The principle of utmost good faith in the Law on Insurance Business: Alignment with international standards and implementation challenges

The 2022 Law on Insurance Business represents a significant shift in Vietnam’s legislative approach to insurance by explicitly and comprehensively recognizing the principle of utmost good faith. This study examines the content, legal significance, and scope of application of this principle under the 2022 framework, while situating it in comparison with international insurance law standards. Through doctrinal analysis and comparative assessment, the findings highlight the practical implications of the principle for both insurers and policyholders, particularly in shaping disclosure obligations and contractual fairness. The study further identifies key challenges arising in its implementation and provides a critical evaluation of the current legal framework in light of evolving market practices.