Press Release on issuance of Circular No.37/2019/TT-NHNN
Hanoi, December 31, 2019 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 37/2019/TT-NHNN providing guidance for the operations as insurance agents of the credit institutions for insurance businesses.
The new Circular is composed of three (3) Chapters and 11 Articles, specifically as follows:
- Chapter I: General provisions, composed of 3 Articles (Article 1 to Article 3), regulating the scope, the subjects of application; the principles of operations as insurance agents of the credit institutions.
- Chapter II: Specific provisions, composed of 5 Articles (Article 4 to Article 8), stipulating the specific operations as insurance agents of the credit institutions; the contracts to work as insurance agents; the rights and obligations of the credit institutions; the dissemination and verification of information, and the reporting requirements.
- Chapter III: Implementation, composed of 3 Articles (Article 8 to Article 11), stipulating the responsibilities of the Banking Supervision Agency, the SBV municipal and provincial branches; the implementation and effectiveness.
The new Circular takes effect from March 2, 2020.
Translated by Le Hang