Official Website
Lao Services
Portal
Register | Login

Legal Document
Title: Decision on Reporting of Insurance Companies and Insurance Brokers no. 3060/MoF dated 27 September 2018
Type: Decision
Responsible Agency: Ministry of Finance
Issuing Date: 2018-11-21
Click here to see the measures contained in this document


This decision defines the principles and regulations for monitoring, inspection, and imposing fines and penalties to violators, it also requests insurance companies and brokers to elaborate whether they are running businesses in accordance with related laws and regulations of Lao PDR in order to achieve the national uniformity and good data management system, and to report the ministry of finance correctly and promptly. 



Download English:Decision on Reporting of Insurance Companies and Insurance Brokers no. 3060/MoF dated 27 September 2018

Download Lao:Decision on Reporting of Insurance Companies and Insurance Brokers no. 3060/MoF dated 27 September 2018


List Measures Related to Legal Documents
NameDescriptionStatus
insurance companies must submit quarter report to Ministry of Financeinsurance companies must submit quarter report to Ministry of Finance before 20 January, April, July and OctoberActive
Insurance companies must submit annual report to Ministry of Finance Insurance companies must submit annual report to Ministry of Finance before 31 MarchActive
General Insurance companies must report on actuarial scienceGeneral Insurance companies must report on actuarial science if any actuary is assigned to identify the insurance reservesActive
Life insurance companies must assign actuaries to identify the insurance reserves Life insurance companies must assign actuaries to identify the insurance reserves and report on actuarial science regularlyActive
Combined insurance companies must assign actuaries to identify the insurance reserves Combined insurance companies must assign actuaries to identify the insurance reserves and report on actuarial science regularyActive
Ministry of Finance shall inform insurance companies to submit additional information at any timeMinistry of Finance shall inform insurance companies to submit additional information at any timeActive
insurance brokers must submit the quarter report to Minstry pf Finace insurance brokers must submit quarter report to Ministry of Finance before 20 January, April, July and OctoberActive
Ministry of Finance could inform insurance brokers to submit additional information at any timeMinistry of Finance could inform insurance companies to submit additional information at any timeActive
Insurance companies shall be fined one million per day if they could not submit information in time as defined. (within 30 days)Insurance companies shall be fined one million per day if they could not submit information in time as defined by Minsitry of Finace. (within 30 days)Active
Insurance brokers shall be fined one million per day if they could not submit information in time as defined. (within 30 days)Insurance brokers shall be fined one million per day if they could not submit information in time as defined by Minsitry of Finace (within 30 days)Active