MoF issues insurance rules

In order to protect legal rights and interests of insurance participants, to promote insurance performance, to enhance efficiency of state management over insurance business, the Ministry of Finance on October 19 issued Circular 99/2004/TT-BTC instructing implementation of Decree 43/2001/ND-CP dated August 1, 2001 by the government defining financial regulations for insurance businesses and insurance brokerage businesses.
The circular includes 11 parts which specifically defines regulations on chartered capital of insurance businesses and insurance brokerage businesses, deposit amounts of insurance businesses, issuance risk provision, capital investment, liquidity of insurance businesses, revenue, cost of insurance businesses and insurance brokerage businesses, profit and profit distribution, regulations on report and information disclosure of insurance businesses.
This circular become effective from November 1, 2005, replacing Circular 72/2001/TT-BTC dated August 28, 2001 by the Ministry of Finance instructing implementation of Decree 43/2001/ND-CP.

 

Category: Legal