1. For the first time, Ministry of Finance organized a dialogue between Ministry of Finance, Association of Vietnamese Insurers, Life insurers, Non-life insurers and brokers at the 2013 Insurance Industry Review Conference on 28^th February 2014. Ministry of Finance continued to collect feedbacks and proposed solutions and assigned departments in the ministry to study.

2. Ministry of Finance organized Pilot agriculture insurance review meeting according to Decision 315/QĐ-TTg/2011 on June 27^th 2014. Ministry of Finance allowed Bao Viet, Bao Minh, VINARE to deploy the pilot agriculture insurance scheme. There were 304,016 households and 1 organization who participated in the scheme in which 233,6362 households are poor and 45,944 households are near-poor. Gross written premium was VND394 billion (crop insurance: VND91.9 billion, livestock insurance: 83.9 billion). Claim was VND701.8 billion (crop insurance: VND19 billion, aquaculture insurance: 669.5 billion, livestock insurance: VND13.3 billion).

   For pilot credit insurance, as at 31^st December 2013, there were 46 insurance contracts (23 local and export credit insurance contracts). Insured export turnover was USD605 million, total premium volume was VND17 billion, claim payment was VND13 billion (excluding claims incurred in 2014).

3. Ministry of Finance deployed aquaculture insurance products according to Decree 67/ND-CP. Bao Viet, Bao Minh, PJICO and PVI were selected to implement and VINARE was the reinsurer. Hull and fishing tool insurance get 90% subsidy from the State for vessel above 400 CV; 70% subsidy for vessel from 90 CV to 400 CV, fisherman on vessel get 100% premium subsidy from the State.

4. State regulatory framework focused on handling difficulties and ensured financial strength of insurance enterprises.

–  Ministry of Finance issued Circular giving guidance on accounting regime for life insurers.

–  Ministry of Finance and State Bank issued Joint Circular No 86 on distribution of life insurance products through banks and credit organizations.

–  Government issued Decree 91 to handle difficulties in terms of tax for insurance agents and employer who buy life insurance for employee.

–  Ministry of Finance has been revising Circular 124, Circular 125 with regulations on separating shareholders’ equity, owner of insurance contract and use of actuary in non-life insurance. Simplifying and reducing time for administration procedures, training of insurance agents.

5. Ministry of Finance issued license of operation for BIDV Met Life and branch of Seoul Guarantee Insurance Company (Non-life).

6. Insurers actively handled claims for clients affected by event on May 13^th -14^th in Dong Nai, Binh Duong and Ha Tinh and strictly followed directions of Ministry of Finance.

7. Non-life insurers set up principles, terms and premium tariff for motor vehicles for Ministry of Finance to approve at the end of 2014 since this business has been unprofitable for many years, affecting claim payment capability (Claim is estimated at VND2,000 billion).

8. Training seminar for compulsory fire insurance for Firefighting police and Dialogue between Insurers and Firefighting police in Hanoi and Hochiminh City, deploying Decree No 130/2006/ND-CP, Joint Circular No 214/2013/TTLT-BCA-BTC, enhancing compulsory fire insurance.

9. Insurance market continued to develop, insurance enterprises continued to restructure their organizations. In 2014, non-life premium volume is estimated at VND26,600 billion (increasing by 9%); life premium volume is estimated at VND130,000 billion (increasing by 17%).

10. 15^th Anniversary of establishment of Association of Vietnamese Insurers (24^th December 1999 – 24^th December 2014). AVI’s Term III is going to end, Term IV meeting will be held at the beginning of 2015.

(According to Association of Vietnamese Insurers)