Vietnam's draft law on insurance business
9 August 2021
The insurance industry in Vietnam has been developing rapidly in the last few years. More and more business and individuals have seen the benefits of insurance products in enhancing the protection over their property and quality of life.
Understanding the need to further develop the legal framework to keep up with the current growth of the insurance market, the Department of Insurance Supervisory Authority under the Ministry of Finance is in the process of collecting opinions with respect to the draft Law on Insurance Business.
Our Legal Update gives some insight about draft Law on Insurance Business, which is expected to replace Law No.24/2000/QH10 on insurance business issued by the National Assembly on 9 December 2000 as amended.