Tiếng Việt
中文Which organizations provide microinsurance?
Under Clause 1, Article 2 of Decree 21/2023/ND-CP (regulations on microinsurance), organizations providing microinsurance include: non-life insurance enterprises, life insurance enterprises and health insurance enterprises (collectively referred to as insurance enterprises), and branches of foreign non-life insurance enterprises established and operating in Vietnam; and microinsurance mutual organizations established and operating in Vietnam.
What matters does the annual general meeting of members of a microinsurance mutual organization decide?
The annual general meeting of members is convened by the Board of Directors and must be held within 03 months from the end of the fiscal year. Under Clause 2, Article 21 of Decree 21/2023/ND-CP, the annual general meeting of members decides the following:
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- Approving the report on the organization’s annual operating results; reports of the Board of Directors, the Board of Management and the Supervisory Board or Supervisor;
- Approving the operational and financial plan for the following year;
- Setting up funds as prescribed by law; reducing insurance premiums for members in the following fiscal year upon the Board of Directors’ proposal;
- Deciding to raise additional capital;
- Electing and dismissing members of the Board of Directors and the Supervisory Board;
- Dissolving the microinsurance mutual organization;
- Amending and supplementing the Charter of the organization;
- Remuneration for members of the Board of Directors, Board of Management, Supervisory Board or Supervisor and other titles (if any);
- Other matters upon written proposal of the Board of Directors or of at least 1/3 of the total members of the organization.
In which cases is an extraordinary general meeting of members convened?
The general meeting of members comprises the annual general meeting and extraordinary general meetings; it is organized in the form of a plenary meeting. An extraordinary general meeting of members is convened when requested under the organization’s Charter and Decree 21/2023/ND-CP (for example, when urgent matters within the general meeting’s authority need to be decided outside the annual session).
How can ANT Legal help?
ANT Legal advises on the establishment and operation of microinsurance mutual organizations, drafting Charters and compliance advice on insurance business law.
For quick advice, you may contact a lawyer at 0966.475.966.
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