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NameAdditional pernalty of insurance company
DescriptionApart from the fines specified under article 10 , the Ministry of Finance shall impose additional penalty to insurance company as follows:
1 Any appropriate remedy as considered by ministry of finance, including the provision defined under the annex of this decision;
2 prohibits the company to sell its new products;
3 Withdraws, relocates or suspends the performance of the Insurance Company's Board of Directors;
4 Appoints the temporary insurance company's Board of Directors;
5 Withdraws the business operating license and submit to relevant authorities to consider of withdrawing investment license and enterprise registration certificate
Validity From27-09-2018
Validity To11-02-9999
ReferenceArticle 12
Measure TypeAdministrative Requirements
Agency NameBank of the Lao PDR
Legal DocumentDecision on Maintaining Insurance Reserve and Debt Repayment no. 3059/MoF, dated 27 September 2018
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