Market overview
Global
- Member of International Association of Insurance Supervisors
(IAIS) ?
Yes, Vietnam became member of IAIS in 2007.
- Global regulators, bodies and legislation applicable to
country
A project "ComFrame" set up by the Internationally
Active Insurance Groups (IAIG related to IAIS), is planned to
establish regulatory framework with mandatory standards. For now,
it remains at the test phase but would become effective by 2019.
Vietnam, as a member of the IAIS will have to comply with its
regulations.
As a member of the WTO and WHO, Vietnam must also comply with
regulations of these organizations with respect to insurance. In
its bilateral / multilateral agreements such as Korea –
Vietnam FTA, EU- Vietnam FTA, Hong Kong – ASEAN FTA, ASEAN-
China FTA, ASEAN – Australia – New Zealand FTA,
commitments on insurance are also binding on Vietnam
