another insurance enterprise or reinsurance enterprise operating in Vietnam.

6. Chief accountants, heads of internal audit departments of insurance enterprises, reinsurance enterprises, and foreign branches in Vietnam are not allowed to concurrently hold any positions at the same organization; must not simultaneously work at another insurance enterprise, reinsurance enterprise, or foreign branch operating in Vietnam.

Thus, according to the above regulations, the Head of the Supervisory Board cannot simultaneously be the manager of another insurance enterprise or reinsurance enterprise operating in Vietnam.