[Video] Amending the law on insurance business: building a safe and sustainable market development

Continuing the 10th Session, on the morning of November 3, the National Assembly listened to the Presentation and Report on the Draft Law on amending and supplementing a number of articles of the Law on Insurance Business, under the direction of Vice Chairman of the National Assembly Vu Hong Thanh.

Authorized by the Prime Minister, Minister of Finance Nguyen Van Thang presented the Proposal, stating that the draft Law aims to cut at least 30% of investment conditions, simplify administrative procedures, remove difficulties, ensure the consistency of the legal system and be consistent with international commitments.

The draft law amends and supplements 25 articles, focusing on reducing business conditions, simplifying licensing procedures, perfecting regulations on risk-based capital, and adding principles of safe and effective investment in insurance activities.

Presenting the Audit Report, Chairman of the Economic and Financial Committee Phan Van Mai emphasized the need to ensure strict control of system safety, balance between promoting market development and controlling risks, and at the same time proposed clarifying the legal basis of new regulations on controlling insurance enterprises and management personnel standards.

The Economic and Financial Committee recommends that the drafting agency absorb and complete the draft, creating a legal corridor for the insurance market to develop safely and sustainably.

LE CHI - NGUYEN THUY

Source: https://nhandan.vn/video-sua-luat-kinh-doanh-bao-hiem-xay-dung-thi-truong-phat-trien-an-toan-ben-vung-post920197.html