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Comments on the Draft Law on Insurance Business (amended)

On April 28 and 29, 2021, in co-operation with the Civil-Economic Legislation Department (Ministry of Justice), the Insurance Supervisory and Authority (Ministry of Finance) organized the Workshop for Discussion and Consultation on the amendments and supplements to the Law on Insurance Business (amended). Mr. Nguyen Hung Quang, representing NHQuang&Associates, was invited to the Workshop for commenting some institutions of the Draft Law on Insurance Business (amended) (Draft 2.4 dated April 15, 2021).

Comments from Mr. Quang and associates focused on the institution of insurance contracts to ensure their feasibility on the basis of harmonization between civil law and the practice of insurance activities but still ensuring consistency in application of laws, providing contract interpretation for unclear terms, etc. As recommended by NHQuang’s lawyers, for the issues addressed by the Civil Code, which have been clearly specified and which are easy to apply in practice for insurance activities, the provisions of the Civil Code should be applied instead of making any copy or changes, which may lead to conflicts and overlaps between the Civil Code and the Law on Insurance Business.

In addition, lawyers from NHQuang also suggested that the Editorial Team of the Draft pays attention to mapping out activities in developing institutions related to time, organization of operation, dissolution and bankruptcy of insurance enterprises so as to identify the irrelevances in each institution.

Find the Comments on the Draft Law on Insurance Business (amended) here: https://vnlawfind.com.vn/y-kien-gop-y-du-thao-luat-kinh-doanh-bao-hiem-sua-doi/

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