Tỷ giá
1. Decree No. 100/CP dated 18 December 1993 on insurance business was the legal basis for establishing non-life, life insurance market and insurance product distribution channel: since 1993 – 2001, there were additional 6 local non-life insurers (Bao Minh, Vinare, PJICO, Bao Long, PVI, PTI), 4 foreign non-life insurers (VIA, UIC, Allianz, Viet-Australia), 4 foreign life insurers (Bao Minh – CMG, Prudential, Manulife, AIA) and 1 broker (Bao Viet – AON) together with Bao Viet operating in the insurance market; creating many economic sectors; creating distribution channel through brokers, agents; creating life insurance market (Bao Viet deployed pilot life insurance in 1996) to meet insurance demand.
2. Insurance Supervisory Authority and Association of Vietnamese Insurers joined ASEAN Insurance Regulators’ Meeting (AIRM) and ASEAN Insurance Council (AIC) on August, 2011 and successfully hosted the 6th ASEAN Insurance Regulators’ Meeting and the 29th ASEAN Insurance Council’s Meeting in Hanoi in 2003.
3. Implement equitisation of insurance enterprises starting from 2003 with Bao Minh, Vinare, Bao Viet and PVI as the leading companies.
4. Select investors, strategic foreign investor listed on the stock exchange, sell shares and gain capital surplus much higher than the capital when equitisation since 2005 with Vinare, Bao Minh, Bao Viet, PVI, PTI, Bao Long, PJICO and BIC as the first companies.
5. Remove discrimination barrier for foreign insurers, Vietnamese insurers accepted competition. Since 2005, Circular 98 and Circular 99 on removing barriers for selling insurance to state economy sector, compulsory (re)insurance products and regulations on financial regime applicable to Vietnamese and foreign insurers have been implemented.
6. BIDV acquired entire capital contribution of QBE in the joint venture company and established BIDV Insurance Company (BIC) in 2005; QBE bought Allianz Vietnam in 2005; Dai-ichi bought Bao Minh – CMG in 2007.
7. Deploy non-traditional life insurance products: From 2007, life insurers were allowed to deploy universal life insurance and unit-linked insurance products.
8. Accept competition by permitting foreign insurers to provide cross-border services into the Vietnamese market and non-life foreign insurers to set up branches in Vietnam according to the amended Law on Insurance business in 2010.
9. Implement the State’s insurance policy. Since 2011, Bao Viet, Bao Minh and VINARE have deployed pilot crop, livestock and aquaculture insurance in 20 provinces and cities. Seven insurance enterprises (Bao Viet, Bao Minh, PVI, UIC, AIG, QBE and Bao Viet Tokiomarine) implemented pilot export credit insurance.
10. Implement restructuring of insurance enterprises: Since 2011, following the State’s directions, insurance enterprises have implemented restructuring of their equity, financial investment, insurance products, management network, distribution channels, human resources training and development and customer service system.
11. Insurance enterprises overcame difficulties and challenges: Since 2011, in the situations of global financial crisis, tightening of credit, public investment and public spending, inventories and credit crunch, insurers have continued to foster insurance market growth.
12. In life sector, voluntary pension insurance has been implemented since 2013, contributing to the
implementation of social security policy.
13. Insurance enterprises established Motor vehicle insurance fund (in 2009), Policy-owner protection fund (in 2013) and are going to establish Nuclear insurance fund.
14. Establishing Association of Vietnamese Insurers in 1999 to enhance cooperation and self-administration among insurers. Insurers consider each other both competitors and business partners and together develop the insurance market.
15. Ministry of Finance and Association of Vietnamese Insurers successfully hosted insurance conferences of ASEAN countries (AIRM 16 and AIC 39) in Da Nang from December 4th to 6th 2013.
(Insurance & Life – Association of Vietnamese Insurers)
