Lawmakers approve revised insurance regulations in Vietnam

New Insurance Law Takes Effect in January 2023

After a collaborative effort between the government and the insurance industry, the revised Law on Insurance Business has been officially published and is set to take effect on 1st January 2023.

The National Assembly passed the Law on Insurance Business (Amended) last week, with all 469 delegates present voting in favour of the changes. The vote was unanimous, reflecting a high level of support for the amendments.

The revised law will bring about changes to the existing insurance regulations, aiming to modernise the industry and provide better protection for consumers. However, the search results do not provide information about the name of the government head or parliamentary speaker who led the adoption of the amendment to the insurance industry law.

The previous Law on Insurance Business was in effect until the revised version takes effect. The extensive debate that preceded its passage suggests that the changes have been carefully considered and are expected to have a significant impact on the insurance industry.

The revised Law on Insurance Business will come into effect on 1st January 2023, marking a new era for the insurance industry in the country. With the changes, the industry is set to become more competitive and better equipped to meet the needs of consumers in the digital age.

In conclusion, the revised Law on Insurance Business represents a major step forward for the insurance industry in the country. The changes are expected to bring about a more modern and consumer-friendly insurance industry, and the high level of support for the amendments reflects the importance of this legislation for the future of the industry.