Vietnamese legislators approve revised insurance regulations
The National Assembly of the country has made a significant stride in the insurance industry with the passing of the revised Law on Insurance Business (Amended) last week. The legislation, which underwent revisions prior to its approval, was passed without any objections or abstentions.
A total of 496 delegates participated in the voting process, all of whom were in favour of the amendment. An impressive 94.2% of the total delegates, rounded to 93.9%, voted in favour of the revised law. Specific details about the revisions made to the Law on Insurance Business (Amended) were not provided in the article.
The revised Law on Insurance Business is set to take effect from 1 January 2023. The impact of this legislation on the insurance market and consumers will be closely observed from this date. The passing of this law marks a significant step forward in the insurance industry of the country.
However, the names of the political parties representing the delegations of the National Assembly that voted for the amendment to the Insurance Industry Act were not detailed in the available information. The exact implications of the revised law on the insurance market and consumers remain to be seen, but the unanimous approval indicates a strong consensus for change within the National Assembly.
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