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Implementation Provisions

Chapter IX

IMPLEMENTATION PROVISIONS

Article 127.- Regulations for insurance enterprises, insurance brokerage enterprises, representative offices, which have been established and operating; insurance contracts, which have been concluded, before the effective date of this Law.

1. Insurance enterprises and insurance brokerage enterprises, which have been established and operating under the establishment decisions, establishment licenses, investment licenses, certificates of full eligibility and qualifications for insurance business; and representative offices of foreign insurance enterprises or insurance brokerage enterprises, which have operated under the licenses for setting up the representative offices, granted before the effective date of this Law shall not have to carry out procedures to apply for re-granting of licenses.

2. The insurance contracts which have been concluded before this Law takes effect shall continue to be performed in accordance with the law provisions at the time of concluding the contracts.

Article 128.- Implementation effect

1. This Law takes effect as from April 1, 2001.

2. The previous regulations contrary to this Law shall all be annulled.

Article 129.- Implementation guidance

The Government shall detail and guide the implementation of this Law.

This Law was passed on December 9, 2000 by the Xth National Assembly of the Socialist Republic of Vietnam at its 8th session.

National Assembly Chairman
NONG DUC MANH