Procedures for applying for a license to establish an insurance company

Article overview

License to establish an insurance company is not only the starting step for a new business but also opens up potential business opportunities in the financial sector. Having an establishment license helps a company build a reputation, attract customers and partners, and ensure compliance with legal regulations. The following article will provide detailed instructions on the procedures, documents, and processes necessary to apply for a license to establish an insurance company.

Apply for a license to establish an insurance company
Apply for a license to establish an insurance company

Authority to license the establishment of an insurance company

The Ministry of Finance is the competent authority to issue licenses to establish insurance companies in Vietnam. This licensing complies with the provisions of the Law on Insurance Business 2022 and related legal documents.

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

Competent state agency
Competent state agency

Procedures for granting a license to establish an insurance company

Profile components

Pursuant to Article 69 of the Law on Insurance Business 2022, the application file for a license to establish an insurance company includes:

  • Document requesting the issuance of establishment and operation license;
  • Draft charter for insurance enterprises;
  • Operational plan for the first 05 years;
  • Curriculum vitae, criminal record cards, copies of diplomas and certificates proving the capacity, professional qualifications and skills of the person expected to be appointed as Chairman of the Board of Directors or Chairman of the Council member, Director or General Director, legal representative, Actuarial expert;
  • Level of capital contribution and method of capital contribution, list of founding organizations and individuals or members and shareholders expected to contribute 10% or more of charter capital and documents proving satisfaction of corresponding conditions for each type of insurance business;
  • List of beneficial owners.

For detailed documents for each type of business, customers can refer to Article 12 and Article 13 of Decree 46/2023/ND-CP.

Execution order

The process of applying for a license to establish an insurance company includes the following steps:

Step 1: Submit application

Organizations and individuals requesting an establishment license submit applications to the Ministry of Finance through one of the following methods:

  • Direct
  • By post
  • Through online public services if applicable.

Step 2: Receive and process documents

Request to amend or supplement documents if the documents are not complete and valid within 30 days from the date of receipt.

The maximum time limit for supplementing and amending the investor’s documents is 06 months from the date of notification.

In case the investor does not supplement or amend the dossier within the prescribed time limit, the Ministry of Finance will refuse to consider granting the License.

Step 3: Issue establishment license

Within 60 days from the date of receipt of complete and valid documents, in case of refusal, the Ministry of Finance will notify in writing clearly stating the reason.

Reference content: Article 16, Decree 46/2023/ND-CP.

Regulations on the time limit for granting a license to establish an insurance company

According to the provisions of Article 16, Decree 46/2023/ND-CP, the deadline for granting a license to establish an insurance company is specifically regulated as follows:

  • The time limit for dossier appraisal: Within 30 working days from the date of receiving the dossier, the Ministry of Finance will notify the completeness and validity of the dossier.
  • Time limit for supplementing and amending records: Organizations and individuals have up to 6 months to supplement and amend records as requested by the Ministry of Finance.
  • Licensing deadline: Within 60 days from the date of receipt of complete and valid documents, the Ministry of Finance will issue a license or refuse to grant a license in writing.
Regulations on settlement deadlines
Regulations on settlement deadlines

Consulting services and support for applying for a license to establish an insurance company in Long Phan

Long Phan’s team of experts has extensive experience in the insurance field and a deep understanding of the law and administrative procedures. We support customers throughout the process, helping to shorten time and optimize results. Long Phan provides professional consulting services on procedures for applying for a license to establish an insurance company.

Services Long Phan provides include:

  • Consulting on the appropriate type of business to do insurance business for each customer’s needs.
  • Consulting on conditions to be granted a license to establish an insurance company.
  • Consulting and support in preparing documents to apply for a license to establish an insurance company for each type of business.
  • Consulting and guiding the order and procedures for quickly applying for a license to establish an insurance company.
  • Representing customers to apply for a license to establish an insurance company.
  • Consulting on handling issues that arise during the process of applying for a license to establish an insurance company.

Applying for a license to establish an insurance company is a complicated process, requiring careful preparation and a deep understanding of insurance law. Long Phan will support customers throughout this process, from initial consultation to receiving the license. Please contact us immediately via the hotline: 0906735386 for free consultation and the most professional support.