The National Assembly passed the Law amending and supplementing a number of articles of the Law on Insurance Business.

On the afternoon of December 10th, under the chairmanship of National Assembly Chairman Tran Thanh Man and the direction of National Assembly Vice Chairman Vu Hong Thanh, the National Assembly voted to approve the Law amending and supplementing a number of articles of the Law on Insurance Business with 432 out of 434 National Assembly deputies present voting in favor, reaching 99.53%.

Vice Chairman of the National Assembly Vu Hong Thanh chaired the meeting. Photo: Pham Thang

The supplementary law stipulates that organizations and individuals have the right to participate in contributing capital to establish, manage, and control insurance companies, reinsurance companies, insurance brokerage companies, mutual organizations providing microinsurance, and foreign branches in Vietnam, except in cases where organizations and individuals do not have the right to establish and manage businesses in Vietnam according to the provisions of the Enterprise Law.

The National Assembly voted to pass the Law amending and supplementing a number of articles of the Law on Insurance Business with 432 out of 434 attending deputies voting in favor. Photo: Quang Khánh

The amended and supplemented Law stipulates that points b and c, clause 3, Article 63 are as follows: non-life insurance companies and branches of foreign non-life insurance companies that conduct business in health insurance products with a term of one year or less and term life insurance products with a term of one year or less; and health insurance companies that conduct business in term life insurance products with a term of one year or less.

The National Assembly voted to pass the Law amending and supplementing a number of articles of the Law on Insurance Business with 432 out of 434 attending deputies voting in favor, reaching 99.53%. Photo: Quang Khánh

The law comes into force from January 1, 2026.

Source: https://daibieunhandan.vn/quoc-hoi-thong-qua-luat-sua-doi-bo-sung-mot-so-dieu-cua-luat-kinh-doanh-bao-hiem-10399982.html