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.
Title | Description | Create Date | Update Date | Issued By | File Download |
---|---|---|---|---|---|
Application for Company Registration | Application for Company Registration | 2019-11-08 | 2019-11-08 | Ministry of Industry and Commerce | |
Application For Sole Proprietiship Registration | Application For Sole Proprietiship Registration | 2019-11-08 | 2019-11-08 | Ministry of Industry and Commerce | |
Application for Foreign Branch Registration (legal entity) | Application for Foreign Branch Registration (legal entity) | 2019-11-08 | 2019-11-08 | Ministry of Industry and Commerce | |
Contract of Ordinary Partnership Establishment | Contract of Ordinary Partnership Establishment | 2019-11-08 | 2019-11-08 | Ministry of Industry and Commerce |
Name | Measure Type | Agency | Description | Comments | Legal Document | Validity |
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Foreign investor may form joint venture or totally ownedforeign owned company | Form of establishment | insurance Management Authority | A 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 2014 | 31-12-9999 |
Joint venture between insurance company and insurance broker and foreign investor allowed | Form of establishment | Ministry of Finance | Insurance 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 2011 | 31-12-9999 |
Requirement for a registered capital to operate as an insurance broker | Minimum capital requirements | Ministry of Finance | An individual or legal entity wishing to operate an insurance broker business must have registered capital | - | Insurance Law Amended No. 06/NA, dated 21 December 2011 | 31-12-9999 |
Requirement for application to be submitted to establish and operate an insurance company between a foreign insurance company and insurance broker | Licensing (based on experience, track record, technical requirements, and/or other) | Ministry of Finance | A 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 2011 | 31-12-9999 |
Requirement for establishing an insurance business: a minimum capital | Minimum capital requirements | Ministry of Finance | An 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 2011 | 31-12-9999 |
Requirement for security deposit by insurance business operator | Minimum capital requirements | Ministry of Finance | The 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 2011 | 31-12-9999 |
Requirements for the establishment of a representative office of a foreign insurance company | Licensing (based on experience, track record, technical requirements, and/or other) | Ministry of Finance | The 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 2011 | 31-12-9999 |
Rrequirement to observe rules on competition in insurance business | Performance requirements (mandatory) | Ministry of Finance | Competition 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 2011 | 31-12-9999 |