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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.
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.
Pursuant to Article 69 of the Law on Insurance Business 2022, the application file for a license to establish an insurance company includes:
For detailed documents for each type of business, customers can refer to Article 12 and Article 13 of Decree 46/2023/ND-CP.
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:
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.
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:
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:
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.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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