COMPULSORY THIRD PARTY LIABILITY INSURANCE

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1 COMPULSORY THIRD PARTY LIABILITY INSURANCE CONTENTS PAGE PART I Circular no. 126/2008/TT-BTC 2 PART II Circular no. 151/2012/TT-BTC 10 1

2 MINISTRY OF FINANCE No. 126/2008/ TT-BTC THE SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness Hanoi, December 22 nd, 2008 CIRCULAR STIPULATING REGULATIONS AND RULES ON TERMS AND CONDITIONS, PREMIUM TABLE, COMPULSORY INSURANCE AGAINST CIVIL LIABILITY OF MOTOR VEHICLE OWNERS Pursuant to the Decree No. 118/2008/ND-CP dated November 27 th, 2008 of the Government, stipulating functions, obligations, powers and administration mechanism of the Ministry of Finance; Pursuant to the Decree No. 103/2008/ND-CP issued on September 16 th, 2008 by the Government on premium table and compulsory insurance against civil liability of motor vehicle owners; The Ministry of Finance stipulates rules and regulations on terms and condition, premium table and compulsory insurance against civil liability of motor vehicle owners, as follows: 1. Scope of cover PART I. GENERAL PROVISIONS The Circular stipulates rules and regulations on terms and conditions, premium table and compulsory insurance against civil liability of motor vehicle owners. Insurers and motor vehicle owners shall be able to implement the regime of compulsory insurance for motor vehicle owners civil liability. Also, the relevant individuals and organizations shall be responsible for complying with regulations in the Circular and other relevant regulations. 2. Applicable subjects: 2.1 Motor vehicle owners use motor vehicles in the territory of the Socialist Republic of Vietnam 2.2 It is possible for insurers to implement the regime of compulsory insurance for motor vehicle owners civil liability in accordance with the law. 3. Interpretation of terms 3.1 Insurer is the enterprise that is incorporated and permitted to do insurance business in Vietnam and to implement the regime of compulsory insurance for motor vehicle owners civil liability. 3.2 Motor vehicle owner (organizations or individual) are / is the actual motor vehicle owner, authorized by the motor vehicle owner to occupy, legally use and drive the vehicle. 3.3 Motor vehicles include cars, tractors, vehicle for construction execution, specific vehicles in agriculture, forestry and those for security and national defense purposes (even trailers, semi-trailers that are pulled by cars or tractors), two-wheeled motorcycles, three-wheeled motorcycles, motorbikes and similar motorized means of transport (even the vehicles for the disabled) that participate into the traffic. 3.4 Passenger means a person transported on a vehicle under a transportation contract in any of the forms stipulated in the Civil Law. 3.5 Third party means a person who suffers from physical injury and/or property loss and damage caused by motor vehicles, excluding the following people: a) A driver and the driver s assistant in such motor vehicle; b) People and passengers in such motor vehicle; c) Vehicle owners, except where an owner has transferred possession and use of such motor vehicle to another person. 2

3 3.6 Date (duration) in the Circular is the business days. 4. Principles on Insurance participation 4.1 The motor vehicle owners participating into the traffic in the territory of Socialist Republic of Vietnam shall be obliged to take compulsory insurance for motor vehicle owners civil liability as regulated in the Circular and other relevant legal regulations. 4.2 It is impossible for one motor vehicle owner to take more than one compulsory insurance policy for one motor vehicle at the same time. 4.3 The vehicle owners are allowed to negotiate with Insurers to take both voluntary and compulsory insurance policies. 4.4 Insurers shall actively sell compulsory insurance for motor vehicle owners civil liability under the following ways: a) Directly b) Via an insurance agency or broker; c) Other forms in accordance with regulations and rules; Incase of selling compulsory insurance for motor vehicle owners civil liability via an insurance agency, it should meet requirements by the Law on Insurance Business and documents guiding the implementation of other relevant regulations. Insurers are not allowed to use any insurance agencies of other Insurer for motor vehicle owners civil liability unless it is agreed by that Insurer in writing and the insurance agency must be trained and issued with agency certificates as ruled. 5. Compensation Limit: 5.1 The third party s bodily injury, death and damages to properties caused by the motor vehicles. 5.2 Bodily injury and death of passengers in the motor vehicles as per transportation contract caused by other motor vehicles. PART II. PARTICULAR PROVISIONS 1. Insurance policy against civil liability of motor vehicle owner: 1.1 Insurance Certificate for motor vehicle owners civil liability (refer to hereinafter Insurance Certificate) is the evidence on the sole compulsory insurance policy between motor vehicle owners and the Insurer. Each motor vehicle is issued with one Insurance Certificate. If losing Insurance Certificate, the motor vehicle owner has to apply to the Insurer for re-issuing Insurance Certificate. 1.2 The Insurer only issues the Insurance Certificate to the motor vehicle owners when premium has been paid. Full premium payment shall be certified by accounting documents issued by the Insurer (receipts, invoices or other documents issued by the Insurer according to relevant regulations and rules). 1.3 Issuance, management and utilization of Insurance Certificate: a) Insurers are allowed to print their Insurance Certificates in accordance with the form prescribed in Appendix 1 and Appendix 2 issued together with the Circular. Compulsory Insurance Certificate for motor vehicle owners civil liability shall be separate with voluntary one (if any). If merging the two kinds of Insurance Certificates, the Insurer shall comply with the guidance in Appendix 3 enclosed with the Circular. b) Insurance Certificate Number shall be printed according to natural number sequence in ascending order. c) Insurance Certificate shall be used in proper order by each Insurance Certificate book, and interrupted sequence is impossible (except for the case of wrong writing, the interrupted sequence is in accordance with specific regulations on pre-issued certificate management procedures of the Insurer. The removed Insurance Certificate shall be crossed and noted down to be destructed and stored in full in the place of the Insurer). d) The Insurer shall write down full information as ruled in the Insurance Certificate. The information in the Insurance Certificate issued to the motor vehicle owner should match with that in the version stored in the place of the Insurer. đ) The Insurer is in charge of observing the issuance, utilization, and reconciling Insurance Certificate and ensuring regular management in detail of each Insurance Certificate. e) The Insurer has to construct the principles on issuance, management, and utilization of Insurance Certificate in accordance with the above regulations. 2. Insurance period and validity: 2.1 The validity of Insurance Certificate shall be noted in the Insurance Certificate, by that time full premium has been paid by the motor vehicle owner. 3

4 2.2 Insurance period in the Insurance Certificate is 01 year. However, it shall be under 01 year in the following cases: a) The abroad motor vehicles are temporarily imported and re-exported as participating into the traffic in the territory of Socialist Republic of Vietnam under 01 year; b) Life expectancy of the motor vehicles is under 01 year. c) The motor vehicles are among temporarily registered objects in accordance with regulations and rules, including: - Those are newly imported, assembled and delivered from stock, port, factory, car-selling agency to the place of registration or agents or other stocks; - Those are in the procedures of removal to return its country; - Those are permitted to transit (except for those included in the State s T); - Chassi light vans with cabinet, no-body trucks; - Tested cars; - Vehicles with specific plate for commercial economic area as participating into the traffic of Vietnam as ruled by the Government; - Newly assembled vehicles are running for trial in public traffic road in Vietnam; - Vehicles served for conferences, sport activities upon the requirements of the Government or Ministry of Police; - Other motor vehicles are registered temporarily in accordance with the legal regulations and rules; 2.3 If there is the transfer of motor vehicle ownership when the Insurance Certificate is still valid, all insurance benefits relating to civil liability of the previous motor vehicle owner are applied to the new owner. 3. Premium 3.1 Premium is the amount that motor vehicle owner has to pay to the Insurer when purchasing compulsory insurance for motor vehicle owners civil liability. The premium for each certain type of motor vehicle is stipulated in Appendix 5, enclosed with the Circular. 3.2 For the motor vehicles with insurance period under 1 year as stipulated in Point 2.2, Part II of this Circular, the premium is based on the regulations in Appendix 5 of this Circular and the insurance duration as shown in the Insurance Certificate, detail is as follows: For insurance duration of no more than 30days, the premium payable is counted by the division of the annual premium (subject to each type of motor vehicle) and 12 (months). 4. Coverage Coverage is the maximum amount that an Insurer shall pay to a motor vehicle owner, within the scope of the insurance, to compensate for injury to body, death and damage to property, which is caused to third parties and passengers transported on the vehicle. The details on coverage are as follows: 4.1 The coverage for bodily injury and damage to property caused by motor vehicles is VND 50,000,000/person/ accident. 4.2 The coverage for damage to property caused by two-wheeled vehicles, three wheeled vehicles, motorbikes and similar motor vehicles (including motor vehicles used by the disabled people) is VND 30,000,000/ accident. 4.3 The coverage for damage to property caused by motor cars, tractors, motorbikes used for construction, motorbikes used in agriculture and forestry and other specific vehicles used for security and national defense (including trailers and semi-trailers pulled by a motorcar or tractor) is VND 50,000,000/accident. 5. Cancellation of insurance policy 5.1 An insurance policy will be only cancelled if: a) The vehicle Identification Card and plate of the motor vehicle are withdrawn in accordance with regulations of law; b) The motor vehicle is expired to use in accordance with the regulations of law; c) The motor vehicle is confirmed to have been stolen by any public security unit. d) The motor vehicle is so broken or ruined in an accident confirmed by any public security unit. 5.2 The owner of motor vehicle who tends to cancel an insurance policy must inform the Insurer in writing and the related Insurance Certificate and evidences illustrating his/her possession of the motor vehicle as stipulated at Point 5.1, Section II of this Circular. 4

5 Such insurance policy will have been terminated since the Insurer receives the cancellation notice. 5.3 The Insurer must refund 70% premium of the remaining uninsured time to the owner within 5 days since the date of receiving the notice. The Insurer will not return the premium in case insurable events have occurred which incurred indemnity obligations for the Insurer during the insurance period so far. 5.4 In case the motor vehicle owner does not receive any notice of cancellation, however, the Insurer has concrete evidences that the motor vehicle owner is among the parties permitted to cancel the contract as stipulated at Point 5.1, Section II of this Circular, it shall inform the motor vehicle owner to carry out the necessary procedures for the insurance cancellation. After 15 days since the date of receiving the notice, the motor vehicle owner does not carry out the cancellation procedures; the insurance policy shall be automatically cancelled. 6. Assessment of damages and losses 6.1 In case of accident, the Insurer or its authorized representative has to co-operate closely with the motor vehicle owner, the third party or the legal representatives of the involved parties to determine the cause of the accident and the extent of the loss caused by the accident. The conclusion of the assessment must be made in written form with the signatures of the related parties. The Insurer will bear the cost of the assessment. 6.2 Where the motor vehicle owner disagrees with the Insurer s assessment on the cause of the accident and the extent of the loss, the two parties shall agree to choose an independent assessor to make another assessment. In case that no independent assessor is elected, the Court in the place of damages and losses or being residential place of the motor vehicle owner will nominate an independent assessor. Conclusion in written form of the independent assessor is compulsory to the parties. 6.3 If the independent assessor s conclusion differs from the Insurer s, the Insurer must bear the cost of the assessment. If the independent assessor s conclusion is similar to that of the Insurer, the motor vehicle owner must bear the cost of the assessment. 6.4 For special circumstances in which the assessment can not be carried out, the Insurer shall determine the causes and extent of the damages and losses based on meeting minutes and conclusion of the authorities and related documents. 7. Exclusion The Insurer shall not be liable to pay indemnity for losses and damages in the following cases: 7.1 Intentional damages and losses caused by the owner, driver or injured party; 7.2 Where the driver intentionally escapes from fulfilling the civil liability of the motor vehicle owner and/ or driver causing the accident; 7.3 Where the driver owns an invalid driving license or his or her driving license is unsuitable to the type of motor vehicle. 7.4 Damages and losses cause indirect consequences such as decrease of commercial value, damages and losses impacts the utilization and exploitation of the damaged property; 7.5 In case of property stolen or robbed in the accident; 7.6 In case of wars, terrorism, earthquakes. 7.7 Damage to special property consisting of gold, silver, precious stone, money, valuable papers such as money, antique, precious and rare paintings, human corpses and remains. 8. Indemnity principles 8.1 If there is any accident, within the insurance limit, the Insurer must pay indemnity to the motor vehicle owner for an amount which he or she did indemnify or will indemnity the third party. In case the motor vehicle owner is dead or permanently disabled, the Insurer will pay indemnity directly to the third party. 8.2 In some essential circumstances, the Insurer must make an advance payment for appropriate and necessary cost within the coverage of insurance liability immediately in order to overcome consequences of the accident. 8.3 Limit of indemnity: a) Detailed coverage for each type of disablement, bodily injury will be determined in accordance with Table of indemnity payment regulations in bodily injury cases as stipulated at Appendix 6 of this Circular. In case of Court s judgment, it shall depend on the decision by the Court but not exceeding the stipulated coverage level. In case those injuries are caused by many motor vehicles, coverage level shall be determined on the motor vehicle owner s degree of fault but the total coverage does not exceed the stipulated coverage level. b) The coverage for the damage to property in a certain accident is determined as per the actual damage and the motor vehicle owner s degree of fault but not in excess of the stipulated coverage level. 8.4 The Insurer is not responsible for indemnifying the excess of the coverage level as stipulated at Part 4, Section II and Appendix 6 of this Circular. 5

6 8.5 In case that the motor vehicle owner signs many compulsory insurance policies for a motor vehicle at the same time, the coverage shall be valid in the respect of the first signed insurance policy. 9. Claim documents The Insurer is responsible for cooperating with the motor vehicle owner, the third party, police and the related organizations and individuals to collect documents relating to traffic accidents in order to file a claim. A claim file shall include: 9.1 Necessary documents related to the motor vehicle and the driver (a true copy certified by the Insurer): a) Motor Vehicle Registration Certificate; b) Driving license; c) Identity Card or Passport or other necessary documents of the driver; d) Certificate of Insurance; 9.2 Documents serve as evidence of bodily injury (a copy issued by Medical authorities or a copy confirmed by the Insurer), according to degree of bodily injury, it may require one or all of the following documents: a) The certificate of injury; b) Hospital discharge slip; c) Surgery card; d) Medical record; e) Death certificate (in case of death); 9.3 Documents serve as evidence of damage to property: a) Appropriate bills/invoices, documents of repair and new replacement of damaged property caused by the accident at any repair and maintenance garage assigned by the Insurer or accepted by the Insurer. b) Other documents to evidence the reasonable and necessary costs paid by the motor vehicle owner to reduce loss or to follow the instructions of the Insurer. 9.4 Copies of documents related to the accident issued by the local authorities: a) Report on on-site inspection; b) On-site map, pictures (if any); c) Minutes on inspection of the vehicle related to the accident; d) Preliminary report of the accident đ) Other documents relating to the accident (if any) 10. Time for claiming, compensation payment 10.1 A motor vehicle owner has one (01) year to claim compensation since the date of the accident, unless otherwise objective reasons or force majeure as prescribed by law The motor vehicle has to send the Insurer a written notice in accordance with the form prescribed in Appendix 4 together with other documents required in claim files within 05 days since the date of the accident (except for force majeure) 10.3 The time for an Insurer to pay indemnity shall be fifteen (15) days since receiving claim file which fall into Insurer s responsibility and no longer than thirty (30) days where the claim file must be verified In case of refusal of paying indemnity, the Insurer must provide the motor vehicle owner a written notice with the refusal reasons within thirty (30) days after receiving the claim file The limitation period for initiating a legal action regarding insurance compensation shall be three (3) years since the date when the Insurer pays or refuses to pay indemnity, after such period any complaint shall be invalid. 11. Rights of motor vehicle owners 11.1 Select an Insurer to take compulsory insurance for motor vehicle s civil liabilities Require the Insurer to explain, supply full information related to contract signing, implementing and cancelling insurance policy In case of change of premium-calculating factors leading to a reduction of risk, he or she has the right to demand the Insurer to reduce the premium according for the residual duration of the insurance policy Demand the Insurer to compensate quickly, fully, and timely according to insurance policy. 6

7 11.5 If the motor vehicle owner is the business unit, the premium shall be taken into their business expense; if it is the State s non-business units, the premium shall be counted into regularly operational expense of the units Other rights as prescribed by law 12. Obligations of motor vehicle owners Must take out and fully pay for motor vehicle owner s civil liability insurance as stipulated in the Circular and other relevant rules and regulations. When applying for insurance, motor vehicle owner must fully and honestly supply all information required in the Certificate of Insurance Enable the Insurer to check motor vehicle s state before issuing Insurance Certificate In case of changes in the purposes of vehicle utilization, causing the increase or reduction in insured risks, the motor vehicle owner has to inform the Insurer immediately for premium adjustment applied for the residual duration of the insurance policy The motor vehicle owner must always take the valid Insurance Certificate with her or him to present as required by traffic police or other authorities as prescribed by law Comply with regulations and rules on ensuring safety in road traffic If a traffic accident occurs, the motor vehicle owner shall be responsible for: a) Informing the Insurer immediately to co-ordinate for settlement, actively rescuing victims, minimizing bodily injury and damage to property, protecting the scene of the accident, and at the same time, informing the nearest police office or local authority; b) Neither removing, disassembling nor repairing the property without the consent of the Insurer, except where it is necessary to do so in order to ensure the safety of people and property or to prevent or limit bodily injury and damage to the property, or where it is required by the local authorities; c) Supplying all necessary documents in claim files as prescribed in point 9.1, 9.2 and 9.3 (except where the Insurer repairs, surmounts the loss and damage, the vehicle owner shall not supply the document as stipulated in point 9.3.a), Part II of this Circular and facilitating the Insurer in the process of verifying the document The motor vehicle owner must send notice to the Insurer if the motor vehicle is among the objects to which insurance cancellation is allowed as stipulated in point 5.1, Part II of this Circular Notify and compensate the injured third party the amount that is paid by the Insurer for each case of bodily injury as prescribed in Appendix Other obligations are in accordance with the law. 13. Rights of the Insurer 13.1 Collect premium of the compulsory insurance for motor vehicle owner s civil liabilities as stipulated by the Ministry of Finance. In case of changes in premium-calculating factors leading to increase in insurable risks, the Insurer has the right to demand the vehicle owner to pay the extra premium for the residual duration of the insurance policy Require the vehicle owner to fully and honestly supply the information stipulated in the Certificate of Insurance; examining the vehicle s state before issuing Insurance Certificate Require police agencies to supply with the copies of the documents relating to the accidents as stipulated in clause 3, Article 22, Decree No. 103/2008/NĐ-CP Refuse to settle compensation for excluded events Make proposal for revision/supplementation of term and conditions, premium rates for motor vehicle owner s civil liabilities to suit the implementation practice of this type of insurance Other rights are in accordance with the law. 14. Obligations of the Insurer 14.1 Sell the compulsory insurance for motor vehicle owners in accordance with Regulations, premium rate, and insurance limits as stipulated in the Circular. If the Insurer receives the notice from the motor vehicle owner on changes in premium-calculating factors leading to the reduction in insurable risks, the Insurer has to reduce the premium for the residual duration of the insurance policy and refund the difference to the vehicle owner Publicly communicate the regime of compulsory insurance for motor vehicle s civil liability; supply sufficient information relating to the insurance policy and clearly explain the policy wording, terms and conditions, and compulsory premium table for motor vehicle s civil liability with the vehicle owner Use the form of Insurance Certificate as stipulated in Appendix 1, Appendix 2, and Appendix 3 (if any) enclosed with the Circular to issue to the vehicle owner. 7

8 14.4 Do not support the insurance agents in selling motor vehicle s civil liability in any way, except for the commission range as stipulated by the Ministry of Finance Do not offer promotion in any kind for motor vehicle s civil liability Pay all expenses for the copies of all documents and minutes on accidents that are supplied by police agencies and keep them confidentially in the process of inspection Collect all documents in claim files as prescribed in point 9.3.a (in case of repairing and surmounting loss and damage by the Insurer) and point 9.4, Part II of this Circular Inform the injured third party and the motor vehicle owner of the coverage for bodily injury and provide indemnity in compliance with regulations and rules in Appendix 6, enclosed with the Circular Provide indemnity quickly and correctly as prescribed in the Circular and other relevant rules and regulations Remind the motor vehicle owner of the renewal of the insurance policy within 15 days before expiry Deduct at least 2% of annual revenue from motor vehicle s civil liability insurance to contribute into the Insurance Fund for Motor Vehicles. The annual contribution is as stipulated by the Ministry of Finance Reconcile separately premium revenue, commission, indemnity and other expenses relating to compulsory insurance for motor vehicle s civil liability Build up and operate an information technology system to ensure the statistic and constantly update about the implementation of compulsory insurance for motor vehicle s civil liability to ensure the connection with database on compulsory insurance for motor vehicle s civil liability. The database system has to supply the following minimum information: a) Information on the motor vehicle owner: - Name of the vehicle owner; - Identity Card or passport number of the vehicle owner (if the owner is individual); - Contact address. b) Information on the motor vehicle: - Registration plate number; - Brand; - Model; - Capacity; - Color; - Year of Manufacture; - Engine number; - Chassis number; - Load (for cars) - Seat capacity (for cars); - Purpose of vehicle utilization (for business or non-business) (for cars); - Insurance certificate number; - Insurance validity; - Insurance expiry; - Premium; - Date of premium payment; - Date of insurance issuance; - Place of insurance issuance; - Issuer of insurance policy; c) Information on the accident history, history of fine for violation on Road Traffic Law for motor vehicle drivers. 8

9 - Times of accident causing (details on time, place, and degree of violation according to the faulty determination made by police agencies); - Times of receiving the indemnity; indemnity for each accident (details as per accident); - Times of penalty for violating Road Traffic Law for drivers (if any) Report to the Ministry of Finance on implementation of compulsory insurance for the motor vehicle owner s civil liability periodically or as required, particularly as follows: a) Periodically report as prescribed in Appendix 7 and Appendix 8, enclosed with the Circular. b) Apart from the report as stipulated in Appendix 7 and Appendix 8, the Insurer has to report on the implementation of compulsory insurance for the motor vehicle owner as required by the Ministry of Finance. The Insurer has to build its database to comply with provisions in point 14.13, part II of this Circular within 2 years since the validity of the Circular Be under the control, supervision by the Government authorities relating to the implementation of compulsory insurance for the motor vehicle owner s civil liability Other responsibilities are as stipulated by law. 15. Dispute settlement All disputes arising under the insurance policies which are unable to be resolved by negotiation between the involved parties shall be brought to Court of Vietnam for the settlement. PART III. ENFORCEMENT 1. This Circular shall come into effect after 15 days since the date of publishing in the Gazette and shall replace the Decision No. 23/ 2007/ QĐ- BTC dated April 9 th, 2007 of the Minister of Finance on enacting compulsory insurance regime for motor vehicle owners civil liability. 2. During the process of implementation, please timely reflect difficulties arisen to the Ministry of Finance. Recipients: - Central Party Office and committees; - The National Assembly office; - President s office; - The Government s office; - The Supreme People's Procuracy; - The Supreme People's Court; - Ministries, ministerial-level agencies and agencies under the Government; - Central agencies and organizations. - The state auditor; - General Department of Legal Document Supervision - Ministry of Justice; - Official Gazette; Government s websites - Units under the Ministry of Finance; - Finance Ministry's websites - Insurance Association, and Insurers; On behalf of the Minister Deputy Minister (Signed and sealed) Tran Xuan Ha 9

10 MINISTRY OF FINANCE No.: 151/2012/TT-BTC THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness Hanoi, September 12th, 2012 CIRCULAR Amending and supplementing Circular No. 126/2008/TT-BTC dated 22/12/2008 of the Ministry of Finanace, stipulating regulations and rules on premium table, compulsory insurance for motor vehicle owners civil liability and Circular No. 103/2009/TT-BTC dated 25/5/2009 of Ministry of Finance, stipulating the management, disbursement and accounting procedure of the Motor Vehicles Insurance Fund Pursuant to the Government Decree No. 118/2008/ND-CP dated November 27th, 2008, stipulating functions, obligations, powers and administration mechanism of Ministry Finance; Pursuant to the Government Decree No. 103/2008/ND-CP issued on September 16th, 2008, on premium table and compulsory insurance for motor vehicle owner s civil liability; Regarding the request of Head of Bureau of Insurance Management, Supervision; The Ministry of Finance issues this Circular to amend and supplement Circular No. 126/2008/TT-BTC dated 22/12/2008 of the Ministry of Finanace, stipulating regulations and rules on premium table, compulsory insurance for motor vehicle owners civil liability and Circular No. 103/2009/TT-BTC dated 25/5/2009 of Ministry of Finance, stipulating the management, disbursement and accounting procedure of the Motor Vehicles Insurance Fund. Article 1. Amending, Supplementing Circular No /2008/TT-BTC 1. Amend Point 5.1, Item 5, Section I as follows: 5.1. Outside contract loss and damages, involving bodily injury, death and damages to properties, are caused by the motor vehicle for the third party. 2. Amend and supplement Point 1.2, Item 1, Section II as follows: 1.2. Insurers issue Insurance Certificate to the motor vehicle onwers that sufficiently pay premium. Full payment shall be certified on accounting vouchers issued by insurers (receipts or other documents according to relevant legal regulations and rules). For some special cases, issurers and motor vehicles owners can enter into an agreement (in writing) on term of premium payment as follows: - If motor vehicles owners are state agencies and organizations, term of full premium payment is within 10 days since the validity date of the insurance certificate. - If motor vehicles owners are not state agencies and organizations and have many motor vehicles participating insurance at the same time, with total premium of 100 millions VND and above, premium payment is made by 02 terms: + First term: motor vehicles owner pays 50% of total premium before the validity date of the insurance certificate. + Second term: the rest of premium is paid within 90 days since the validity date of the insurance certificate. - If motor vehicles owner can not fulfill the payment as mentioned above, the insurance contract will be invalid after the last day of payment term. Within 05 days since the termination of the insurance contract, insurers must send a termination notice in writing to the motor vehicles owner. At the same time, insurers refund the motor vehicles owner premium left (if any) or request him to add an amount of premium according to the termination date. Refund will not be made if insured event is occured or claims is arisen before the termination. Insurer is not in charge of claims of insured events occuring after the termination. The insurance contract will continue to be in effect after the premium payment of motor vehicles owners and insurer s acceptance in writing. 3. Amend point 2.1, Item 2 Section II as follows: 10

11 2.1. The validity of Insurance Certificate shall be included in the Insurance Certificate, but after full premium payment is made by the motor vehicle owner, except for special cases mentioned in item 2, article 1 in this circular. 4. Supplement Sub-point d, Point 2.2, Item 2, Section II as follows: d) The owner has several other motor vehiles and he wants insurance term of these ones will end at the same time with his previouly insured motor vehicles. The short-term insurance can be applied in these cases. Then, the next term of all insurance contracts, which are expired at the same time, will be 01 year.. 5. Amend, supplement Item 4, Section II as follows: Insurance liability is the maximum amount that the insurer shall pay to a motor vehicle owner, within the scope of the insurance limits, to compensate for bodily injury, death and damage to properties, which is caused to third parties and passengers transported on the vehicle. The specific compensation levels are as follows: 4.1. Liability insurance limit for bodily injury caused by motor vehicles is VND /person/accident Liability insurance limit for damage to properties caused by two-wheeled vehicles, three wheeled vehicles, motorbikes and similar motor vehicles (including motor vehicles used by the disabled) is VND 40,000,000/accident Liability insurance limit for damage to properties caused by motor cars, tractors, motorbikes used for construction, motor-bikes used in agriculture and forestry and other specific vehicles used for security and national defense (including trailers and semi-trailers pulled by a motorcar or tractor) is VND 70,000,000/accident. 6. Amend, supplement Point 7.3, Item 7, Section II as follows: The insurer shall not be liable to pay in-demnity for losses and damages caused in the following cases: 7.3. Where the driver does not have a valid driving license or the driving license is unsuitable to the type of motor vehicle which is required. Revocation of a driving licence, whether temporarily or permanently, is considered as having no driver licence. 7. Amend, supplement Points 8.3 và 8.4, Section II as follows: 8.3. Insurance indemnity level: a) Indemnity level of each type of disablement, injury will be determined in accordance with Table of indemnity payment regulations in bodily injury as stipulated at Appendix 2 enforced with this Circular or mutual agreement (if any) between motor vehicles owner and insured or his legal representative (in case of insured s death) that does not exceed indeminty level stipulated in Appendix 2 enforced with this Circular. In case of having decision of the Court, indemnity level shall depend on the decision by the Court but not exceeding insurance liability level. In case that injuries are caused by many motor vehicles, indemnity level shall be determined on the motor vehicle owner s degree of fault and total indemnity level does not exceed insurance liability level. For damages or injuries are wholy caused by the third party according to authority s conclusion, indemnity level to bodily injury will be equal to 50% of level stipultated at Appendix 2 enforced with this Circular. b) The indemnity level of property damage in a accident is determined on the actual damage and the motor vehicle onwer s fault, but not in excess of the insurance liability The insurer is not responsible to indemnity the excess of the insurance liability as stipulated at Appendix 2 enforced with this Circular. 8. Issuance of Appendix 1 on Premium of compulsory insurance for motor vehicle owners civil liability enforced with this Circular replaces Appendix 5 of Circular 126/2008/TT-BTC. 9. Issuance of Appendix 2 on Table of Regulation on claim payment for bodily injury enforced with this Circular replaces Appendix 6 of Circular 126/2008/TT-BTC. 10. Issuance of Appendices 3, 4 and 5 on samples of insurance certificate enforced with this Circular replaces Appendices 1, 2 and 3 of Circular 126/2008/TT-BTC. 11. Insuance of Appendix 6 on Report on compulsory insurance for motor vehicle owners civil liability enforced with this Circular replaces Appendix 7 126/2008/TT-BTC. Article 2. Amend, supplement item 3, Article 6 of Circular 103/2009/TT-BTC on assistance level and assisted people as follows: 3. Huminatarian assistance expense: amount is not over 15% of total money annually paid to the Fund, details as follows: Third party and passenger assisted expense for funeral of dead people and permanent injury in case that it is unable to indentity automobile causing accident, or automobile is not insured with third party liability, or exclusions regulated in Article 13 of Decree 103/2008/NĐ-CP. The limit of assisted expense is 20 millions VND/person/occurrence. 11

12 Article 3. Implementation 1. This Circular comes into effect from November 1st During implementation, all arisen problems or issues should be submitted to Ministry of Finace for timely consideration./. Recipients: - Central Party Office and committees; - The National Assembly office; - President s office; - The Government s office; - The Supreme People s Procuracy; - The Supreme People s Court; - Ministries, ministerial-level agencies and agencies under the Government; - Central agencies and organizations. - The state auditor; - General Department of Legal Document Supervision - Ministry of Justice; - Official Gazette; Government s websites - Units under the Ministry of Finance; - Finance Ministry s websites - Insurance Association, and Insurers; OF BEHALF OF THE MINISTER DEPUTY MINISTER (Signed and Sealed) Tran Xuan Ha 12

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