When is the deadline for submitting quarterly reports of the Motor Vehicle Insurance Fund of Vietnam according to the provisions of Decree 67/2023/ND-CP?
- When is the deadline for submitting quarterly reports of the Motor Vehicle Insurance Fund of Vietnam according to the provisions of Decree 67/2023/ND-CP?
- Vietnam: What is the content of reports on estimated revenues and expenditures of MVIF prepared by the Executive Board?
- Vietnam: What are the tasks and entitlements of organizational structure of MVIF?
When is the deadline for submitting quarterly reports of the Motor Vehicle Insurance Fund of Vietnam according to the provisions of Decree 67/2023/ND-CP?
Pursuant to the provisions of Clause 2, Article 21 of Decree 67/2023/ND-CP, there are provisions as follows:
Estimation, statement and accounting of MVIF
....
2. Accounting MVIF:
The Executive Board of MVIF shall:
a) Organize accounting and statistics works according to regulations of the Law on Accounting and the Law on Statistics and guiding documents.
b) Comply with regulations on accounting records; account for the entire of revenues and expenditures of MVIF.
c) Open accounts, record, systematize and store all additional operations relating to MVIF.
d) Quarterly prepare reports on revenues and expenditures of MVIF to report to the Management Council for approval and notify the Ministry of Finance in person or via postal services and by email.
Quarterly reports: figure conclusion date shall be determined from the 1st of the 1st month of the reporting period to the 30th or the 31st of the last month of the reporting period. Deadline for submitting quarterly reports shall be 30 days from the date on which a quarter concludes.
According to the above regulations, deadline for submitting quarterly reports of the Motor Vehicle Insurance Fund of Vietnam (MVIF) shall be 30 days from the date on which a quarter concludes.
Figure conclusion date shall be determined from the 1st of the 1st month of the reporting period to the 30th or the 31st of the last month of the reporting period
When is the deadline for submitting quarterly reports of the Motor Vehicle Insurance Fund of Vietnam according to the provisions of Decree 67/2023/ND-CP?
Vietnam: What is the content of reports on estimated revenues and expenditures of MVIF prepared by the Executive Board?
Pursuant to the provisions of Clause 1, Article 21 of Decree 67/2023/ND-CP, there are provisions as follows:
Estimation, statement and accounting of MVIF
1. Estimation:
a) Before December 15 each year, the Executive Board shall estimate revenues and expenditures of MVIF including:
Revenues and expenditures of MVIF in the current year.
Plans for revenues and expenditures of MVIF in the next year.
b) The Executive Board shall submit reports on estimated revenues and expenditures of MVIF to the Management Council for approval. Estimated revenues and expenditures of MVIF must be notified to the Ministry of Finance and insurers immediately after being approved.
c) Planned expenditures in accordance with expenditure estimates in a year, except for expenditure items specified in Points e, g, h and l Article 17 of this Decree, which have not been financed or completely financed before or on December 31 of each year, shall be carried forward to be spent in the next.
d) If necessary, the Management Council may adjust estimated revenues and expenditures which have been notified at the beginning of the year and notify the Ministry of Finance and insurers.
Accordingly, the Executive Board shall estimate revenues and expenditures of MVIF including:
- Revenues and expenditures of MVIF in the current year.
- Plans for revenues and expenditures of MVIF in the next year.
Vietnam: What are the tasks and entitlements of organizational structure of MVIF?
Pursuant to the provisions of Article 20 of Decree 67/2023/ND-CP, the tasks and entitlements of organizational structure of MVIF are clearly stated as follows:
(1) Tasks and entitlements of the Management Council:
- Be responsible before the law, to the Minister of Finance for management and operation of MVIF.
- Promulgate working regulations of the Management Council, Executive Board and Board of Controllers.
- Promulgate specific regulations on management and use of MVIF; approve cost estimates and statements of MVIF.
- Decide rates of contribution to MVIF and notify insurers and the Ministry of Finance.
- Supervise, manage, operate, use, develop and maintain databases on compulsory civil liability insurance by motor vehicle owners.
- Develop and implement policies on management, access, administration, data update, use and security of databases on compulsory civil liability insurance by motor vehicle owners.
- Cooperate with insurers in consolidating proposals for upgrading and completing databases on compulsory civil liability insurance by motor vehicle owners; adjusting and completing system configuration and developing projects on connecting and upgrading databases on compulsory civil liability insurance by motor vehicle owners.
- Check, monitor, urge periodic update of information and data of insurers; receive and consolidate and deal with difficulties and proposals of insurers as prescribed.
- Be in charge of guiding insurers to develop databases on compulsory civil liability insurance by motor vehicle owners.
- Promulgate procedures and applications for expenditure for humanitarian assistance, refund of indemnities advanced by insurers.
- Issue a decision on establishment of Executive Board and Board of Controllers.
- Submit reports on approved cost estimates and statements of MVIF to the Ministry of Finance.
(2) Tasks and entitlements of the Executive Board:
- Be responsible before the Law and to the Management Council for management, use, payment and settlement of MVIF.
- Abide by regulations on management and use of MVIF according to plans approved by the Management Council, comply with regulations herein, do not allocate MVIF for other purposes.
- Be responsible for urging insurers or revoking licences from insurers failing to make adequate and timely contributions as prescribed.
(3) Tasks and entitlements of the Board of Controllers:
- Supervise operations of MVIF to ensure compliance with regulations of law and regulations herein.
- Quarterly and annually collect reviews and proposals regarding financial analyses of MVIF and submit them to the Management Council.
- Inspect the management and use of MVIF at the request of the Management Council.
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