Implementation Guidelines for the Amended Insurance Law
保险法（修订）实施指南
ຄຳແນະນຳ ກ່ຽວກັບການຈັດຕັ້ງປະຕິບັດກົດໝາຍວ່າດ້ວຍ ການປະກັນໄພ ( ສະບັບປັບປຸງ )
Summary
This regulation governs compulsory insurance obligations and insurance brokerage license management, with the core being to specify that certain activities or properties must be insured and that brokerage businesses must apply for a license within 30 days.
Articles
Article ມາດຕາ 1
Article 1 Compulsory Insurance
The amended Law on Insurance provides for compulsory insurance for certain activities or properties as follows:
a. Article 6 of the Law on Disaster Management No. 7/NA, dated 24 June 2019, stipulates that every citizen has the obligation to purchase accident and disaster insurance;
b. Article 68 of the Law on Railway No. 62/NA, dated 17 December 2018, stipulates that all vehicles related to railway transport must have insurance;
c. Article 26 of the Law on Multimodal Transport No. 28/NA, dated 18 December 2012, stipulates that insurance must be provided for damages or delays in the transport and delivery of goods.
Relevant state sectors shall proactively monitor, manage, inspect and take measures against targets in the list of compulsory general insurance; the Ministry of Finance shall proactively coordinate with insurers to study and determine the conditions of compulsory insurance contracts, including coverage conditions, exclusions, premiums and fixed sums insured, appropriate to the growth situation of the national economy and the insurance market in each period. Each type of compulsory insurance has specific regulations.
Article ມາດຕາ 2
Article 2 Any person or legal entity wishing to engage in insurance brokerage business must submit an application for an insurance brokerage business license to the Ministry of Finance within thirty days from the date of receiving the enterprise registration certificate. The Ministry of Finance shall consider issuing the license within seven days if the conditions are met. In case the application does not meet the conditions, the Ministry of Finance shall notify the applicant in writing within three days from the date of consideration.
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