The National Assembly of Vietnam has passed the new Insurance Business Law ("New Law") on 16 June 2022 at the meeting of the National Assembly. The New Law has provided significant changes to the Current Law1 and will have a major impact on the development of Vietnam's insurance market.
The New law will come into effect from 1 January 2023, except for certain provisions on risk-based capital and intervention measures that will take effect from 1 January 2028.
The New Law has provided various significant changes, with the following highlights:
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1 Law No. Law No. 24/2000/QH10 on Insurance Business passed by the National Assembly on 9 December 2000, as amended and supplemented by Law No. 61/2010/QH12 on amendment and supplement of a number of articles of the Law on Insurance Business passed by the National Assembly on 24 November 2010 and Law No. 42/2019/QH14 on amending and supplementing a number of articles of the Law on Insurance Business and the Law on Intellectual Property ("Current Law").
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