Procedures for Establishing Business Locations of Life Insurance Companies Under the Insurance Business Law
RegHub explainer by New MarketerLast updated:
Based on:Luật Kinh doanh bảo hiểm số 08/2022/QH15; Luật số 139/2025/QH15 - Ministry of Finance
This explanation was generated by AI and checked by an automated AI review, not by a human expert. It is not legal, tax or accounting advice and may contain errors. Check the official document before you rely on it.
The Ministry of Finance clarified the procedure for establishing the second business location of Cathay Life Insurance Co., Ltd. Vietnam (at 86 Tan Da Street, District 5, Ho Chi Minh City, now Cho Lon Ward) under Point c, Clause 3, Article 74 of the Insurance Business Law No. 08/2022/QH15 (as amended by Law No. 139/2025/QH15). The Ministry confirmed that under Point c, Clause 3, Article 74, opening, closing, or changing a business location only requires written notification to the Ministry of Finance within 15 days of the change. The Ministry does not issue any approval or acknowledgment document for this type of change. The insurance enterprise self-issues the decision to establish the business location without needing to register with the provincial Department of Finance. Therefore, Cathay Life Insurance's second business location establishment is fully compliant through notification alone, with no approval letter from the Ministry required.
Procedures for Establishing Business Locations of Insurance Enterprises
Specific Case
Cathay Life Insurance Co., Ltd. Vietnam established Business Location No. 2 at 86 Tan Da, Cho Lon Ward, Ho Chi Minh City. The question: does the Ministry of Finance need to issue an approval? Does the company need to register with the HCMC Department of Finance?
Legal Basis
Point c, Clause 3 and Clause 4, Article 74, Insurance Business Law No. 08/2022/QH15 (as amended by Law No. 139/2025/QH15):
"Insurance enterprises... must notify the Ministry of Finance in writing within 15 days of the following changes: ... c) Opening, terminating, or changing a business location."
Ministry of Finance Conclusion
- No approval required: For opening a business location (Point c, Clause 3, Article 74), insurance enterprises only need to notify the Ministry. No approval or acknowledgment is issued.
- No provincial registration required: The enterprise self-issues the establishment decision without registering with the local Department of Finance.
- Notification deadline: Within 15 days of the change.
Distinction from Changes Requiring Prior Approval
Clause 1, Article 74 lists changes that require prior Ministry of Finance approval (e.g., changes to charter capital, name changes). Opening a business location falls under Clause 3 — notification only, post-hoc.