Two ministries sign regulation to support life insurance enterprises

Monday, Apr 03, 2017 16:51

The signing ceremony between the two ministries. - Photo

The Ministry of Finance and Ministry of Industry and Trade signed on Friday a co-ordination regulation concerning life insurance product approval, contract registration and transaction conditions.

With this regulation, life insurance companies will only need to submit the product approval documents and contract registration with the Ministry of Finance, while not having to ask Ministry of Industry and Trade for approval as before.

“This helps businesses to reduce risks and about 20 days of waiting," said Tran Quoc Khanh, deputy minister of industry and trade. This also marks the first time the two ministries have co-ordinated regulations to reduce administrative procedures and support enterprises. — VNS

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