Licenses library · 538
License to Establish the Insurance Agency (For legal entity)
保险代理开办许可证（法人）
ໃບຢັ້ງຢືນການເປັນຕົວແທນປະກັນໄພ (ສຳລັບນິຕິບຸກຄົນ)
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 legal entity with the business operating license in accordance with the regulations and the laws of Lao PDR.
- Have an official office and organizational structure.
- Have efficient human resources with specific knowledge, certificates, or degrees in insurance
- Have a degree in insurance, certificates of insurance exams or training
- Have a minimum of registered capital of 50 million LAK
- Have a contract for being a representative for the insurance company
- The license for an insurance agent has never been revoked for 5 years prior to the date of application for the license.
Documents — first application
| Document | Note |
|---|---|
| Representative/Broker Insurance Contract | |
| Insurance Training Certificate | |
| Copy of Passport of the Managing Director | |
| Certificate of Tax Registration ID | |
| Photograph of the Managing Director | |
| Location Confirmation of Enterprise | |
| Certificate for Enterprise Registration of Company Limited | |
| Address Certification |
Legal framework
- Law on Insurance (Revised)
- Instruction Implementing the 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
- 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
- This 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. An insurance Agent (Legal Entity) shall acquire the insurance agent card from the Department of State-Owned Enterprise and Insurance Management first. 2. Must have a business registration certificate and submit the application for the business operating license with the Department of State-Owned Enterprise and Insurance Management, Ministry of Finance.