Vietnam: When will the compulsory civil liability insurance policies of motor vehicle owners be terminated?
- Vietnam: When will the compulsory civil liability insurance policies of motor vehicle owners be terminated?
- How long is the maximum period of compulsory civil liability insurance of motor vehicle owners in Vietnam?
- What are the contents of the certificates of compulsory civil liability insurance of motor vehicle owners in Vietnam?
Vietnam: When will the compulsory civil liability insurance policies of motor vehicle owners be terminated?
Pursuant to Article 11 of Decree 67/2023/ND-CP, there are regulations on termination of policies and legal consequences of termination of policies of compulsory civil liability insurance of motor vehicle owners as follows:
Termination of policies and legal consequences thereof
Policies shall be terminated from the date on which vehicle registration certificates or number plates are revoked in case vehicle registration certificates or number plates are revoked according to regulations of the Ministry of Public Security. Insurers shall refund insurance premiums to policyholders corresponding to remaining period of policies from the termination date of policies.
Thus, the policies of compulsory civil liability insurance of motor vehicle owners shall be terminated in case the vehicle registration certificates or number plates are revoked.
And the policies of compulsory civil liability insurance of motor vehicle owners shall be terminated from the date on which the vehicle registration certificates or number plates are revoked.
Vietnam: When will the compulsory civil liability insurance policies of motor vehicle owners be terminated?
How long is the maximum period of compulsory civil liability insurance of motor vehicle owners in Vietnam?
Pursuant to Article 9 of Decree 67/2023/ND-CP, there are regulations on the insurance period as follows:
Insurance period
1. Period of compulsory civil liability insurance of motor vehicle owners shall be from 1 to 3 years, except for the following cases where insurance period shall be less than 1 year:
a) Foreign motor vehicles which were temporarily imported for re-export participate in traffic within Socialist Republic of Vietnam territory for less than 1 year.
b) Service life of motor vehicles is less than 1 year as per the law.
c) Temporarily registered motor vehicles according to regulations of Ministry of Public Security.
2. In case a motor vehicle owner has multiple vehicles covered by insurance at different times in a specific year and wishes to unify insurance coverage time in the following year in order to manage, insurance period of these vehicles may be less than 1 year and equal to remaining effective period of the first insurance policy concluded in that year. For policies and certificates of insurance which have been unified in terms of coverage time, insurance period of the following year shall conform to Clause 1 of this Article.
3. In case a vehicle title transfer takes place within the effective period specified on a certificate of insurance, the former motor vehicle owner has the power to terminate the policy as prescribed in Article 11 hereof.
Thus, the maximum period of compulsory civil liability insurance of motor vehicle owners is 3 years.
However, period of compulsory civil liability insurance of motor vehicle owners shall be less than 1 year in the following cases:
- Foreign motor vehicles which were temporarily imported for re-export participate in traffic within Socialist Republic of Vietnam territory for less than 1 year.
- Service life of motor vehicles is less than 1 year as per the law.
- Temporarily registered motor vehicles according to regulations of Ministry of Public Security.
What are the contents of the certificates of compulsory civil liability insurance of motor vehicle owners in Vietnam?
Pursuant to Article 10 of Decree 67/2023/ND-CP, there are regulations on insurance certificates as follows:
Insurance certificates
1. When purchasing compulsory civil liability insurance of motor vehicle owners, motor vehicle owners shall be granted insurance certificates by insurers. Each motor vehicle shall be granted an insurance certificate. If a motor vehicle owner loses his/her insurance certificate, a written proposal concerning reissuance of insurance certificate submitted to the insurer is required.
2. Insurance certificates shall be designed by insurers. An insurance certificate shall include:
a) Name, address and phone number (if any) of motor vehicle owner.
b) Number plate and chassis number, engine number.
c) Type of vehicles, payload, seats, and use purposes (for automobiles).
d) Name, address and hotline number of insurer.
dd) Maximum coverage for the third party.
e) Responsibilities of motor vehicle owner, operator in case of accidents.
g) Insurance period, insurance premiums and payment deadlines of insurance premiums.
h) Date (day, month and year) of issue.
i) Number code and barcode registered, managed and used according to regulations of law to enable storage, transmission and extraction of ID information of insurer and ID information of compulsory civil liability insurance of motor vehicle owners.
3. In case of issuance of electronic certificates of insurance, issuers must comply with Law on Electronic Transactions and guiding documents; Electronic certificates of insurance must closely comply with applicable regulations and Clause 2 of this Article.
Thus, an insurance certificate shall include:
- Name, address and phone number (if any) of motor vehicle owner.
- Number plate and chassis number, engine number.
- Type of vehicles, payload, seats, and use purposes (for automobiles).
- Name, address and hotline number of insurer.
- Maximum coverage for the third party.
- Responsibilities of motor vehicle owner, operator in case of accidents.
- Insurance period, insurance premiums and payment deadlines of insurance premiums.
- Date (day, month and year) of issue.
- Number code and barcode registered, managed and used according to regulations of law to enable storage, transmission and extraction of ID information of insurer and ID information of compulsory civil liability insurance of motor vehicle owners.
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