What are responsibilities arising in case of reinsurance in Vietnam?
What are responsibilities arising in case of reinsurance in Vietnam? What are time limits for submission of insurance claims in Vietnam?
Please answer the above questions according to the latest regulations.
1. What are responsibilities arising in case of reinsurance in Vietnam?
In Article 29 of the Law on Insurance Business 2022 (effective January 1, 2023), responsibilities arising in case of reinsurance are as follows:
1. The insurer or the foreign non-life insurer’s branch shall bear sole responsibility to the policyholder under the insurance contract, even in case of reinsuring insured liabilities. The insurer or the foreign non-life insurer’s branch shall not be allowed to refuse or delay their assumption of responsibility to the policyholder, even when the reinsurer defaults on their reinsurance payment obligations for liabilities reinsured.
2. The reinsurer shall not be permitted to request the policyholder to pay insurance premiums directly to them, unless otherwise agreed upon in the insurance contract.
3. The policyholder shall not be permitted to request the policyholder to pay insurance premiums directly to them, unless otherwise agreed upon in the insurance contract.
2. What are time limits for submission of insurance claims in Vietnam?
According to Article 30 of the Law on Insurance Business 2022 (effective from January 1, 2023), time limits for submission of insurance claims are as follows:
1. The time limit for submission of an insurance claim under an insurance contract shall be 01 (one) year from the date of occurrence of the policy event. The period during which a force majeure event or circumstantial obstacle occurs shall not make any increase in the time limit for filing an insurance claim.
2. Where the insured or the beneficiary proves that they have no knowledge of the time of occurrence of the policy event, the time limit specified in clause 1 of this Article may start from the day on which the insured or the beneficiary has knowledge of occurrence of that policy event.
3. When the third party demands compensation from the policyholder for losses falling within the limit of insured liability as agreed upon in the insurance contract, the time limit stipulated in clause 1 of this Article shall start from the day on which the third party files their request.
Best Regards!
