Law on Insurance Business 2022

1. Expanded scope of regulation

The Law comprehensively governs insurance activities, including life insurance, non-life insurance, reinsurance, insurance brokerage, insurance agency, insurance consultancy, microinsurance, and other related services.

2. Risk-based supervision and international standards

• Transitions from pre-approval-based management to risk-based, post-supervision mechanisms. 

• Insurance enterprises must comply with strict requirements on solvency margin, capital adequacy, risk management, internal audit, and corporate governance. 

3. Enhanced protection for policyholders

• Imposes clear obligations on insurers, agents, and consultants to provide transparent information. 

• Introduces a free-look period allowing customers to withdraw from a contract, and sets clearer procedures for complaints and dispute resolution. 

4. Tightened regulation of insurance intermediaries

• Strengthens qualification and responsibility requirements for agents, brokers, and consultants. 

• Requires professional training, certification, and close supervision over insurance distribution activities. 

5. Promotion of microinsurance and digital transformation

• Officially recognizes the microinsurance model to expand access for low-income individuals. 

• Encourages the use of technology, e-insurance products, electronic contracts, and innovative distribution channels.