License to Establish the Insurance Agency (For legal entity)
ໃບຢັ້ງຢືນການເປັນຕົວແທນປະກັນໄພ (ສຳລັບນິຕິບຸກຄົນ)
| General information | ||
|---|---|---|
| Type of formality | License | |
| Date of last modification | 28.07.2020 | |
| Responsible Authorities | Department of State-Owned Enterprise and Insurance Management
|
|
| LSIC | ||
| 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. |
|
| 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 an official office and organizational structure. 3. Have efficient human resources with specific knowledge, certificates, or degrees in insurance; 4. Have a degree in insurance, certificates of insurance exams or training; 5. Have a minimum of registered capital of 50 million LAK; 6. Have a contract for being a representative for the insurance company; 7. The license for an insurance agent has never been revoked for 5 years prior to the date of application for the license. |
|
| Additional Comment |
1. An insurance Agent (Legal Entity) shall acquire the insurance agent card from the Department of State-Owned Enterprise and Insurance Management first. 2. Must have a business registration certificate and submit the application for the business operating license with the Department of State-Owned Enterprise and Insurance Management, Ministry of Finance. |
|
| REQUIRED DOCUMENTS FORMALITIES - First time | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Representative/Broker Insurance Contract | ||||
| Insurance Training Certificate | ||||
| Copy of Passport of the Managing Director | ||||
| Certificate of Tax Registration ID | ||||
| Photograph of the Managing Director | ||||
| Location Confirmation of Enterprise | ||||
| Certificate for Enterprise Registration of Company Limited | ||||
| Address Certification | ||||
| REQUIRED DOCUMENTS FORMALITIES - Renew | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Mean of presentation | ||
|---|---|---|
| Means of presentation | ||
| 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? | NO | |
| 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 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 | 1000000.00 | 20000.00 | 1020000.00 |
| 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. |
|||
| RENEWAL FEES | ||||
|---|---|---|---|---|
| Has renewal fees? | Service fees | Certificate fees | Renewal fees | Total renewal fees |
| NO | 0.00 | 1000000.00 | 0.00 | 1000000.00 |
| 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. |
|||
