Vietnam: Insurance enterprises report form in the construction sector? How many mandatory insurance reports must insurers prepare?
How do insurers in the construction sector implement the financial regime in Vietnam?
Pursuant to Article 35 of Circular 50/2022/TT-BTC stipulating that insurance enterprises implement compulsory insurance in construction investment activities to implement the financial regime according to the following guidelines:
- Implement the financial regime in accordance with the law on insurance business and relevant laws.
- Separate accounting of premium revenues, insurance commissions, insurance compensation and other expenses related to compulsory insurance in construction investment activities.
Vietnam: Insurance enterprises report form in the construction sector? How many mandatory insurance reports must insurers prepare?
How many compulsory insurance reports must insurers prepare for the Ministry of Finance of Vietnam?
Pursuant to Article 36 of Circular 50/2022/TT-BTC stipulates that insurers must prepare and send reports on compulsory insurance in construction investment activities according to the following provisions:
- Professional reports: Insurers must repeat and send the Ministry of Finance quarterly and annual professional reports in the form specified in Appendix VI, Appendix VII, Appendix VIII promulgated together with this Circular, specifically as follows:
+ Quarterly report: The time to finalize data is from the 01st day of the first month of the reporting period to the 30th or 31st of the last month of the reporting period. The deadline for submitting quarterly reports is at least thirty (30) days from the end of the quarter.
+ Annual report: The closing period of data is from January 1 of the reporting period to December 31 of the reporting period. The deadline for submitting annual reports is at least ninety (90) days from the end of the year.
- Method of sending reports: Send directly or send via postal service or send via email system or send through the reporting information system of the Ministry of Finance (when the reporting information system of the Ministry of Finance is operated).
- In addition to the reports specified in Clause 1 of this Article, insurers are responsible for making and sending unscheduled reports at the request of the Ministry of Finance in the following cases:
+ Report at the request of the National Assembly, the Standing Committee of the National Assembly, the Government, the Prime Minister; summary and evaluation reports to develop mechanisms and policies; report when there is information about violations of regulations on compulsory insurance in construction investment activities and other unscheduled reports to meet information requirements on unusual issues.
What form must the insurer report form be made in the construction sector in Vietnam?
There are 3 forms of reports that insurance enterprises in the construction sector must prepare to send to the Ministry of Finance of Vietnam specified in Appendices VI, VII, VIII issued together with Circular 50/2022 / TT-BTC as follows:
See the report form that insurers must make in the construction sector: Here
Circular 50/2022/TT-BTC comes into force from 01/10/2022.
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