Cases where the insurance company’s business registration certificate has been revoked

Revoking the business registration certificate of the insurance company will affect the operations and reputation of businesses in the insurance industry. Understanding the circumstances that can lead to recalls helps companies avoid risks, ensure legal compliance and maintain business stability. The following article will analyze in detail the cases of license revocation and related solutions.

The competent authority revokes the insurance business registration certificate

The Ministry of Finance is the competent authority to revoke the insurance company’s business registration certificate.

Reference content: Clause 2, Article 71 of the Law on Insurance Business 2022.

Cases of revocation of business registration certificates of insurance companies

According to Clause 1, Article 75, Law on Insurance Business 2022, insurance companies’ licenses will be revoked in the following cases:

• The application for an establishment and operation license contains fraudulent information to qualify for a license;
• Past the time limit specified in Clause 1, Article 73 of this Law without officially starting operations;
• Being divided, merged, consolidated, dissolved, or terminated;
• Operating inconsistently with the content in the establishment and operation license;
• After the Court decides to declare the insurance enterprise or reinsurance enterprise bankrupt;
• Foreign non-life insurance enterprises and foreign reinsurance enterprises of foreign branches in Vietnam go bankrupt or have their licenses revoked.

What to do when the insurance company’s business registration certificate is revoked?

Upon receiving the decision to revoke the license, the insurance company needs to immediately take the following steps:

• Immediately stop signing new insurance contracts: Stop all activities signing new insurance contracts to ensure compliance with legal regulations.
• Notify customers and partners about license revocation: Send an official notification to all relevant customers and partners, clearly explaining the reason for license revocation, and instructing them on the next steps according to what they need to do.
• Prepare a plan to handle current insurance contracts: Develop a detailed plan to handle current insurance contracts, including refunding insurance premiums (if any) and instructing customers about their rights while awaiting resolution.
• Carry out procedures for re-issuance of license: Conduct necessary legal procedures to apply for re-issuance according to the provisions of law, including completing financial and legal obligations.

Consulting services to support the revocation of the insurance company’s business registration certificate

Long Phan’s consulting scope

Long Phan with a team of experts has many years of experience in consulting in the fields of insurance and insurance business. We provide customers with in-depth consulting services and bring the highest efficiency.

Long Phan provides services including:

• Consulting on cases of revocation of insurance companies’ business registration certificates.
• Consulting on solutions: Proposing quick and effective solutions for customers.
• Consulting on working with competent authorities when the business registration certificate is revoked.
• Consulting on license restoration procedures (if any): Instructions on the steps and necessary documents to restore the license.
• Consulting on other related issues.

Benefits of using consulting services when your certificate is revoked in Long Phan

When choosing Long Phan’s consulting services, customers will receive:

• Make sure to receive support from experts with a deep understanding of insurance law.
• Get advice on appropriate solutions: Receive optimal and effective solutions to legal problems.
• Save processing time and costs: Reduce time and costs through the application of quick and effective solutions.
• Protect legal rights and interests: Ensure the legal rights of the business are protected in all situations.
• Minimize legal risks: Help businesses minimize potential legal risks through timely advice and support.

Revoking an insurance company’s business registration certificate is a complex issue, requiring a deep understanding of insurance law and experience in handling it. Long Phan with a team of professional experts will accompany customers to overcome this challenge. Please contact Long Phan immediately via the hotline: 0906735386 for detailed advice and timely support.