Licenses library · 167
License to Establish the Insurance Agency (For individual)
保险代理创办许可证（个人）
ໃບອະນຸຍາດເປັນຕົວແທນປະກັນໄພ (ສຳລັບບຸກຄົນ)
Any individual intending to represent the insurance company in sales and implement the insurance contract as agreed with the insurance company on the condition that the insurance agent does not receive a salary from the insurance company but shall receive incentives as agreed with the insurance company. The insurance agent (Individual) can only represent one insurance company per one type of insurance. Apply at Department of State-Owned Enterprise and Insurance Management.
Who needs this
Any individual intending to represent the insurance company in sales and implement the insurance contract as agreed with the insurance company on the condition that the insurance agent does not receive a salary from the insurance company but shall receive incentives as agreed with the insurance company. The insurance agent (Individual) can only represent one insurance company per one type of insurance.
Requirements
- Be a Lao citizen permanently residing in Lao PDR
- Be 18 years of age or older
- Have a full capacity for the civil act
- Have never been imprisoned as the consequence of intentional actions; except that individual has been released for a minimum of 5 years before applying for the license
- Have a degree in insurance, a certificate for specific insurance exams or training
- The license for an insurance agent or broker has never been revoked within 5 years prior to the date of application for the license.
Documents — first application
| Document | Note |
|---|---|
| Photograph | of the applicant, taken within 3 months (3 photos) |
| Copy of ID/Family Book | of the applicant |
| Curriculum Vitae | of the applicant, 1 copy |
| Agent Contract with Insurance Company | |
| Address Certification | 1 copy |
| Insurance Training Certificate | from a mother company |
Legal framework
- Decision on Regulations on Management and Operation of Insurance Business
- Law on Insurance (Revised)
- Instruction on the Issuance of the Insurance Operating Licenses
- Instruction Implementing Law on Insurance
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
- This license shall be valid for one 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. An insurance Agent (Individual) shall acquire the insurance agent card from the Department of State-Owned Enterprise and Insurance Management first. 2. Delays in the payment of a fee for issuance of the license will be subject to pay fines of 1 to 10 times the fee, depending on the duration of the delay (3 to 6 months).