Expected to cut more than 31% of insurance business conditions

VTV.vn - The draft Law amending the Law on Insurance Business is expected to cut more than 31% of business conditions, aiming to remove barriers, promote investment and develop the insurance market.

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More than 31% of business conditions in the insurance sector are expected to be cut according to the draft Law amending and supplementing a number of articles of the Law on Insurance Business, which was recently submitted to the National Assembly Standing Committee on the morning of October 13, aiming to remove barriers, promote the investment environment and create momentum for the development of the insurance market.

According to the Ministry of Finance , the draft abolishes four contents including: Requiring confirmation from foreign management agencies that the enterprise does not seriously violate regulations; Removing some conditions before officially operating; removing general standards for managers and controllers; Reducing operating conditions for insurance agents, licensing the establishment and operation of brokerage enterprises and providing insurance auxiliary services.

Regarding administrative procedures, the draft reduces and simplifies two articles, including: Replacing registration with the form of notification of the principle of separating equity capital and insurance premium sources for non-life insurance and reinsurance enterprises; at the same time, eliminating the procedure for approving methods and bases for calculating motor vehicle insurance premiums.

Source: https://vtv.vn/du-kien-cat-giam-hon-31-dieu-kien-kinh-doanh-bao-hiem-100251014055533206.htm