Encouraging localities to jointly support the agricultural insurance premiums

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People who receive support for agricultural insurance premiums shall not enjoy support policies for damages caused by natural disasters and disease.

Firstly, in term of principles on premiums support, the Ministry of Finance proposed that in each period, depending on orientation for agricultural and rural development and the ability of budget balancing, the State shall promulgate policies to support a part of agricultural insurance premiums for organizations and individuals engaging in agricultural production.

The Prime Minister issued a Decision specifying applicable subjects, insurance beneficiaries, insured risks, support levels; implementation time of support and insured areas, support levels from state budget to local budget to implement the support for agricultural insurance premiums and other support policies (if any)

In addition, to supporting policies under Decision of the Prime Minister, the State encourages localities basing on their local budget financing to introduce support policies for agricultural insurance premiums for organizations and individuals engaging in agricultural production at those localities. The support must be implemented publicly, transparently, rightly and reasonably. The support amount is defined based on people subject to support, insurance allowances, insured risks, support level and agricultural insurance premiums in line with insurance agreement between insurance companies with organizations and individuals engaging in agricultural production.

Organizations and individuals engaging in agricultural production joining agricultural insurance and receiving support for insurance premiums shall not enjoy support mechanisms and policies for agricultural production to recover production areas that suffer damages from natural disasters and disease.

In terms of method, the premiums support is provided by insurance companies in accordance with the orders and procedures stipulated. Insurance liabilities shall be valid immediately right after the insurance contract signed.

Annually, based on the estimates assigned by the Prime Minister, the Ministry of Finance shall carry out targeted allocations from the central budget to local budgets for the implementation of the agricultural insurance policy.

Based on the estimates assigned by the Prime Minister and the local budgets ensured by themselves, the Finance Department shall assume and coordinate with the Agriculture and Rural Development Department to make plans on allocation of the funding estimates to be reported to provincial People's Committees at same level to consider and decide the allocation for implementation of agricultural insurance policy in the approved expenditure estimates.

The provincial People's Committees must manage, use and settle the funds in accordance with purposes and provisions of Law on the state budget.

Until the end of the year, if the funds to support the agricultural insurance is not used up, the rest shall be implemented in accordance with the Law on State Budget. If the funds are not sufficient, localities must actively pay in advance for insurance companies and concurrently send documents to the Ministry of Finance, Agriculture and Rural Development Ministry for consideration for additional support from the state budget (for localities funded by the State budget).

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At the end of implementation time of agricultural insurance policy, the remaining support amount (if any) must be refunded to the state budget.