Insurance Brokerage Licensing Procedure

Insurance brokerage licensing procedure is detailed in current legal documents to strictly manage financial intermediaries. This process requires thorough preparation of financial conditions, personnel, and risk management systems. Correctly implementing registration steps helps enterprises enter the market early and operate legally. The following article analyzes detailed regulations on this issue.

Conditions for licensing the establishment and operation

Investors need to meet standards on legal status, financial capacity, and professional qualifications of key personnel.

Based on Article 34 of Decree 324/2025/ND-CP, conditions include:

1. Legal Status: Investors contributing capital must be organizations with legal status.
2. For Domestic Investors:
   • Be an insurance brokerage enterprise established and operating in Vietnam under the Law on Insurance Business.
   • Operate directly in the proposed field at the International Financial Center for at least 05 continuous years preceding the application year.
   • Ensure charter capital is contributed in cash, not lower than the minimum level, and blocked at a commercial bank.
   • Profitable business for the 03 most recent continuous financial years.
   • Ensure solvency margin, capital adequacy ratio, and conditions for offshore investment.
   • Do not use loan capital or entrusted investment capital.
   • Have personnel expected to be Chairman, Director/General Director, Legal Representative meeting standards.
3. For Foreign Investors:
   • Be a foreign insurance brokerage enterprise or financial/insurance group.
   • Meet conditions b, c, d, e, g of Clause 2 Article 34 Decree 324/2025/ND-CP.
   • Have total assets not lower than 02 million USD in the year preceding the application year.

Be permitted by the competent authority of the home country to establish an enterprise at the International Financial Center.

>>> See more: Conditions for establishing an insurance business joint stock company

The competent authority is responsible for issuing licenses for the establishment and operation of insurance brokerage businesses

According to Article 32 of Decree 324/2025/ND-CP, the Executive Agency grants, amends, supplements, and revokes Establishment and Operation Licenses for insurance brokerage enterprises at the International Financial Center.

Application for a license to establish and operate an insurance brokerage business

Based on Article 35 of Decree 324/2025/ND-CP, the dossier includes:

1. Application form (Form No. 08 Appendix Decree 324/2025/ND-CP).
2. Copy of Establishment Decision/Business Registration Certificate of investors.
3. Written decision of the investor’s competent authority on capital contribution.
4. Authorization letter and ID/Passport of the authorized representative.
5. Copy of audited financial statements for 03 preceding financial years.
6. List of beneficial owners (except for insurance brokerage enterprises).
7. Confirmation of blocked account balance at a licensed bank.
8. Confirmation from the competent authority of the foreign investor’s home country permitting establishment.
9. Draft Charter of organization and operation.
10. 05-year business plan stating proposed activities and efficiency.
11. Curricula vitae, judicial record cards, and copies of diplomas/certificates of key personnel.

Procedures for granting licenses for the establishment and operation of insurance brokerage businesses

The process for granting licenses for the establishment and operation of insurance brokerage businesses is carried out through rigorous assessment stages with specific timeframes. The procedure follows Article 36 of Decree 324/2025/ND-CP as follows:

• Step 1: Preliminary reception and evaluation phase

Within 30 days of receiving all necessary documents (excluding the document confirming the capital freeze), the Executive Authority will review the validity of the documents.

• Step 2: Notification of amendments and additions

If the application is incomplete or invalid, the agency will notify you and request that you amend it within a maximum period of 6 months. If the investor fails to supplement or amend the application within the specified timeframe, the operating agency will refuse to consider granting the establishment and operation license and will issue a written explanation stating the reasons.

• Step 3: Implement capital freeze

If the application is valid, the Regulatory Authority will issue a written request to the investor to freeze sufficient capital to secure business operations at the bank.

• Step 4: Official licensing

Within 7 days of receiving the Capital Freezing Confirmation Certificate, the Regulatory Authority shall issue the Establishment and Operation License.

• Step 5: Personnel Approval

Simultaneously with granting the licenses, the agency issues written approval in principle for the personnel expected to be appointed to key leadership positions.

>>> See more:Forms of Insurance Brokerage Activities by Foreign Investors in Vietnam

Long Phan Consulting Company provides consulting services on procedures for obtaining licenses to establish and operate insurance brokerage businesses

Long Phan Consulting Company provides comprehensive solutions for clients in performing complex insurance business registration procedures. We structure our support into the following key areas:

• Conditional consulting: Review and assess the investor’s ability to meet the latest regulations regarding capital, personnel, and assets.
• Document preparation: Drafting the Articles of Association, the 5-year Business Plan, and other relevant documents in accordance with legal and technical standards.
• Human Resources Support: Providing guidance on standards for leadership positions and assisting with the preparation of background checks and qualifications.
• Representative for the procedure: We will act on your behalf to work with the governing body, submit documents, monitor progress, and explain any related issues.

>>> See more: Instructions on detailed procedures for establishing an insurance business company

Frequently Asked Questions about insurance brokerage licensing procedure

Below are frequently asked questions regarding the procedures for obtaining a license to establish and operate an insurance brokerage business, which we have compiled. We invite you to refer to them:

How long is a resume/CV in an employee’s file valid? 

In the application for a license, the resumes of prospective key leadership personnel must ensure that their personal information is up-to-date. Specifically, this document must be prepared no more than six months before the official application submission date, as stipulated by administrative regulations. Please note this timeframe to ensure that the personnel files are not deemed unsatisfactory by the relevant authorities.

(Legal basis: Point c, Clause 2, Article 35 of Decree 324/2025/ND-CP)

How much total assets does a foreign investor need to establish an insurance brokerage business? 

For foreign investors wishing to establish an insurance brokerage business, the total asset value must not be less than US$2 million. This figure is determined based on financial data from the year immediately preceding the year of application for establishment and operation license. This is a technical standard aimed at screening investors with sufficiently large business scale and strong international financial capacity.

(Legal basis: Point d, Clause 3, Article 34 of Decree 324/2025/ND-CP)

Is it mandatory for insurance brokerage firms to have an Actuarial Specialist position? 

According to current regulations, the Actuarial Specialist standard only applies to insurance and reinsurance companies for operational risk management. For insurance brokerage firms, the regulatory authority does not mandate the inclusion of an Actuarial Specialist in their leadership structure. This optimizes the organizational structure for entities operating in the insurance intermediary sector.

(Legal basis: Point g, Clause 2, Article 34 of Decree 324/2025/ND-CP)

What is the maximum time limit for businesses to supplement or amend their licensing application documents? 

If the application is incomplete, the managing authority will send a written notice requesting the applicant to supplement or amend the relevant information. The maximum deadline for the investor to complete and resubmit the application is 6 months from the date the authority issues the notice. If the investor fails to comply within this timeframe, the competent authority will refuse to consider granting the license.

(Legal basis: Point b, Clause 1, Article 36 of Decree 324/2025/ND-CP)

Can a license to establish and operate replace a business registration certificate? 

Yes, the license for establishing and operating an insurance brokerage business has multi-functional, integrated legal value under a specific management mechanism. This license simultaneously serves as both a business registration certificate and a membership registration certificate for that organization. This mechanism simplifies administrative procedures and facilitates the rapid commencement of operations for businesses.

(Legal basis: Clause 2, Article 32 of Decree 324/2025/ND-CP)

How long does a domestic investor need to have a profitable business before submitting an application? 

To qualify for establishing an insurance brokerage business, domestic investors must demonstrate profitable business results through financial statements. Specifically, the organization must ensure profitable business operations for the three consecutive financial years immediately preceding the application for a license. This condition confirms the effective management capacity and economic stability of the participating organization.

(Legal basis: Point d, Clause 2, Article 34 of Decree 324/2025/ND-CP)

Conclusion

Completing the nsurance brokerage licensing procedure is a solid foundation for sustainable development. Clients need to grasp regulatory changes to ensure high compliance.

Please contact Long Phan Consulting Company via hotline 1900636389  for timely support from experienced experts.