What are responsibilities of the Ministry of Finance for participation in compulsory fire and explosion insurance in Vietnam?

What are responsibilities of the Ministry of Finance for participation in compulsory fire and explosion insurance in Vietnam?

Pursuant to Article 11 of the Decree 23/2018/NĐ-CP stipulating responsibilities of the Ministry of Finance for participation in compulsory fire and explosion insurance in Vietnam as follows:

1. Disseminate the law on compulsory fire and explosion insurance.

2. Inspect and supervise insurers providing compulsory fire and explosion insurance in accordance with regulations of this Decree.

3. Take actions against violations of the law on compulsory fire and explosion insurance that are committed by insurers.

What are responsibilities of the Ministry of Public Security for participation in compulsory fire and explosion insurance in Vietnam?

Pursuant to Article 12 of the Decree 23/2018/NĐ-CP (amended by Article 1 of the Decree 97/2021/NĐ-CP) stipulating responsibilities of the Ministry of Public Security for participation in compulsory fire and explosion insurance in Vietnam as follows:

1. Cooperate with the Ministry of Finance in disseminating the law on compulsory fire and explosion insurance.

2. Inspect and take actions against violations of the law on compulsory fire and explosion insurance at insured facilities.

3. Publish the list of insured facilities (except the facilities related to national defense, security and state secrets) by December 31 on its website.

4. Specify level of risk of conflagration of industrial facilities with grade A, B, C, D, or E fire grade under Inspection record or Fire safety and firefighting inspection record when identifying level of risk of conflagration of agencies, organizations, and individuals having facilities facing risk of fire or explosion.

What are responsibilities of the insurers for participation in compulsory fire and explosion insurance in Vietnam?

Pursuant to Article 15 of the Decree 23/2018/NĐ-CP (amended by Article 1 of the Decree 97/2021/NĐ-CP) stipulating responsibilities of the insurers for participation in compulsory fire and explosion insurance in Vietnam as follows:

1. Prepare and submit reports on compulsory fire and explosion insurance to the Ministry of Finance according to the following regulations:

a) Insurer’s reports:

The insurer shall prepare and submit quarterly and annual reports (both electronic and physical copies) to the Ministry of Finance by using the form specified in Appendix III and Appendix IV hereof. To be specific:

- Submit quarterly reports within 30 days from the end of the quarter.

- Submit annual report within 90 days from the end of the year.

b) Reports on transfer of revenue from compulsory fire and explosion insurance for fire prevention and fighting purposes

The insurer shall prepare and submit reports (both electronic and physical copies) to the Ministry of Finance by using the form specified in Appendix V hereof. To be specific:

- Submit biennial reports by July 31.

- Submit annual report by January 31 of the succeeding fiscal year.

c) In addition to the reports specified in Points and b of this Clause, the insurer shall prepare and submit unscheduled reports at the request of the Ministry of Finance.

2. Annually, the insurer shall transfer 1% of the total premiums for compulsory fire and explosion insurance that are collected from its original insurance contracts for fire prevention and fighting purposes in the previous fiscal year as prescribed in Article 9 of this Decree.

Best regards!