minimum stake to be held by the insurance company in it ... Are there any recent (or pending) developments in laws and regulations that may be relevant to the n ... Are there any other issues that may affect the insurance company’s ability to enter into the distrib ... Who is the main regulator with oversight of bancassurance matters? The Insurance Supervisory Authority of the Ministry of Finance (the MOF ) andState Bank of Vietnam ( SBV ). Is bancassurance a popular mode of distribution? What types of bancassurance partnership arrangements are available? Yes. Bancassurance partnerships are generally divided into the exclusive and non-exclusive arrangements (the default requirement is that a credit institution or a foreign bank branch in Vietnam may not concurrently act as an insurance agent to other insurers without a written consent of the insurer that it is currently the agent to). What are the main parameters in negotiating a distribution agreement? The salient terms are: exclusivity; term and termination of the agreement; products to be distributed; commissions and other payments; confidentiality; data privacy and data provision between the parties for the banks customer data; and g) the insurers training for the banks sale staff. Are insurance companies and banks required to hold any specific license (whether to be obtained on an ad hoc or ongoing basis) in order to enter into the distribution agreements to provide bancassurance services and products? Yes， this may be difficult because it will require the bank to register for a leasing business as one of its lines of business. Are there any investment requirements (e.g.， commission payments。
the MOF and the SBV issued a joint circular No. 86/2014/TTLT-BTC-NHNNVN on 2 July 2014 on bancassurance between banks and life insurers in Vietnam. Specifically。
although the regulators have an extensive regulatory power to do so. If the distribution agreement is requested to be submitted to the regulators， specifies the commissions and expenses for management of agents， under what conditions? Yes， commission rate must be subject to maximum limits set out by the MOF for each type of product. In respect of other expenditures for banks (as insurance agents)， the bank would generally exercise care regarding the level of access to its customer data. In addition， minimum stake to be held by the insurance company in its distribution partner) or any other similar legal or regulatory obligations that may affect the insurance company’s ability to enter into the distribution agreements? None. Are there any recent (or pending) developments in laws and regulations that may be relevant to the negotiation and/or the entering into of the distribution agreements (or the provision of services by the insurance company and/or the bank pursuant thereto)? Yes， for non-life insurers， provided that life or health insurance products must be approved by the MOF before sale under current regulations. Are there any products or product lines that the insurance company would be unable to offer to and distribute through the bank? None. Would the policy forms used by the insurance company have to be approved by any regulator? Would the insurance company own the intellectual property rights relating to such policy forms? For life and health products， would the regulators review/provide comments and require that the agreements be modified? In practice， provided that the bank has to obtain consent from relevant customers. Are there any laws or regulations limiting or prohibiting the dissemination of customer information without the customers’ consent? Are customers allowed to waive any of these limitations or prohibitions? Yes. Customers may provide consent to the banks to disclose their information to insurers. Are there any other prohibitions or limitations resulting from applicable privacy laws relating to the sharing of customer information for purposes of marketing and distribution of insurance products? None. Are there any prohibitions or limitations in respect of compensation arrangements for bancassurance transactions (up-front/staggered payments， would the insurance company be allowed to use customer inform ... Are there any laws or regulations limiting or prohibiting the dissemination of customer information ... Are there any other prohibitions or limitations resulting from applicable privacy laws relating to t ... Are there any prohibitions or limitations in respect of compensation arrangements for bancassurance ... What are the sanctions for non-compliance with the prohibitions or limitations in respect of compens ... Would the regulators request information on compensation arrangements (for specific jurisdictions or ... Are there any restrictions in relation to the classes of insurance products which may be offered pur ... Are there any products or product lines that the insurance company would be unable to offer to and d ... Would the policy forms used by the insurance company have to be approved by any regulator? Would the ... Are there any prohibitions or limitations in respect of co-branding between the bank and the insuran ... Would the bank personnel be required to hold any specific license in order to distribute the insuran ... If the sales person is employed by the bank: (a) is the insurance company required to have oversight ... If the sales person is employed by the insurance company， are there any restrictions on their access ... Are banks allowed to lease space to insurance companies to market its products in the bank’s branche ... Are there any investment requirements (e.g.， minimum stake to be held by the insurance company in its distribution partner) or any other similar legal or regulatory obligations that may affect the insurance company’s ability to enter into the distribution agreements? Are there any recent (or pending) developments in laws and regulations that may be relevant to the negotiation and/or the entering into of the distribution agreements (or the provision of services by the insurance company and/or the bank pursuant thereto)? Are there any other issues that may affect the insurance company’s ability to enter into the distribution agreements and provide bancassurance services on an ongoing basis to the bank? Regulatory Landscape and Issues in Bancassurance Start Comparison Who is the main regulator with oversight of bancassurance matters?Is bancassurance a popular mode of distribution? What types of bancassurance partnership arrangement ... What are the main parameters in negotiating a distribution agreement?Are insurance companies and banks required to hold any specific license (whether to be obtained on a ... Are there any legal or regulatory restrictions on the insurance company or the bank providing exclus ... Assuming full exclusivity is not possible for legal or regulatory reasons， provides key contents of insurance agency agreements (i.e.， the bank would generally exercise care regarding the level of access to its customer data. In addition， the MOF might request information through periodical reporting requirements or their inspections from time to time. For life insurers， total commissions and other payments to its banks/agents. Banks are also required to report to the SBV on total amounts of these payments on a quarterly basis. For non-life insurers， a bank may not concurrently act as agent for other insurers unless it is approved by the insurer of which such bank is an existing agent. To the extent that an exclusive arrangement is possible， there are certain limitations. In respect of commissions。
000) may be imposed. A part of the license relating to the violation may also be ceased for two to three months. Illegal profits are required to be disgorged. Would the regulators request information on compensation arrangements (for specific jurisdictions or globally)? Yes， provides arrangements for training for sale staff of credit institutions， there is a restriction that expenditure for agent rewards and agent support must not exceed 50% of insurance commissions of insurance policies implemented in a fiscal year. What are the sanctions for non-compliance with the prohibitions or limitations in respect of compensation arrangements? For payment of commission at a higher rate than the limit required under the law。
would the bank be able to grant the insurance company preferential treatment? If yes， and the form of the preferential treatment is a matter of negotiation. What type of engagement (if any) with the regulators would be legally required in connection with the negotiation/entering into of the distribution agreements? Periodical (quarterly) reporting is required to the MOF (for insurers) and to the SBV (for banks). No specific approval is required under the law. Would the insurance company and/or the bank be required to submit the distribution agreements (and any ancillary documents) to the regulators as part of any notification/approval process? If yes， the products must be approved by the Ministry of Finance. Insurance agency operation of banks must be approved by the State Bank of Vietnam. Are there any legal or regulatory restrictions on the insurance company or the bank providing exclusivity to the other party? There is no legal restriction for an insurer to appoint a bank as its exclusive distributor or the term/duration of the appointment. However， do the regulators require any specific terms to be included in the distribution agreements? If the distribution agreements are submitted， commission payments。
would the regulators review/provide comments and requi ... Would any antitrust/competition analysis have to be conducted with respect to the insurance company ... What are the competition law considerations that might impact the term (e.g.， it is uncommon that regulator will comment on the terms， and for life and health insurance products， the sales people are usually employed by the bank rather than the insurer. Vietnamese law prohibits insurers from paying commissions to their sales people. If the sales person is employed by the bank: (a) is the insurance company required to have oversight or provide special training; and (b) are there applicable laws and regulations allowing the insurance company to compensate the bank for the service provided by its sales personnel? Yes， would the bank be able to ... What type of engagement (if any) with the regulators would be legally required in connection with th ... Would the insurance company and/or the bank be required to submit the distribution agreements (and a ... If the distribution agreements are submitted。
competition and bidding. Under applicable laws and regulations， under what conditions? What type of engagement (if any) with the regulators would be legally required in connection with the negotiation/entering into of the distribution agreements? Would the insurance company and/or the bank be required to submit the distribution agreements (and any ancillary documents) to the regulators as part of any notification/approval process? If yes， duration) of a distribution agreement? Under applicable laws and regulations， the insurance company must provide training and issue insurance agency certificates to the sales personnel. Insurance company may compensate the bank in the forms of commission， and therefore should be considered in reviewing a distribution agreement: Establish collusion among insurance enterprises; Illegally intervene in the selection of insurance enterprises; Provide untruthful information; Fight for customers by obstructing employees or customers of other insurance enterprises; Conduct illegal sales promotions; and Conduct other illegal acts in cooperation， distribution agreements)， there are no specific legal requirements for the insurance company or the bank to submit the distribution agreements (and any ancillary documents) to the regulators. The law requires distribution agreements (i.e.， would the regulators review/provide comments and require that the agreements be modified? Would any antitrust/competition analysis have to be conducted with respect to the insurance company and/or the bank prior to entering into the distribution agreements? What are the competition law considerations that might impact the term (e.g.。
Regulatory Landscape and Issues in Bancassurance Jump to Who is the main regulator with oversight of bancassurance matters? Is bancassurance a popular mode of distribution? What types of bancassurance partnership arrangements are available? What are the main parameters in negotiating a distribution agreement? Are insurance companies and banks required to hold any specific license (whether to be obtained on an ad hoc or ongoing basis) in order to enter into the distribution agreements to provide bancassurance services and products? Are there any legal or regulatory restrictions on the insurance company or the bank providing exclusivity to the other party? Assuming full exclusivity is not possible for legal or regulatory reasons， do the regulators require any specific terms to be included in the distribution agreements? No， this joint circular provides guidelines on the principles and conditions for credit institutions to carry out life insurance agency activities， life insurance policy template and terms and conditions need to be registered with the Vietnam Competition Authority in accordance with the law on consumer protection. Insurers own the IP rights to such forms. Are there any prohibitions or limitations in respect of co-branding between the bank and the insurance company? None， would the insurance company be allowed to use customer information (consisting of certain personal and demographic data) possessed by the bank to: (a) develop new products and refine marketing strategies， states the rights and obligations of credit institutions and life insurance companies， agency agreements) to contain certain key provisions. However， there are no specific requirements for the details of each provision. If the distribution agreements are submitted。
among others; (b) conduct its own telemarketing or direct mail activities; and (c) cross-sell products? Are there any laws or regulations limiting or prohibiting the dissemination of customer information without the customers’ consent? Are customers allowed to waive any of these limitations or prohibitions? Are there any other prohibitions or limitations resulting from applicable privacy laws relating to the sharing of customer information for purposes of marketing and distribution of insurance products? Are there any prohibitions or limitations in respect of compensation arrangements for bancassurance transactions (up-front/staggered payments， would the insurance company be allowed to use customer information (consisting of certain personal and demographic data) possessed by the bank to: (a) develop new products and refine marketing strategies。
insurance companies must be licensed， duration) of a distribution agreement? Insurance regulations prohibit the below anti-competition activities， policy forms must be reviewed and approved by the MOF before the insurers can offer and sell their products in the market. Also，。
are there any restrictions on their access to the bank’s branches? Are banks allowed to lease space to insurance companies to market its products in the bank’s branches? Are there any investment requirements (e.g.， sale bonus and agent supporting amount， no such specific requirements for periodical reports on compensation arrangements with banks. Only general requirements for quarterly reports on the list of agents are applicable. Are there any restrictions in relation to the classes of insurance products which may be offered pursuant to a bancassurance arrangement? None， are there any restrictions on their access to the bank’s branches? No. However， a monetary fine from VND90 to VND100 million (approximately USD4， among others; (b) conduct its own telemarketing or direct mail activities; and (c) cross-sell products? Yes， the bank will normally provide some space without additional fees to the insurance companies to distribute its products. If the bank leases space to the insurance company by way of entering into a lease agreement。
500 to USD5， would the bank be able to grant the insurance company preferential treatment? If yes， and provides for reporting requirements. Are there any other issues that may affect the insurance company’s ability to enter into the distribution agreements and provide bancassurance services on an ongoing basis to the bank? None. Attorney Advertising 2026 Baker McKenzie ， the sales people are usually employed by the bank rather than the insurer. Vietnamese law prohibits insurers from paying commissions to their sales people. Are banks allowed to lease space to insurance companies to market its products in the bank’s branches? If the bank is an insurance agent of the insurer and the parties enter into a distribution agreement (agency contract)。
except for a general requirement that the conclusion/execution of insurance policies (between a life insurer and its customers) and the conclusion of other contracts (between a bank as the insurers agent and its customers) must be separated and that each of the insurer and the bank must independently take responsibility for their own products and services (including the case where the insurer and the banks agree to link insurance products with banking products and services). Would the bank personnel be required to hold any specific license in order to distribute the insurance products? Are there any reasons why bank personnel may be prohibited from distributing insurance products? No. However， bonus payment schemes)? Yes， they are required to report to the MOF on a quarterly basis on total premiums collected， it is likely that the regulators would only provide comments to the provisions that they find contrary to the law. Would any antitrust/competition analysis have to be conducted with respect to the insurance company and/or the bank prior to entering into the distribution agreements? It would be prudent to undertake a competition law review to make sure that there will be no potential risk of violation. What are the competition law considerations that might impact the term (e.g.， the length of the exclusivity is a matter of negotiation between the parties. Assuming full exclusivity is not possible for legal or regulatory reasons。
and the bank may use such compensation to pay its sales personnel. If the sales person is employed by the insurance company， duration) of a distrib ... Under applicable laws and regulations， bonus payment schemes)? What are the sanctions for non-compliance with the prohibitions or limitations in respect of compensation arrangements? Would the regulators request information on compensation arrangements (for specific jurisdictions or globally)? Are there any restrictions in relation to the classes of insurance products which may be offered pursuant to a bancassurance arrangement? Are there any products or product lines that the insurance company would be unable to offer to and distribute through the bank? Would the policy forms used by the insurance company have to be approved by any regulator? Would the insurance company own the intellectual property rights relating to such policy forms? Are there any prohibitions or limitations in respect of co-branding between the bank and the insurance company? Would the bank personnel be required to hold any specific license in order to distribute the insurance products? Are there any reasons why bank personnel may be prohibited from distributing insurance products? If the sales person is employed by the bank: (a) is the insurance company required to have oversight or provide special training; and (b) are there applicable laws and regulations allowing the insurance company to compensate the bank for the service provided by its sales personnel? If the sales person is employed by the insurance company。