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LEGAL REGULATIONS ON PROFESSIONAL LIABILITY INSURANCE IN VIETNAM: MAJOR CHALLENGES AND SOLUTIONS
Abstract
Objective: To examine the legal framework of professional liability insurance in Vietnam, identify the main implementation challenges, and propose legal and practical solutions to enhance its effectiveness.
Method: This is a qualitative, legal-dogmatic research based on the analysis of Vietnamese laws (e.g., Insurance Law, Law on Lawyers, Law on Independent Audit) and international guidelines, such as the United Nations Guidelines for Consumer Protection. The study also includes comparative elements, especially with the United States.
Results: The study identified several shortcomings in Vietnam’s system, including the lack of a unified law for all professions required to have insurance, unclear regulations on premiums and minimum coverage, complex bureaucratic procedures, and limited awareness among professionals. Moreover, regulatory oversight and enforcement mechanisms are weak or nonexistent.
Conclusion: Vietnam must consolidate mandatory insurance requirements into a single legal framework, establish clear parameters for coverage and premiums, simplify administrative procedures, and increase public awareness. Strengthening the legal and regulatory framework will enhance adherence and better protect both professionals and the public.
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DOI: http://dx.doi.org/10.26668/revistajur.2316-753X.v1i81.7871
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