Official Website
Lao Services
Portal
Portal
Legal Document
Title: Decision on Reporting of Insurance Companies and Insurance Brokers no. 3060/MoF dated 27 September 2018
Type: Decision
Responsible Agency: Ministry of Finance
Issuing Date: 2018-11-21
Click here to see the measures contained in this document
Type: Decision
Responsible Agency: Ministry of Finance
Issuing Date: 2018-11-21
Click here to see the measures contained in this document
This decision defines the principles and regulations for monitoring, inspection, and imposing fines and penalties to violators, it also requests insurance companies and brokers to elaborate whether they are running businesses in accordance with related laws and regulations of Lao PDR in order to achieve the national uniformity and good data management system, and to report the ministry of finance correctly and promptly.
Download Lao:Decision on Reporting of Insurance Companies and Insurance Brokers no. 3060/MoF dated 27 September 2018
List Measures Related to Legal Documents
| Name | Description | Status |
|---|---|---|
| insurance companies must submit quarter report to Ministry of Finance | insurance companies must submit quarter report to Ministry of Finance before 20 January, April, July and October | Active |
| Insurance companies must submit annual report to Ministry of Finance | Insurance companies must submit annual report to Ministry of Finance before 31 March | Active |
| General Insurance companies must report on actuarial science | General Insurance companies must report on actuarial science if any actuary is assigned to identify the insurance reserves | Active |
| Life insurance companies must assign actuaries to identify the insurance reserves | Life insurance companies must assign actuaries to identify the insurance reserves and report on actuarial science regularly | Active |
| Combined insurance companies must assign actuaries to identify the insurance reserves | Combined insurance companies must assign actuaries to identify the insurance reserves and report on actuarial science regulary | Active |
| Ministry of Finance shall inform insurance companies to submit additional information at any time | Ministry of Finance shall inform insurance companies to submit additional information at any time | Active |
| insurance brokers must submit the quarter report to Minstry pf Finace | insurance brokers must submit quarter report to Ministry of Finance before 20 January, April, July and October | Active |
| Ministry of Finance could inform insurance brokers to submit additional information at any time | Ministry of Finance could inform insurance companies to submit additional information at any time | Active |
| Insurance companies shall be fined one million per day if they could not submit information in time as defined. (within 30 days) | Insurance companies shall be fined one million per day if they could not submit information in time as defined by Minsitry of Finace. (within 30 days) | Active |
| Insurance brokers shall be fined one million per day if they could not submit information in time as defined. (within 30 days) | Insurance brokers shall be fined one million per day if they could not submit information in time as defined by Minsitry of Finace (within 30 days) | Active |