What conditions must the appointed director of an insurance enterprise meet?

Conditions for appointing Directors of insurance enterprises are based on the provisions of Clause 2, Article 24 of Decree 46/2023/ND-CP as follows:

Appoint and change the Chairman of the Board of Directors (Chairman of the Board of Members), General Director (Director), and Actuarial Expert

2. The Chairman of the Board of Directors, Chairman of the Board of Members, General Director (Director), Actuary expected to be appointed must meet the conditions specified in Article 81 of the Law on Insurance Business, Actuary must meet the conditions specified in Article 29 and Article 30 of this Decree.

At the same time, based on the provisions of Article 81 of the Law on Insurance Business 2022 The Director of an insurance enterprise must meet the following conditions:

Conditions and standards for Directors:

– Have the right to manage the enterprise according to the provisions of the Law on Enterprises 2020.

– Not being sanctioned for administrative violations in the field of insurance business, not being disciplined in the form of dismissal for violating internal procedures 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.

– Have a university degree or higher in insurance major. In case you do not have a university degree or higher in an insurance major, you must have a university degree or higher in another major and have an insurance certificate issued by an insurance training facility legally established and operating domestically or abroad;

– Have at least 05 years of working experience in the field of insurance, finance, banking, including at least 03 years as a manager or controller of an insurance enterprise.

– Reside in Vietnam during his term of office.

Who must the director of an insurance enterprise receive written approval from before appointment?

An insurance enterprise must obtain written approval before appointing a Director, according to Clause 1, Article 24 Decree 46/2023/ND-CP stipulations as follows:

Appoint and change the Chairman of the Board of Directors (Chairman of the Board of Members), General Director (Director), and Actuarial Expert.

1. Insurance enterprises, reinsurance enterprises, and foreign branches in Vietnam must receive written approval from the Ministry of Finance before appointing or changing the following positions:

a) Chairman of the Board of Directors, Chairman of the Board of Members of insurance enterprises, reinsurance enterprises;

b) General Director (Director);

c) Expert calculation.

Accordingly, insurance enterprises must receive written approval from the Ministry of Finance before appointing a Director.

What documents are included in the appointment file of Director of an insurance enterprise?

Documents for appointment of Director of insurance enterprises according to Clause 3, Article 24 of Decree 46/2023/ND-CP stipulate as follows:

– Written request for appointment according to the form specified in Appendix III issued with Decree 46/2023/ND-CP;

– Document from the competent authority as prescribed in the Charter of the insurance enterprise;

– 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 Decree 46/2023/ND-CP Specific regulations:

General standards for submitting and supplementing records and documents

2. Records and documents submitted to the Ministry of Finance must meet the following regulations:

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

Copy of citizen identification card or identity card or passport; Curriculum vitae, notarized copies of documents proving work experience, time holding the position of manager or controller, notarized copies of diplomas and certificates proving the qualifications and professional capacity of the person expected to be appointed.

In case documents are in a foreign language, a notarized translation is required.

– Written commitment of the person expected to be appointed as Director to work for the insurance enterprise and reside in Vietnam after being approved by the Ministry of Finance.