New circular 65/2019/TT-BTC on insurance auxiliary training & examination
Law on business insurance
On September 16th, 2019, the Ministry of Finance, fulfilling their assigned tasks in Law No. 42/2019/QH14, issued Circular 65/2019/TT-BTC on Training content, Examination, Grant, and Recognition of Insurance Auxiliary Certificates (“Circular 65/2019/TT-BTC”).
The Circular includes two (02) main groups:
- regulations on training contents, exams, and certification of Insurance Auxiliary for domestic training institutions (except actuary certificates); and
- regulations on the accreditation of Insurance Auxiliary Certificates (“IAC”) issued by an overseas training institution.
Regarding the IAC for consulting, risk assessment, and claim assistance services, certificates are divided following types of insurances: life, non-life insurance, and health. On the other hand, survey and loss assessment certificates are divided into three types: non-life insurance, marine insurance, aviation insurance.
Individuals who plan to take the certification exam can choose to self-study or train at an authorized training institution (referring to those with insurance training function) before participating in the monthly exam conducted by the Insurance Research and Training Center (“Center”). Under the Center's decision on approving the IAC test results:
- The training institution shall grant certificates to passing examinees who are its trainees.
- The Center shall grant certificates to passing self-study examinees.
The Circular also regulate other cases in which the IAC shall be considered invalid and be revoked, including:
- ¬ Certificate holder failed or did not take the IAC exam organized by the Center under the provisions of this Circular;
- ¬ The certificate holder had forged and falsified personal information in the application.
- ¬ The certificate holder asked another person to take his/her examination.
- ¬ The secondary check result showed that the examinee failed the examination under prescribed provisions.
- ¬ The certificate holder allows other entities to use his or her IAC.
The Circular also regulates the requirements which shall be fulfilled to validate IACs issued by foreign training institutions, in particular:
- ¬ Obtaining an IAC:
- • The certificate is granted after the holder passed an examination administered by a foreign insurance authority or a competent regulatory agency; or
- • The certificate is granted by international insurance training institutions: The Australian and New Zealand Institute of Insurance and Finance (ANZIIF), Chartered Insurance Institute (CII), Insurance Institute of Canada (IIC), Institute of Risk Management (IRM), Risk Management Institute of Australia (RMIA), Chartered Institute of Loss Adjusters (CILA), the Australian Institute of Chartered Loss Adjusters (AICLA), Lloyd's Maritime Academy; or
- • The certificate is granted by a training institution of a country to which Vietnam agrees in mutual recognition of certificates.
- ¬ The training content of certificates of foreign training institutions shall correspond to each type of certificate proposed for recognition in Vietnam.
- ¬ The valid dossier shall be sent to the Agency for Insurance Supervisory and Management.
The Ministry of Finance also specifies the responsibilities of the relevant authorities, for instance, the Agency for Insurance Supervisory and Management shall issue the Regulation on Certificate Examination and building a question bank; the Center is responsible for organizing exams, approving results, issuing and revoking certificates, etc.
This Circular came into effect from November 1, 2019.