Amendment of the insurance code

The Vietnamese Ministry of Finance has announced its intention to review the insurance code. The new version will introduce a specific legislative framework for microinsurance.

The laws on agricultural insurance and pension insurance will be updated. These measures are designed to encourage diversification of insurance products and distribution networks.

The promotion of international cooperation between insurers and the tighter management rules are also on the agenda. The changes are also aimed at creating a positive impact on insurers’ turnover.
During the 2011/2014 period, the Vietnamese insurance market reported an average annual premium increase of 14.5%.

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