Conditions for establishing an insurance company

1. What is an insurance company?

🔰 An insurance company is a financial institution that provides various types of insurance to protect individuals and businesses against the risks of financial loss by collecting a certain premium.

🔰 Insurance companies work by pooling the risks of many policyholders. Using data collected in the past, an insurer can calculate the probability of a certain event, such as the probability of a house fire in a certain area, and calculate the damage caused by each event. Based on this information, the insurance professional estimates the required premium and collects the premium to meet the claim and ensure a reasonable profit.

🔰 Insurance companies are divided into 2 groups:

✔ Life insurance company, selling life insurance products, annuities, and pension products.

✔ Non-life or property/casualty insurers, selling other types of insurance.

2. Conditions for establishing an insurance company:

🔗  The amount of contributed charter capital is not lower than the legal capital, specifically as follows:

🔗  Have dossiers of application for establishment and operation licenses as prescribed by law.

🔗  Having the type of enterprise and its charter in accordance with the provisions of law.

🔗  The expected administrator and operator of an insurance enterprise or foreign branch must fully satisfy the conditions prescribed by law.

🔗  Organizations and individuals that contribute capital to establish an insurance enterprise must have sufficient financial capacity and evidence to prove the lawful financial source when contributing capital to establish the enterprise.

🔗  Not falling into the subjects banned under the provisions of Clause 2, Article 18 of the Enterprise Law 2014.

3. Procedures for establishing an insurance company

👉 Step 1: Advise business people on the regulations on setting up a company

👉 Step 2: Prepare documents and give them to business people to sign.

👉 Step 3: TASCO will submit the application on your behalf and receive the results.

👉 Step 4: Hand over the registration certificate to entrepreneurs.

👉 Step 5: Post-establishment consultation.

➤ Dossier to establish an insurance company includes:

➥ Company rules;

➥ An application for establishment registration;

➥ List of founding shareholders or capital contributors (depending on the type);

➥ Copies of documents:

● Notarized copy of ID card/CCCD/passport of shareholders/members.

● A copy of the company's establishment decision, business registration certificate, or another equivalent document of the organization.

● Notarized copy of ID card/CCCD/passport of the organization's legal representative.

➥ Other necessary documents (if any);

⇒ Register here for TASCO's earliest advice or contact hotline: 0975480868 (Zalo)

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