Wednesday, September 20, 2017

Vietnam simplifies approval of life products

Life insurance companies in Vietnam will find it easier to get product approval after the country’s finance ministry and industry and trade ministry signed an agreement for a coordinated regulation concerning life insurance product approval, contract registration and transaction conditions.

The coordinated regulation means life insurers will only need to submit the product approval documents and contract registration with the Ministry of Finance without the need to ask the Ministry of Industry and Trade for approval, as before.

According to Tran Quock Khanh, deputy minister of industry and trade, the new regulation helps businesses reduce risks and about 20 days of waiting.

The agreement also marks the first time that the two ministries have coordinated regulations to reduce administrative procedures.

The new procedure is also part of the Vietnamese government’s efforts to support enterprises in the country.

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