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Official Gazette

Saturday, January 28, 2023

Amendments to insurance, intellectual property laws to be passed in May

Updated: 15:40’ - 26/04/2019
The National Assembly Standing Committee has issued Resolution 684 to add the draft law revising the insurance and intellectual property laws into the 2019 law- and ordinance-making program.

Accordingly, the draft, which is designed by the Ministry of Industry and Trade in preparation for implementation of Vietnam’s commitments under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will be tabled to the National Assembly for comment and passage at its upcoming 7th session scheduled for May this year.

Compared to the 2000 Law on Insurance Business, the draft introduces a new constituent of insurance business - insurance auxiliary services. Under the draft, insurance auxiliary services would be performed by insurance enterprises, insurance brokerage enterprises and other organizations and individuals for profit. They include actuarial service, insurance consultancy, insurance risk assessment, insurance loss assessment, claim settlement services, and other services arising in the process of conducting insurance business.

Regarding the 2005 Law on Intellectual Property, the draft law amends Article 60 for extending the scope of exceptions for invention registration applications filed in Vietnam, and Article 136 and Article 148 regarding the obligation to use marks and mark transfer contracts to suit the CPTPP.- (VLLF)

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