THE RATE OF INSURANCE MANAGEMENT AND SUPERVISION FEE IS 0.03%
The Minister of Finance promulgates the Circular No. 01/2020/TT-BTC providing the rate, collection, payment, management and use of the charge of insurance management and supervision on January 03, 2020.
Specifically, the charge and fee rate for the insurance management and supervision with each insurance business organization is prescribed as follows:
First, for insurance enterprise and branch of foreign insurance enterprise in Vietnam: 0.03% of the original insurance premium (after deducting the refunds, reduction of the original insurance premium).
Second, for the reinsurance enterprise: 0.03% of reinsurance acceptance fee (after deducting the refunds, reduction of reinsurance acceptance fee).
Last, for the insurance brokerage enterprise: 0.03% of revenue from insurance brokerage activities.
Especially, charge and fee collector (Department of the Insurance Supervisory Authority - Ministry of Finance) may retain 48% collected amounts of insurance management and supervision fee and charge to pay for supervision and collection activities in accordance with Article 5 of the Decree No. 120/2016/ND-CP. By the 5th every month at the latest, the fee and charge collecting agency shall deposit the amounts of insurance management and supervision charge and fee collected in the previous month into an account of charges and fees to be paid to the State budget, opened at the State Treasury.
This Circular takes effect on February 20, 2020.
