Insurance Law ( Amended )
保险法（修订版）
ກົດໝາຍ ວ່າດ້ວຍການປະກັນໄພ (ສະບັບປັບປຸງ)
Summary
This Law prescribes the rules for the organization, operation, and supervision of insurance activities and applies to all types of insurance business conducted within the territory of Laos. It defines insurance and related terms, establishes the rights and obligations of participants in the insurance market, regulates the conclusion and performance of insurance contracts, and sets forth the supervisory duties of competent authorities, with the aim of protecting the rights and interests of policyholders and promoting the sound development of the insurance industry.
Articles
Article 1
Article 1 Purpose
This Law prescribes principles, regulations, and measures concerning the management, supervision, and inspection of insurance business so that such business is conducted lawfully, effectively, efficiently, stably, and safely, ensuring its growth, modernization, speed, transparency, and fairness. It aims to protect the rights and interests of insurers and policyholders, reduce risks to the national financial system, encourage society and the people to participate in insurance, align with regional and international standards, and contribute to the national socio-economic development.
Article 2
Article 2. Insurance
Insurance refers to the management of risks that may occur to the policyholder or the insured—who has paid the premium—by the insurer paying insurance benefits to them in accordance with the insurance contract.
Article 3
Article 3 Interpretation of Terms
The terms used in this Law shall have the following meanings:
1. Insurer means an insurance company and a reinsurance company, which are types of financial institutions established and operating in accordance with this Law and other relevant laws of the Lao People’s Democratic Republic;
2. Policyholder means an individual, legal entity, or organization that enters into an insurance contract with an insurer and pays the full premium in accordance with the contract; the policyholder may be the insured or the beneficiary;
3. Insured means an individual, legal entity, or organization whose property, civil liability, or life is exposed to risk and who is properly insured in accordance with the law and the insurance contract; the insured may be the beneficiary;
4. Beneficiary means an individual, legal entity, or organization designated by the policyholder to receive the insurance benefit in accordance with the insurance contract;
5. Personal insurance contract means a contract insuring risks to life, health, and personal accident;
6. Property insurance contract means a contract insuring risks to the insured property;
7. Civil liability insurance contract means an insurance contract involving the insurer’s liability to third parties for damage caused by the policyholder during the insurance period;
8. Premium means the amount payable by the policyholder to the insurance company in accordance with the insurance contract;
9. Insurance benefit means the compensation value for damage, paid by the insurer to the policyholder or beneficiary in accordance with the insurance contract;
10. Actuary means a calculation professional qualified in insurance actuarial science, specializing in calculating premiums, insurance benefits, assessing risks, and evaluating the financial impact arising from the insurer’s current uncertainties and future possible events;
11. Company within a group means a company in which the insurer holds shares and can exercise voting rights of fifty percent or more;
12. Business merger means the consolidation of all lawful property, rights, obligations, and interests of two or more enterprises by agreement, to become one of the original enterprises or a new enterprise;
13. Microinsurance means insurance services that insure risks and meet the insurance needs of low-income, vulnerable, and remote area populations.
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