Agreement on Management of the Lao Insurance Association
老挝人民民主共和国保险协会管理协议
ຂໍ້ຕົກລົງວ່າດ້ວຍ ການຄຸ້ມຄອງສະມາຄົມປະກັນໄພແຫ່ງ ສປປ ລາວ
Summary
This agreement adjusts the establishment, operation, and relationship of the Lao Insurance Association with the Ministry of Finance and its members, with the core being to stipulate that the association, as a non-profit social organization, represents insurance companies under the guidance of the Ministry of Finance, protects members' rights, and promotes the development of the insurance industry.
Articles
Article ມາດຕາ 1
Article 2 Lao Insurance Association
The Lao Insurance Association is abbreviated as: LIA, written in English: Lao Insurance Association (LIA). The Lao Insurance Association is established in accordance with the laws of the Lao PDR as a professional, technical-academic and creative association to represent insurance companies licensed to conduct business in the Lao PDR.
The Lao Insurance Association is a social organization, with the role of researching, supporting, promoting unity, mutual assistance among members in solving problems related to insurance work, as well as helping society based on the laws and regulations of the state; protecting the legitimate rights and interests of the association and its members; making significant contributions to the construction and development of the country.
Article ມາດຕາ 2
Article 2 Scope of Application
This agreement applies to the Ministry of Finance (Department of State Enterprise Reform and Insurance), individuals and legal entities related to the Insurance Association of the Lao PDR.
Article ມາດຕາ 3
Article 3 Implementation Principles
Basic principles in the operation of the Insurance Association of the Lao PDR:
1. Operate regularly or according to the assigned agenda;
2. All operations are under the guidance of the Ministry of Finance, with the Department of State Enterprise Reform and Insurance acting as advisor;
3. Financially self-sustaining;
4. Non-profit operation;
5. Transparent, open, and equal before the law.
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