Vietnam: New Circular 67 on Insurance Business

12 Jan 2024    1 minute read
Circular No. 67 Insurance Business

In brief

On 2 November 2023, the Ministry of Finance of Vietnam (MOF) issued the New Circular No. 67/2023/TT-BTC ("Circular No. 67") detailing a number of provisions of the new Law on Insurance Business 20221 and new Decree No. 46.2

Contents

Circular No. 67 provides new guidelines in detail on insurance products and services via the internet, the requirement of audio recording insurance consultations, new caps on commissions, bonuses and incentives applicable to agencies, new requirement of having acknowledgement of policyholders in illustration materials, and for the sale of investment-linked products.

Circular No. 67 took effect from its signing date of 2 November 2023, except for: (i) certain provisions on functions of actuaries, reinsurance, technical reserves, separation of owner's funds and premiums, commissions and bonus and incentives for agencies, and commissions for brokers, which took effect earlier from 1 January 2023; and (ii) provisions on insurance illustration materials (Articles 29.2 and 29.3), which will take effect only from 1 July 2024.

Circular No. 67 replaces the previous Circular No. 50,3 previous Circular No. 135/2012/TT-BTC on unit-linked insurance products, previous Circular No. 115/2013/TT-BTC on pension insurance and voluntary pension funds; and previous Circular No. 52/2016/TT-BTC on universal life insurance products.

Click here to read the full alert.

1 Law No. 08/2022/QH15 passed by the National Assembly on 16 June 2022 on Insurance Business ("Law on Insurance Business 2022").

2 Decree No. 46/2023/ND-CP issued by the government on 1 July 2023 detailing the Law on Insurance Business 2022 ("Decree No. 46").

3 Previous Circular No. 50/2017/TT-BTC issued by the Ministry of Finance on 15 May 2017 detailing previous Decree No. 73/2016/ND-CP (as amended from time to time) that has detailed for implementation of the previous law on insurance business ("Circular No. 50").

Contact Information
Thanh Hai Nguyen
Special Counsel at BakerMcKenzie
Hanoi
Read my Bio
thanhhai.nguyen@bakermckenzie.com
Viet Trung Nguyen
Associate
Hanoi
Read my Bio
viettrung.nguyen@bakermckenzie.com

Copyright © 2025 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.