Deputies discuss adjustments to Law on Insurance Business
The draft Law on amendments and supplementations to a number of articles of the Law on Insurance Business was put into discussion during the 14th National Assembly’s seventh session on May 20.
An overview of the 14th National Assembly’s seventh session (Photo: VNA)
Hanoi (VNA) – The draft Law on amendments andsupplementations to a number of articles of the Law on Insurance Business wasput into discussion during the 14th National Assembly’s seventhsession on May 20.
The bill aims to create momentum for the expansion of theinsurance market, while increasing the insurance coverage and strengthening thesafety and stability of the market.
The Law on Insurance Business was adopted at the eighthsession of the 10th National Assembly and took effect from April 1,2001.
According to the Insurance Supervisory Authority under the Ministryof Finance, before the introduction of the law, only 15 businesses operated inthe insurance sector. However, the figure rose to 64 in 2018, including the subsidiaryof a foreign firm.
Total capital of the businesses increased by 29 percent peryear on average over the 2000-2018 period, reaching 81.55 trillion VND (3.5billion USD) in 2018. Total property of the market grew by 28.5 percent duringthe 2000-2018 period to reach 394.19 trillion VND (16.95 billion USD) in 2018.
In this period, insurance businesses paid over 246.58trillion VND (10.6 billion USD) in benefits to customers.
The authority reported that so far, the total number ofinsurance products in the market is nearly 1,300, including more than 450 lifeinsurance products.
Statistics from insurance firms showed that about 80 percentof infrastructure construction and major economic projects by the State havebeen covered by insurance companies.
Furthermore, the insurance sector had poured 321.16 trillionVND (13.8 billion USD) into the economy by 2018. Insurance firms have investednearly 89 trillion VND (3.82 billion USD) in government bonds.–VNA
Insurance companies saw high profits last year, with insurance premiums totalling 30.8 trillion VND (1.5 billion USD) in 2010 – far surpassing 2009's total of 25.5 trillion VND (1.2 billion USD), said the president of the Association of Vietnamese Insurers, Trinh Quang Tuyen.
The seventh session of the 14th National Assembly (NA) is scheduled to take place from May 20 to June 13, according to NA Secretary General Nguyen Hanh Phuc.
Vietnam is deeply concerned about the escalating and complex conflict in the Middle East, which poses a serious threat to the lives and safety of civilians, as well as to regional and global peace and stability.
The Vietnamese Embassy advises the Vietnamese community living, studying, and working in Israel to strictly comply with directions from the Home Front Command and local authorities.
Lawmakers are set to vote on revisions and amendments to a broad spectrum of legal frameworks and impactful resolutions during the final week of the 15th NA's 9th session.
The State Committee for Overseas Vietnamese Affairs (SCOVA) has served as a bridge connecting and uniting the community with the homeland, becoming a trusted source of support for Vietnamese expats in times of hardship.
The programme to eliminate temporary and dilapidated houses has achieved notable results, with nearly 263,000 housing units addressed to date, including 225,000 houses inaugurated and 38,000 under construction. Thirty-eight provinces and cities across the nation have already fulfilled their targets.
Stronger efforts and determination are required to achieve and surpass the set targets, especially in the eradication of makeshift and dilapidated houses nationwide, the acceleration of public investment disbursement, and the implementation of nationally important transport projects, PM Pham Minh Chinh noted.
The trip will be made at the invitations of Chinese Premier Li Qiang and WEF President and CEO Børge Brende, according to an announcement from the Ministry of Foreign Affairs.
Long spoke highly of the dynamic, positive, and comprehensive development of Vietnam – Russia relations in recent years. He affirmed that the Vietnamese Party and State place great importance on further strengthening the comprehensive strategic partnership with Russia in a substantive and effective manner, in line with the development needs of both nations.
At the conference, participants reported that the Government has so far issued 28 decrees on the delegation of responsibilities and powers between the central Government and two-tier local administrations. Several localities have already piloted the new governance model.
Reality is the ultimate benchmark for success, he said, urging drafting agencies to work out policies that foster development, reduce bureaucratic hurdles, and respect practical conditions.
Under the official dispatch signed on June 20, ministers, heads of ministerial-level agencies, and chairpersons of provincial and municipal People’s Committees are requested to concentrate efforts on implementing core measures to ensure the smooth operations of the new administrative framework.
The Party chief underscored the need for the press to innovate relentlessly, evolve to keep pace with the country's development, transform into a truly professional, humanistic, and modern sector that serves the cause of the Party, the State, and the people on the path to national construction and development.
The UN Secretary-General praised Vietnam’s remarkable achievements in socio-economic development and international integration in recent years, noting that the country has emerged as a model in implementing the Sustainable Development Goals (SDGs), promoting international peace and security, and engaging in key UN processes.
Nghia affirmed that this is a milestone of special significance, affirming and honouring the the Vietnamese revolutionary press’s glorious tradition of 100 years of serving the revolutionary cause of the Party, serving the Fatherland, and serving the people.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
An overview of the 14th National Assembly’s seventh session (Photo: VNA) 
