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Reinsurance cession is a risk management method in the insurance industry that allows insurance companies to transfer part of the responsibility and risk to other insurers. This process not only helps spread risks but also enhances the financial capacity of insurance businesses. The following article will help you understand the concept of reinsurance and the necessary conditions to be certified to operate in this field. We welcome your reference.
Pursuant to Clause 4, Article 4 of the Law on Insurance Business 2022, reinsurance cession is the activity of an insurance enterprise, reinsurance enterprise, or foreign branch in Vietnam transferring part of the reinsurance responsibility. insurance for other insurance enterprises, reinsurance enterprises, foreign branches in Vietnam, foreign insurance enterprises, foreign reinsurance enterprises, foreign insurance organizations based on payment of cession fees reinsurance.
Pursuant to Article 89 of the Law on Insurance Business 2022, the purpose of reinsurance cession is:
Pursuant to Clause 2, Article 14 of Circular 69/2022/TT-BTC, the conditions to be granted an insurance certificate are:
Taking the insurance certificate exam organized by the manager of the Insurance Administration Department and candidates answering correctly 70% or more of the total exam questions are considered to have passed the certification exam that the candidate has taken. attend
To be granted an insurance certificate, the person who wants to be granted an insurance certificate must register to take the insurance certificate exam. Registration dossiers to take the insurance certificate exam are specified in Clause 2, Article 13 of Circular 69/2022/TT-BTC, including documents showing the following information:
Step 1: The training facility registers the list of candidates on the Certificate Examination Management System and pays the exam fee.
Registration for the exam is done online through the Certification Exam Management System at least 10 days before the exam date. Or register for the exam through the training facility
Step 2: The Department of Insurance Management and Supervision announces the list of candidates taking the exam on the Certification Exam Management System (for cases where all documents and exam fees have been submitted) 3 working days before the exam date.
Step 3: Candidates take the exam according to the question structure as prescribed in Article 14 of Circular 69/2022/TT-
BTC
Step 4: The Department of Insurance Management and Supervision issues a Decision approving the results of the insurance certification exam, and notifies the exam results to the training facility to notify candidates (through the Certification Exam Management System) within the deadline. 05 working days from the exam date (for paper-based exams) or 03 working days from the exam date (for computer-based exams)
Step 5: Pursuant to the Decision approving exam results of the Department of Insurance Management and Supervision, domestic insurance training facilities issue insurance certificates to candidates who pass the exam and register to take the exam through the training facility, except for schools. Candidates should apply for a re-examination Appeal form issued with Circular 69/2022/TT-BTC.
The process of reinsurance cession and issuing insurance certificates must go through strict regulations of the law. Therefore, if you still have questions about this process, please contact Long Phan. As a unit with extensive experience in insurance consulting, Long Phan will support you, including:
If you have more questions about reinsurance, issuance of insurance certificates and need support, or want to use Long Phan’s services, please call the hotline. 0906.735.386. We are committed to helping you understand your problem effectively.
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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