Insurance Market Development Strategy Passed
The Prime Minister has passed the Insurance Market Development Strategy in the 2011-2020 period to facilitate the development of the insurance market in general and insurance businesses in particular.
Under the Strategy, the insurance sector targets to raise revenue to 2-3% of GDP in 2015 and 3-4% by 2020.
By 2015, insurance enterprises will have been restructured in terms of operation models, administration quality in line with international practice and standards.
In the 2016-2020 period, the insurance sector set to build mechanisms and policies to better administrative competence and performance of these enterprises to meet three requirements of capital safety, risk management and information transparency.
By 2015, insurance services will have been diversified. Insurance programs for agriculture and export credit will be piloted.
Meanwhile, compulsory insurance as stipulated on the Law for Insurance Business will be reviewed and supplemented in line with economic development reality.
New types of compulsory insurance for social welfare, low-income earners will also be taken into consideration between 2016-2020.
VGP
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