Thông tư 52/2016/TT-BTC hướng dẫn triển khai sản phẩm bảo hiểm liên kết chung 2016 mới nhất

MINISTRY OF
FINANCE
——-

SOCIALIST REPUBLIC
OF VIETNAM
Independence – Freedom – Happiness
—————

No.:
52/2016/TT-BTC

Hanoi, 21 March 2016

CIRCULAR

GUIDING
THE IMPLEMENTATION OF UNIVERSAL LIFE INSURANCE PRODUCTS

Pursuant to the Law on insurance business No. 24/2000/QH10 dated 9/12/2000;

Pursuant to the Law amending and adding some
Articles of Law on insurance business No. 61/2010/QH12 dated
24/11/2010;

Pursuant to the Decree No.
45/2007/ND-CP dated 27/3/2007 of the
Government detailing the implementation of some Articles of the Law on
insurance business;

Pursuant to the Decree No.
215/2013/ND-CP dated 23/12/2013 of the
Government defining the functions, duties, power and organizational structure
of the Ministry of Finance;

Considering the recommendations of the Director
of Insurance supervisory
authority Department,

The Minister of Finance issues the Circular
guiding the implementation of universal life insurance products.

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GENERAL PROVISIONS

Article 1. Scope of regulation
and subjects of application

1. This Circular guides the
implementation of universal life insurance products in the
operation of investment-linked insurance.

2. This Circular applies to
the life insurers (hereafter referred to as insurers), insurance agents,
insurance buyers and other organizations and individuals pertaining to the
implementation of universal life insurance products in the
territory of the Socialist Republic of Vietnam.

Article 2. Features of
universal life insurance products

1. The structure of insurance
premium and benefits are split between the risk insurance and the investment.
The insurance buyers are flexible in determining the premium and the amount of
insurance as agreed in the insurance contract.

2. The insurance buyers are
entitled to all investment result from the universal life fund of insurers but
not lower than the minimum investment rate of which the insurers make their
commitments in the insurance contract.

3. The insurers can be
entitled to the premiums paid by the insurance buyers as agreed in insurance
contract.

Article 3. Universal life fund

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Article 4. Conditions for
insurers to implement the universal life insurance products

When implementing the universal life insurance
products, the insurers must meet the following conditions:

1. The solvency of insurers is
larger than the minimum solvency of 100 billion dong.

2. Have suitable information
technology system for prudent and effective management and control of universal
life fund.

3. The universal life insurance
products have been approved by the Ministry of Finance in accordance with the
provisions in Article 20 of this Circular.

Chapter II

SPECIFIC PROVISIONS

Section 1. PRODUCT DESIGN

Article 5. Benefits of
universal life insurance

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2. Benefits of risk insurance:

a) The insurers and the
insurance buyers shall make agreement on benefits of risk insurance but must ensure
the minimum amount of insurance is not lower than 5 times of the periodical
premium of the first year for the insurance contract with periodic payment of
premium or not lower than 125% of premium for insurance contract with one-time
payment of premium.

b) The provisions on minimum
benefits in case of death do not apply to the additional premiums specified in
Article 7 of this Circular.

c) The insurers can provide
the insurance products complementary to the universal life insurance products.
The mode of payment of premium to the complementary insurance products shall be
agreed by the parties when signing contract.

3. Investment benefits: The
insurance buyer shall receive the benefits from the investment result of
universal life fund with the minimum investment rate specified in the insurance
contract.

4. The insurer and the
insurance buyer can agree upon on the contents and mode of payment of insurance
benefits upon occurrence of insurance event in accordance with the provisions
in Clause 2 and 3 of this Article.

Article 6. Fees

1. The insurers are only
allowed to calculate the following fees:

a) The initial fee is all
amounts which the insurers are allowed to deduct before the premium is
allocated to the universal life fund.

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c) The fee of insurance
contract management is the fee used to cover the expenses pertaining to the
maintenance of insurance contract and provide information pertaining to the
insurance contract for the insurance buyer.

d) The fee of fund management
is used to pay the investment activities and manage the universal life fund. In
any case, the investment rate paid to insurance buyer is not lower than the
minimum investment rate as committed in the insurance contract.

dd) The fee of insurance contract cancellation is
the fee calculated for the customers upon cancellation of contract before the
maturity date to cover all relevant rational expenses.

e) Other fees (if any) must be
approved in writing by the Ministry of Finance.

2. The insurers must calculate
accurately, fairly and rationally the above fees to ensure the compliance with
the technical base of the products approved by the Ministry of Finance and
notify the insurance buyer upon contract signing.

3. The universal life
insurance contract must specify the above fees including the maximum levels to
be applied to the insurance buyer. The insurers must clearly and completely
publicize all fees and the maximum level applied to the insurance buyer in the
product introduction documentation and sale illustration documentation.

4. During the implementation
of contract and within the maximum limit specified in the insurance contract,
the insurers may change the percentage of applicable fees after informing and
making agreement in writing with the insurance buyer at least three (03) months
before the official time of change.

Article 7. Additional premium

1. In addition to the premium
agreed upon in the insurance contract, the insurance buyer can make payment of
additional premium to participate in the universal life fund.

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3. In each contract year, the
total additional premium must not exceed five (05) years of the premium of the
first year for periodical premium payment contract.

Article 8. Surrender value

The surrender value of a universal life insurance
contract is determined as the value of such contract in the universal life fund
on the date of cancellation of insurance contract minus the fee of cancellation
of insurance contract.

Article 9. Establishment and
management of universal life fund

1. The insurer shall establish
a universal life fund for all its universal life fund contracts. The universal
life fund must be separated from the owner’s fund and other insurer’s
policyholder funds.

2. Within 60 days after the
first universal life insurance contract is signed, the insurer must guarantee
the total value of universal life fund must not be always lower than 50 billion
dong.

3. Where the premiums
allocated to the universal life fund do not meet the provisions specified in
Clause 2 of this Article, the insurer shall use a part of owner’s fund to form
the initial property of the universal life fund and enjoy the result of
investment in proportion to the amount contributed to the establishment of
universal life fund. The insurer can be refunded a part or the whole of
contributed amount if such refunding meets the provisions specified in Clause 2
of this Article.

4. The universal life fund is
managed and used for investment in line with the financial regime applicable to
the insurers.

5. The premium and the
additional premium after their initial premiums are deducted must be invested
in line with the objectives of the universal life fund within 60 days after the
insurer receives the premiums.

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Article 10. Information on
universal life insurance

1. The insurers must make
accurate, complete and timely disclosure to the insurance buyer of information
pertaining to the signed universal life insurance contract. The information
provided for the insurance buyer must be in line with the universal life insurance
products approved by the Ministry of Finance.

2. The insurance buyer has the
right to require the insurer to provide all information and explain the terms
and conditions to be aware of the relevant risks when signing universal life
insurance contract.

3. The insurer shall publicize
on its website the following documents:

a) Regulations and terms of
insurance products approved by the Ministry of Finance;

b) Product introduction
documentation;

c) Sale illustration
documentation of typical cases;

d) Tình hình hoạt động của quỹ liên kết
chung.

Operation reality of universal life fund.

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These documents are developed and used by the
insurers and must be in accordance with the regulations of law and the following
provisions:

1. The information in the
product introduction documentation must be accurate, objective, and truthful
and must be in line with the universal life insurance products approved by the
Ministry of Finance.

2. In addition to the general
provisions in the life insurance, the documentation introducing the universal
life insurance products must have the following minimum information:

a) The investment policies,
objectives and structure of property investment structure of universal life
fund;

b) The maximum percentage and
the rate of fee of risk insurance, fee of insurance contract management, fee of
fund management, fee of cancellation of insurance contract and other fees.

c) The minimum investment
interest committed to the insurance buyer for the premium allocated to invest
in the universal life fund;

d) Basically and periodically
determining the benefits of insurance contract from the universal life fund.

dd) Providing clear information to the insurance
buyer that the signing of universal life insurance contract is a long-term
commitment and the insurance buyer should not cancel the insurance contract
because the fees which the insurance buyers must pay can be very high in the
initial period of the contract.

Article 12. Sale illustration
documentation

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1. The sale illustration
documentation of the universal life insurance products must be provided for the
customers before signing the insurance contract and must have minimum
information according to the Appendix I issued with this Circular.

2. The insurer must clearly
explain to the insurance buyer about the benefits they can receive when signing
insurance contract, including the benefits of risk insurance and the benefits
received from the universal life fund.

3. The fees and maximum limits
the insurance buyer must pay must be clearly indicated on the basis of
separation between the premium for the benefits of risk insurance and other
fees.

4. Where the universal life
insurance contract has the complementary insurance benefits, the insurer must
clearly explain in the sale illustration documentation and such complementary
benefits and their effect on the insurance buyer.

5. The sale illustration
documentation must be presented clearly and easy to understand.

Article 13. Insurance contract

The universal life insurance contract must be in
line with the regulations of law and must have the following information:

1. The investment policies,
objectives and structure of property investment of universal life fund.

2. The percentage, specific
amount and maximum rate of fees pertaining to the universal life insurance
contract are calculated for customers;

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4. The ways to determine the
benefits of investment from the universal life fund;

5. The choices for the
insurance buyer to change the risk benefits, percentage of premium allocated to
the universal life fund and extension period of premium payment.

Article 14. Notification to
the insurance buyer of contract status

Within 90 days from the end of financial year or
contractual year, the insurer must give a written notice to the insurance buyer
of the following contents:

1. The status of insurance
contract includes the following information:

a) The benefits of risk
insurance;

b) The redemption value at the
beginning of reporting year;

c) The redemption value at the
end of reporting year;

d) The fees incurred in detail
in the year by the fee of risk insurance and other fees;

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e) The investment result and
investment rate from the fee of investment insurance in the universal life
fund.

2. The operational result of
universal life fund has the following contents:

a) The brief information on
financial situation of universal life fund according to the Appendix II issued
with this Circular.

b) The reality of operation of
universal life fund in the last five (05) years or the actual existence time of
the fund if the operational time of fund is less than five (05) years;

c) The details about
investment benefits which were divided and shall be given to the insurance
buyer in the reporting year.

d) The certification of
independent audit company on the above information.

Section 3. SOLVENCY AND
OPERATIONAL RESERVE

Article 15. Solvency

1. The insurers must always
maintain their solvency in accordance with regulations of law.

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3. The solvency margin of the
insurers must be higher than the minimum solvency margin by 100 billion dong.

Article 16. Operational
reserve

1. The insurers must make
their operational reserve as follows:

a) Reserve for insurance risk:
is the amount larger than the provision calculated by the unearned cost method
or the provision calculated by the cash flow method to meet all expenses in the
future during the term of contract.

In which, the reserve calculated by the unearned
cost method is by 100% of earned fee of risk insurance of universal life
insurance contract.

b) Reserve for compensation is
appropriated by the method of documentation with the provision calculated on
the basis of statistics of amount of insurance to be paid for each dossier of
compensation requirement from the insurer but unsettled by the end of financial
year.

c) Reserve for the universal
life part is done by the following method:

– The redemption value of
universal life insurance contract, or:

– The value of account of
universal life insurance contract.

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The insurers must not change the method and grounds
of reserve in the financial year. In case of change of method and grounds of
reserve in the following financial year, the insurers must ensure the higher
result of reserve with the written approval from the Ministry of Finance before
application in accordance with the provisions in the Circular No.
125/2012/TT-BTC dated 30/7/2012 and the Circular
No. 194/2014/TT-BTC dated 17/12/2014
of the Minister of Finance and the documents amending, adding or superseding
the above-mentioned documents.

d) The resilience
reserve: This reserve is used to guarantee the insurer’s commitment to the
customers as agreed upon in the insurance contract upon major change of
investment market.

2. The actuaries of the
insurers shall determine the method, grounds and data of operational reserve to
ensure the commitments to the insurance buyer by the principles and method of
calculation widely recognized according to international practice.

Section 4. ANALYSIS OF CUSTOMER
DEMAND AND REQUIREMENTS FOR INSURANCE AGENT AND INSURANCE COMMISSION

Article 17. Analysis of
customer demand

Before signing the insurance contract, the insurers
must analyze the demand of customers and have their confirmation on clear
understanding of insurance products they plan to buy or are aware of benefits
of insurance, investment and investment risks they may encounter when participating
in universal life insurance and the fees the insurers may charge on them.

Article 18. Requirements for
insurance agent

The insurance agent implementing the universal life
insurance products must meet the following conditions:

1. Not violate the regulations
of law on activities of insurance agent and agent’s professional ethics of the
insurers.

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3. Have at least three (03)
months of experience in insurance agent activities or at least one (01) year of
working in the field of finance, banking or insurance or graduate from college
or higher education in the field of finance, banking or insurance.

Article 19. Insurance
commission

The insurance commission for the universal life
insurance products shall comply with regulations of law with the maximum
percentage of commission the insurers are allowed to pay to the insurance agent
for each insurance contract according to the Appendix III issued with this
Circular.

Section 5. OTHER PROVISIONS

Article 20. Approval for
insurance products

1. The insurers whose
universal life insurance products must be approved by the Ministry of Finance
before implementation.

2. The dossier for approving
the universal life insurance product is made under regulations of law and is
enclosed with the plan for implementation of universal life insurance products,
including the following contents:

a) Summary of main content of
universal life insurance products to be implemented;

b) The investment policies
which the insurers plan to apply to the properties of universal life fund;

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d) The contents of training of
insurance agents on the universal life insurance products to be implemented;

dd) Information about the actuaries, investment
specialist or other outsourcing services;

e) Information on
qualifications, competence and professional experiences of officials
responsible for investment.

g) Commitment is done in
writing with the detailed explanation about the insurer’s meeting the
conditions specified in Article 4 of this Circular.

Article 21. Obligations of
insurers

1. Comply with the provisions
of this Circular and other relevant regulations of law.

2. Issue the operational
procedures for implementation of universal life insurance products in line with
the insurers’ conditions, characteristics and operation charter.

3. Aggregate and make report on
the reality of business of universal life insurance products under the current
regulations of law.

4. Annually, the actuaries of
the insurers shall assess the compliance with the provisions of this Circular
of the insurers during the business of universal life insurance products.

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EFFECT

Điều 22. Effect

1. This Circular takes effect
from 01/06/2016

2. This Circular supersedes
the Decision No. 96/2007/QD-BTC dated
23/11/2007 of the Minister of Finance on issuing the
Regulation on implementation of universal life insurance products.

3. Any problem arising during
the implementation of this Circular should be promptly reported to the Ministry
of Finance for review and settlement./.

FOR THE
MINISTER
DEPUTY MINISTER

Tran Xuan Ha

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SALE ILLUSTRATION DOCUMENT
(Issued with Circular No. 52/2016/TT-BTC dated 21/3/2016 of the Ministry of Finance guiding the implementation
of universal life insurance products)

I. BASIC INFORMATION

1. Information on enterprise:

– Name of enterprise

– License No.

– Business area

– Charter capital

– Head office

– Contact address

(address, telephone,
fax…)

2. Information on the
insurance buyer or the insured

– Full name

– Age

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– ID/Passport No.

3. Information on insurance
agent

– Full name

– Agent code

– Operating office

4. Information
about insurance products, supplementary products (if any)

– Name of product

– Duration
of insurance

– Benefits of risk insurance

– Premium

II. DETAILED INFORMATION

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The basic benefits are explained to the insurance
buyer must be separated at least from the benefits guaranteed and unguaranteed
benefits, specifically:

1.1. Benefits of risk
insurance: GUARANTEED BENEFITS

– Benefits of death insurance:
is the amount the insurer pays to the beneficiary in case of the death of the
insured.

– Other benefits of risk
insurance (if any)

– Benefits of supplementary
insurance products (if any).

1.2. Investment benefits:

a) GUARANTEED BENFITS

– The benefits are based on
the minimum investment rate committed to the insurance buyer.

b) UNGUARANTEED BENFITS

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

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2. Mechanism of premium
allocation:

– The insurer must clearly
illustrate the premium rate allocated for the benefits of risk insurance and
the benefits from the universal life fund.

– The insurer must clearly
illustrate the fees specified in Article 6 of this Circular and the maximum
limits to be applied, for example:

+ Initial fee

+ Fee of risk insurance

+ Fee of insurance contract
management

+ Fee of fund management

+ Fee of cancellation of
insurance contract

+ Other fees (if any)

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

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3.1. The insurers can use the
investment rate to pay to the insurance buyer maximally equal to their average
actual investment rate of the 05 last financial years (not exceeding 8%) to
express the income fluctuation range of the universal life fund.

3.2. The insurer must clearly
assert:

– The investment rate can
increase or decrease

– In any case, the insurer
must guarantee the minimum investment rate committed in the insurance contract.

III. ACTUAL ILLUSTRATION ON
ALLOCALTION OF PREMIUM AND INSURANCE BENEFITS

Contractual year

Total premiums

Relevant fees

Fee of risk insurance

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

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Guaranteed benefits

UNGUARANTEED BENEFITS

Fee for death benefits

Fee for supplementary products

Death benefits

Supplementary benefits

Benefits of universal life (investment rate
committed)

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

OPERATION REALITY OF UNIVERSAL LIFE FUND
(Issued with Circular No. 52/2016/TT-BTC dated 21/3/2016 of the Ministry of Finance
guiding the implementation of universal life insurance products)

Insurer

Reporting year:

I. PREMIUM AND VALUE OF
UNIVERSAL LIFE FUND IN A YEAR

Total premiums paid in a year:
…………………..

Premium allocated to the benefits of risk insurance: …………………..

Other relevant fees: …………………..

Total premium invested in the universal life fund: …………………..

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

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Value of universal life fund at the end of year: …………………..

Investment rate of universal life fund: …………………..

II. REPORT ON PROPERTY
REALITY OF UNIVERSAL LIFE FUNDS

Property

Value at the
beginning of year

Change in the
year

Value at
the end of year

– Money

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

– List of investments
(detailed list)

– Other properties

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

III. REPORT ON INCOME AND
EXPENSES OF UNIVERSAL LIFE FUNDS

Content

Previous year

Current year

Note

Income: Details of income from investment
according to the List in accordance with regulations

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

Total income

Expenses: Details of expenses according to the
List in accordance with regulations

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

Total expenses

Difference between income and expenses

Income paid to the insurance buyer

…

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

Actual investment rate

Investment rate paid to the insurance buyer

…

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Pro

để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

APPENDIX III

TABLE OF MAXIMUM COMMISSION PERCENTAGE APPLICABLE
TO THE UNIVERSAL LIFE INSURANCE PRODUCTS
(Issued with Circular No. 52/2016/TT-BTC dated 21/3/2016 of the Ministry of Finance guiding the implementation
of universal life insurance products)

Unit: %

Contract duration

Maximum commission
percentage over premium

Mode of periodical
payment of premium

Mode of one-time
payment and additional payment

First contractual
year

…

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Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279