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Residential buildings are seen in Ho Chi Minh Metropolis in February 2022. Picture by VnExpress/Quynh Tran
Insurance coverage corporations won’t be allowed to put money into actual property beginning Jan. 1, based on the most recent adjustments within the insurance coverage regulation that legislators have voted on.
These corporations can, nonetheless, purchase actual property for the aim of building headquarters or workplaces to function, or to hire the unused components of their actual property, mentioned the modified regulation that just about 92.5 % of Nationwide Meeting delegates voted in favor of Thursday morning.
Insurance coverage corporations may commerce actual property corporations’ listed shares however the authorities might want to specify a restrict on this exercise to attenuate dangers, the regulation says.
These corporations won’t be allowed to make use of Vietnamese residents’ insurance coverage cash to cowl the losses or money scarcity of their international enterprise, it provides.
The modified regulation additionally scraps a fund that was meant to guard insurance coverage prospects because the fund has by no means been utilized in its 12 years of existence.
The steadiness of the fund stands at VND1 trillion ($43 million) and might be used to guard insurance coverage prospects within the circumstance that their insurer go bankrupt.
SSI Analysis forecast revenues from insurance coverage premiums may rise by 18 % to VND256 trillion this yr, pushed by the restoration in demand and rising on-line insurance coverage and collaboration with insurtech companies.
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