What fields must the Chairman of the Board of Directors of an insurance brokerage enterprise directly work in?

The standards of the Chairman of the Board of Directors of an insurance brokerage enterprise are specified in Clause 3 of Article 77 Decree 46/2023/ND-CP as follows:

Standards of members of the Board of Directors, members of the Board of Members

1. General standards as prescribed in Article 76 of this Decree.

2. Have a university degree or higher.

3. Directly work in one or more fields of insurance, finance, banking for at least 05 years for Chairman of the Board of Directors, Chairman of the Board of Members; At least 03 years for members of the Board of Directors and members of the Board of Members.

4. Must not concurrently be a member of the Board of Directors or Member Council of another insurance brokerage enterprise in Vietnam.

Thus, according to regulations, the Chairman of the Board of Directors of an insurance brokerage enterprise must be a person who has directly worked in one or more fields of insurance, finance, and banking for at least 05 years.

In the application for a License to operate an insurance brokerage enterprise What information must an insurance company have for the person expected to be the Chairman of the Board of Directors?

Dossier to apply for a License to establish and operate an insurance brokerage enterprise is specified in Clause 4, Article 64 of Decree 46/2023/ND-CP as follows:

Dossier to request a License to establish and operate an insurance brokerage enterprise is as follows: dangerous

1. Application for issuance of License for establishment and operation according to the form specified in Appendix I issued with this Decree.

2. Draft company charter as prescribed in the Enterprise Law.

3. The first 5-year operation plan is suitable for the business field in which the license is requested, clearly stating the expected activities and business efficiency of establishing an insurance brokerage enterprise.

4. Copy of citizen identification card or identity card or passport; Criminal record card according to the form or equivalent documents of foreigners prescribed by foreign law; curriculum vitae, copies of diplomas, certificates and other documents proving that they meet the standards of the person expected to be appointed as Chairman of the Board of Directors or Chairman of the Board of Members, General Director or Director, legal representative.

5. List of shareholders and members contributing 10% or more of charter capital who are organizations and the following accompanying documents:

a) Copy of establishment decision or business registration certificate or other equivalent document;

b) Copy of the company’s charter;

Thus, according to regulations, in the application file for issuance of establishment and operation license Insurance brokerage business must have:

– Copy of citizen identification card or identity card or passport of the person expected to be appointed as Chairman of the Board of Directors;

– Judicial record card according to the form or equivalent documents of foreigners prescribed by foreign law;

– Resume, copies of diplomas, certificates and other documents proving that they meet the standards of the person expected to be appointed as Chairman of the Board of Directors.

Whose approval must an insurance brokerage enterprise want to change the Chairman of the Board of Directors?

In case of changing the Chairman of the Board of Directors, it is stipulated in Clause 1, Article 73 of Decree 46/2023/ND-CP as follows:

Appointing and changing the Chairman of the Board of Directors (Chairman of the Board of Members), General Director (Director)

1. Insurance brokerage enterprises must receive written approval from the Ministry of Finance when appointing or changing the following positions:

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

b) General Director (Director).

2. Dossier for appointment and change of positions specified in Clause 1 of this Article includes the following documents:

a) Written request for appointment or change according to the form specified in Appendix III issued with this Decree;

b) Document of the competent authority as prescribed in the company’s Charter;

c) Criminal record certificate according to the form or equivalent documents of foreigners prescribed by foreign laws that meet the provisions of Point dd, Clause 2, Article 15 of this Decree; Copy of citizen identification card or identity card or passport or other legal personal identification; Curriculum vitae meets the provisions at Point e, Clause 2, Article 15 of this Decree; Copies of diplomas, certificates, documents proving qualifications, experience and professional capacity of the person expected to be appointed or changed Chairman of the Board of Directors (Chairman of the Board of Members), General Director (Director);

Thus, according to regulations, in case an insurance brokerage enterprise wants to change the Chairman of the Board of Directors, it must be approved in writing by the Ministry of Finance upon appointment.