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Procedure

Procedure Name
Procedures on establish insurance business

Description
Procedures on establish insurance business

Domestic and foreign Investor that wish to establish insurance business in Laos can submit the application form through One Stop Unit (Ministry of Planning and Investment) then the application will be forwarded to the Ministry of Finance to consider and issuing business license. Then investor needs to go to department of business registration (Ministry of Industry and Commerce) to register a company.



*This procedure was drafted by LSP development team for your usage please refer to our terms and conditions

The following form/s are used in this procedure Title
Showing 1 - 4 of 4 items
TitleDescriptionCreate DateUpdate DateIssued ByFile Download
Application for company registrationApplication for company registration2017-08-302017-08-30Ministry of Industry and Commerce
Sole propriatiship application formSole propriatiship application form2017-03-162017-03-16Ministry of Industry and Commerce
Branch registrationBranch registration2017-08-302017-08-30Ministry of Industry and Commerce
Ordinary Partnership Contract Ordinary Partnership Contract 2017-03-162017-03-16Ministry of Industry and Commerce

This procedure applies to the following measures
Showing 1 - 8 of 8 items
NameMeasure TypeAgencyDescriptionCommentsLegal DocumentValidity
Foreign investor may form joint venture or totally ownedforeign owned companyForm of establishmentinsurance Management AuthorityA foreign-investor on insurance business is eligible to form its operation as a joint venture or as 100% foreign owned company.-Ministerial Instruction on implmenting the Law on Insurance No. 539/MOF, dated 19 February 201431-12-9999
Joint venture between insurance company and insurance broker and foreign investor allowedForm of establishmentMinistry of FinanceInsurance company and insurance broker may
operate as a joint-venture insurance company with
a foreign investor as permitted by Law on
Investment Promotion and Law on Enterprise
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Requirement for a registered capital to operate as an insurance brokerMinimum capital requirementsMinistry of FinanceAn individual or legal entity wishing to operate an
insurance broker business must have registered capital
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Requirement for application to be submitted to establish and operate an insurance company between a foreign insurance company and insurance brokerLicensing (based on experience, track record, technical requirements, and/or other)Ministry of FinanceA foreign insurance company and insurance broker
wishing to establish and operate an insurance
business in Lao PDR must apply for a license
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Requirement for establishing an insurance business: a minimum capitalMinimum capital requirementsMinistry of FinanceAn individual or legal entity wishing to establish
an insurance business must have registered capital and
security deposit
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Requirement for security deposit by insurance business operatorMinimum capital requirementsMinistry of FinanceThe insurance business operator must deposit a
security of one third of registered capital for each
type of insurance
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Requirements for the establishment of a representative office of a foreign insurance companyLicensing (based on experience, track record, technical requirements, and/or other)Ministry of FinanceThe establishment of a representative office of a
foreign insurance company must fulfill conditions, including experience for at least 5 years
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999
Rrequirement to observe rules on competition in insurance businessPerformance requirements (mandatory)Ministry of FinanceCompetition in insurance business must be
conducted according to market economic
mechanisms. Penalty for unfair competition
that causes damages to others is
imprisonement and a fine
-Insurance Law Amended No. 06/NA, dated 21 December 201131-12-9999