Licenses library · 160
License for Operation of Life Insurance Business (Temporarily Suspended)
人寿保险经营许可证（暂缓办理）
ໃບອະນຸຍາດດຳເນີນທຸລະກິດປະກັນໄພຊີວິດ (ໂຈະຊົ່ວຄາວ)
Any individual or legal entity intending to establish and operate a life insurance business. that is the business to insure risks on lives of individual for the entire life of the insured person where the insurer shall pay the compensation to the beneficiary if the insured person is dead. Apply at Department of State-Owned Enterprise and Insurance Management.
Who needs this
Any individual or legal entity intending to establish and operate a life insurance business. that is the business to insure risks on lives of individual for the entire life of the insured person where the insurer shall pay the compensation to the beneficiary if the insured person is dead.
Requirements
- The enterprise shall get the investment license from the Ministry of Planning and Investment
- The founder shall have a good record of business operation, and never been convicted of a deliberate offense in a deliberate offensive economy, not on the list of terrorists and transnational crimes
- Having a minimum registered capital of 16 billion LAK throughout the business period
- Having a secure fund of 1/3 of the registered capital in the stable commercial bank operating in Lao PDR and notify the Ministry of Finance of such deposit; provided that the investor shall follow the following conditions: (a) for the open, withdrawal, or closure of the deposit account, it shall be jointly signed between the insurance company and the Department of State-Owned Enterprise and Insurance Management; (b) that commercial bank shall be informed that the authority from the Department shall be authorized to monitor the total balance in the bank account anytime; and (c) the transaction or use of the secure fund shall be approved by the Ministry of Finance.
- Having staff or personnel that have the knowledge, competence, expertise, and certificates in the insurance fields
- Having a clear business operation plan for the short, medium, and long term
- Never being revoked of the License to Operate Life Insurance Business in the past 5 years; and
- In the case of the foreign investor, the investors shall: (a) having the insurance experience for at least 5 years; (b) having the license for the Establishment of the Representative Office of the foreign insurance company, and (c) having the permit to establish and operate insurance business from the origin country of such investor.
Documents — first application
| Document | Note |
|---|---|
| Joint Venture Agreement / Partnership Agreement / Incorporation Agreement | |
| Investment License | |
| Business Plan | of the first 5 years |
| Resolution of Shareholders | |
| Copy of ID card or Family book of Managing Director | |
| Article of Association | |
| Curriculum vitae of Managing Director | |
| Location Confirmation of Enterprise | |
| Copy of Passport of the Managing Director | for foreigner |
| Photograph of the Managing Director | 6 photos (taken within 3 months) |
| Power of Attorney (in case the applicant appoints the attorney to proceed with the application) | |
| Certificate for Enterprise Registration of Company Limited | |
| Evidence for the placement of required guarantee | 1/3 of the registered capital |
Legal framework
- Law on Insurance (Revised)
- Instruction on the Issuance of the Insurance Operating Licenses
- Notice on the Suspension of the Approval of Newly-established Insurance Investment
- Instruction Implementing Law on Insurance
- Notice on the Management of Insurance Business in the Lao PDR
- Decision on Regulations on Management and Operation of Insurance Business
How to submit
- Means of presentation
- At the Authority Offices
- Address of authority
- Department of State-Owned Enterprise and Insurance Management, Ministry of Finance
- Processing time
- 15
Validity and renewal
- Has an expiry date
- NO
- Renewal process
- The license shall be valid for 1 year, starting from 1 January to 31 December, and the enterprise shall renew and pay the renewal fee within the first 3 months of the following year (within 30 March of every year).
Additional comment
1. Firstly, the temporary license will be issued for the period of 1 year for the purpose of monitoring and supervision and after it is proven to be in full compliance with all the requirements and conditions, the permanent license will be issued. 2. Currently, the Government issued a Notice to suspend the issuance of this license for a newly-established business.