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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


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
NameDescriptionStatus
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 regularyActive
General Insurance companies must report on actuarial scienceGeneral Insurance companies must report on actuarial science if any actuary is assigned to identify the insurance reservesActive
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 OctoberActive
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
Insurance companies must submit annual report to Ministry of Finance Insurance companies must submit annual report to Ministry of Finance before 31 MarchActive
insurance companies must submit quarter report to Ministry of Financeinsurance companies must submit quarter report to Ministry of Finance before 20 January, April, July and OctoberActive
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
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 regularlyActive
Ministry of Finance could inform insurance brokers to submit additional information at any timeMinistry of Finance could inform insurance companies to submit additional information at any timeActive
Ministry of Finance shall inform insurance companies to submit additional information at any timeMinistry of Finance shall inform insurance companies to submit additional information at any timeActive