License to Establish the Insurance Agency (For individual)
ໃບອະນຸຍາດເປັນຕົວແທນປະກັນໄພ (ສຳລັບບຸກຄົນ)
| General information | ||
|---|---|---|
| Type of formality | License | |
| Date of last modification | 01.11.2017 | |
| 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 intending to represent the insurance company in sales and implement the insurance contract as agreed with the insurance company on the condition that the insurance agent does not receive a salary from the insurance company but shall receive incentives as agreed with the insurance company. The insurance agent (Individual) can only represent one insurance company per one type of insurance. |
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| Qualifications needed by the business to get the formality |
1. Be a Lao citizen permanently residing in Lao PDR; 2. Be 18 years of age or older; 3. Have a full capacity for the civil act; 4. Have never been imprisoned as the consequence of intentional actions; except that individual has been released for a minimum of 5 years before applying for the license; 5. Have a degree in insurance, a certificate for specific insurance exams or training; 6. The license for an insurance agent or broker has never been revoked within 5 years prior to the date of application for the license. |
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| Additional Comment |
1. An insurance Agent (Individual) shall acquire the insurance agent card from the Department of State-Owned Enterprise and Insurance Management first. 2. Delays in the payment of a fee for issuance of the license will be subject to pay fines of 1 to 10 times the fee, depending on the duration of the delay (3 to 6 months). |
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| REQUIRED DOCUMENTS FORMALITIES - First time | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Photograph | of the applicant, taken within 3 months (3 photos) |
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| Copy of ID/Family Book | of the applicant |
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| Curriculum Vitae | of the applicant, 1 copy |
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| Agent Contract with Insurance Company | ||||
| Address Certification | 1 copy |
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| 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? | This license shall be valid for one 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 | 300000.00 | 20000.00 | 320000.00 |
| 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 | 200000.00 | 0.00 | 200000.00 |
| 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) 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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