Licenses library · 164
License to Establish the Insurance Broker Company for Legal Entity
保险经纪公司创办许可证（法人）
ໃບອະນຸຍາດສຳລັບນິຕິບຸກຄົນທີ່ເປັນນາຍໜ້າປະກັນໄພ
Any individual or legal entity intending to provide insurance brokerage service. The broker is the middle man between the customer and the insurance company in creating an insurance contract; provided that one insurance broker can enter into the agreement with more than one insurance company. Apply at Department of State-Owned Enterprise and Insurance Management.
Who needs this
Any individual or legal entity intending to provide insurance brokerage service. The broker is the middle man between the customer and the insurance company in creating an insurance contract; provided that one insurance broker can enter into the agreement with more than one insurance company.
Requirements
- Be a legal entity with the business operating license in accordance with the regulations and the laws of Lao PDR.
- Have a degree in insurance, certificates of insurance exams or training
- Have a minimum of registered capital of 50 million LAK
- Have secure funds for at least 1/3 of the registered capital
- Have a contract for being an insurance broker with the insurance company
- The license for an insurance broker has never been revoked for 5 years prior to the date of application for the license.
Documents — first application
| Document | Note |
|---|---|
| Certificate for Enterprise Registration of Company Limited | |
| Photograph of the Managing Director | 3 photos (taken within 3 months) |
| Certificate of Tax Registration ID | |
| Location Confirmation of Enterprise | |
| Business Plan | 5 years |
| Evidence for the placement of required guarantee | 1/3 of registered capital |
| Copy of ID card or Family book of Managing Director | |
| Copy of Passport of the Managing Director | for foreigner |
| Representative/Broker Insurance Contract | |
| Insurance Training Certificate | from a mother company |
Legal framework
- Law on Insurance (Revised)
- Instruction Implementing Law on Insurance
- Decision on Regulations on Management and Operation of Insurance Business
- Instruction on the Issuance of the Insurance Operating Licenses
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
- YES
- Validity
- 12 months
- 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 31 March of every year).
Additional comment
1. The insurance broker shall show the proof of this license every time when selling the insurance; 2. Applicant must be registered (Enterprise Registration Certificate) from the Ministry of Industry and Commerce. 3. Within 3 months after getting the Enterprise Registration Certificate, the applicant has to apply for this license with the Department of State-Owned Enterprise and Insurance Management, Ministry of Finance. Otherwise, there will be a fine of 20 million LAK imposed. 4. Delays in paying the license fee shall be subject to pay fines of 1-10 times of the fee, depending on the duration of the delay (3 to 6 months).