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Implementation of compulsory insurance for civil liability of motor vehicles’ owners to be supervised

By Thuy Linh/ Huyen Trang

By Thuy Linh/ Huyen Trang

See the author's posts
10:09 | 28/05/2020 Finance Follow english.haiquanonline.com.vn on
VCN - The Minister of Finance required strengthening management and supervision to improve the quality of compulsory insurance for civil liability of motor vehicles’ owners.
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implementation of compulsory insurance for civil liability of motor vehicles owners to be supervised Foreign capital to flow into non-life insurers on hopes of State divestment
implementation of compulsory insurance for civil liability of motor vehicles owners to be supervised
Insurance companies that commit administrative violations will be sanctioned immediately. Photo: Internet

The Ministry of Finance has recently issued Notice No. 349 / TB-BTC informing the direction of Minister Dinh Tien Dung on improving policies, strengthening management and supervision to improve quality of compulsory insurance for civil liability of motor vehicles’ owners.

The minister requested the Department of Insurance Management and Supervision urgently complete and submit to the ministry to submit to the Government a draft decree on compulsory insurance for civil liability of motor vehicles’ owners (replacing Decree. No. 103/2008 / ND-CP of the Government) in May 2020 towards simplifying procedures, creating favourable conditions for payment for subjects of insurance indemnities and supervising post-inspection to avoid insurance profiteering.

In addition, the Department of Insurance Management and Supervision promptly set up specialized inspection missions in May 2020 on compulsory insurance for civil liability of motor vehicles’ owners, in 2018-2019 for insurance companies with large market share and conduct reviews based on reports of remaining insurance companies.

implementation of compulsory insurance for civil liability of motor vehicles owners to be supervised Foreign capital to flow into non-life insurers on hopes of State divestment

State divestment is expected to lure foreign investors into and lift Vietnam non life insurance market

If the inspection missions discover that insurance companies have committed acts of administrative violations, it is recommended to make records on administrative violations and sanction administrative violations according to law.

By Thuy Linh/ Huyen Trang
Tags:
compulsory insurance civil liability motor vehicles’ owners Minister of Finance

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