Equity capital must not be less than VND 1,000 billion to provide pension insurance
Circular No. 115/2013/TT-BTC dated August 20, 2013 of the Ministry of Finance on guiding pension insurance and voluntary pension fund.
Accordingly, when carrying out products of pension insurance, the insurers must meet the following conditions: Equity capital is not less than 1,000 (one thousand) billion VND; solvency margin is higher than the minimum solvency margin with a minimum difference of 300 (three hundred) billion VND; the set up of voluntary pension fund should follow regulations prescribed in section 2 Chapter II of this Circular (Minimum fund must not be less than VND 200 billion); there are 05 (five) officers minimally in charge of managing voluntary pension fund with at least 05 (five) experience years on managing insurance pension funds or policyholders’ funds; products of pension insurance have been approved by the Ministry of Finance…
Simultaneously, the insurer must be granted certificate by the Ministry of Finance when carrying out pension insurance; not violating rule on agent occupational ethic of the insurers during practicing as agent; having at least 06 (six) consecutive experience months of life-insurance agent operation or 06 (six) consecutive working months in finance, banking, insurance.
In this Circular, the Ministry of Finance also explains that pension insurance is a product of life insurance which is performed by insurers with the aim to provide an additional income to insured persons upon they passed the working age; on the basis of insurance premium payment of the insurance buyer, the insured person will begin receiving rights and benefits of pension insurance when reaching age as agreed in insurance contract, but not less than 55 (fifty five) years old for female and 60 (sixty) years old for male…This Circular takes effect from October 15, 2013.
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