License to Establish the Insurance Broker Company for Legal Entity
ໃບອະນຸຍາດສຳລັບນິຕິບຸກຄົນທີ່ເປັນນາຍໜ້າປະກັນໄພ
| General information | ||
|---|---|---|
| Type of formality | License | |
| Date of last modification | 06.11.2017 | |
| Responsible Authorities | Department of State-Owned Enterprise and Insurance Management
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| LSIC | K - Financial and insurance activities | |
| Who should complete this business formality? |
Any individual or legal entity intending to provide insurance brokerage service. The broker is the middle man between the customer and the insurance company in creating an insurance contract; provided that one insurance broker can enter into the agreement with more than one insurance company. |
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| Qualifications needed by the business to get the formality |
1. Be a legal entity with the business operating license in accordance with the regulations and the laws of Lao PDR. 2. Have a degree in insurance, certificates of insurance exams or training; 3. Have a minimum of registered capital of 50 million LAK; 4. Have secure funds for at least 1/3 of the registered capital; 5. Have a contract for being an insurance broker with the insurance company; 6. The license for an insurance broker has never been revoked for 5 years prior to the date of application for the license. |
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| Additional Comment |
1. The insurance broker shall show the proof of this license every time when selling the insurance; 2. Applicant must be registered (Enterprise Registration Certificate) from the Ministry of Industry and Commerce. 3. Within 3 months after getting the Enterprise Registration Certificate, the applicant has to apply for this license with the Department of State-Owned Enterprise and Insurance Management, Ministry of Finance. Otherwise, there will be a fine of 20 million LAK imposed. 4. Delays in paying the license fee shall be subject to pay fines of 1-10 times of the fee, depending on the duration of the delay (3 to 6 months). |
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| REQUIRED DOCUMENTS FORMALITIES - First time | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Certificate for Enterprise Registration of Company Limited | ||||
| Photograph of the Managing Director | 3 photos (taken within 3 months) |
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| Certificate of Tax Registration ID | ||||
| Location Confirmation of Enterprise | ||||
| Business Plan | 5 years |
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| Evidence for the placement of required guarantee | 1/3 of registered capital |
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| Copy of ID card or Family book of Managing Director | ||||
| Copy of Passport of the Managing Director | for foreigner |
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| Representative/Broker Insurance Contract | ||||
| Insurance Training Certificate | from a mother company |
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| REQUIRED DOCUMENTS FORMALITIES - Renew | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Mean of presentation | ||
|---|---|---|
| Means of presentation | At the Authority Offices | |
| Address of authority | Department of State-Owned Enterprise and Insurance Management, Ministry of Finance | |
| Processing Time (Day(s)) | 15 | |
| RENEWAL INFORMATION | ||
|---|---|---|
| Does the formality have a validity or an expiration date? | YES | |
| How long will the formality be valid for? (in months) | 12 | |
| What is the process and conditions to renew the formality? | The 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). | |
| ISSUING FEES | ||||
|---|---|---|---|---|
| Has application fees? | Service fees | Certificate fees | Application fees | Total fees |
| YES | 0.00 | 2000000.00 | 50000.00 | 2050000.00 |
| Comments |
Refer to Instruction of the Minister of Finance, No. 770/MOF, the application fee, and the payment order fee (50,000 LAK) for the issuance of the license are collected upon the purchase of the application form, but the fee is not defined in any legal act. |
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| RENEWAL FEES | ||||
|---|---|---|---|---|
| Has renewal fees? | Service fees | Certificate fees | Renewal fees | Total renewal fees |
| YES | 0.00 | 500000.00 | 0.00 | 500000.00 |
| Comments |
Refer to Instruction of the Minister of Finance, No. 770/MOF, the renewal fee, the application fee, and the payment order fee (50,000 LAK) are collected upon the purchase of the application form, but the fee is not defined in any legal act. |
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