This Decision sets forth the criteria for maintaining the insurance reserve to comply with international standards, to ensure the reserves are sufficient and consistent with business conditions, to prescribe the conditions of repayment capacity by the insurance company in accordance with international payment standards, to protect the benefits of insurance buyers by obtaining enough excess of assets to compensate for the damages resulted from the insurance contract, and to compose the fines and measures for violators under this decision.
Name | Description | Status |
---|---|---|
The insurance company must comply with the requirements under Chapter 3 within 12 (twelve) months | The insurance company must comply with the requirements under Chapter 3 within 12 (twelve) months from the date of promulgation of this decision. | Active |
must comply with the requirements under Chapter 2 within 06 (six) months | The insurance company must comply with the requirements under Chapter 2 within 06 (six) months from the date of promulgation of this decision. | Active |
non-life insurance company must keep the surplus assets for sixteen (16) billion kip at the minimum | non-life insurance company must keep the surplus assets for sixteen (16) billion kip at the minimum and twenty percent (20%) of the net premiums | Active |
Life Insurance company must reserve surplus assets 16 trillion kip at the minimum | Life Insurance company must reserve surplus assets 16 trillion kip at the minimum, plus 5% of Statutory Liabilities and 0.3 % of the sum at risk. | Active |
combine insurance company (life and non-life) must reserve surplus assets 32 trillion kip at the minimum | combine insurance company (life and non-life) must reserve surplus assets 32 trillion kip at the minimum, Including: twenty percent (20%) of the net premiums (for non-life insurance service), 5% of Statutory Liabilities and 0.3 % of the sum at risk (for life insurance service). | Active |