What documents are included in the claim application for compulsory fire and explosion insurance in Vietnam?

What documents are included in the claim application for compulsory fire and explosion insurance in Vietnam?

Pursuant to Clause 2 Article 8 of the Decree 23/2018/NĐ-CP (amended by Article 2 of the Decree 97/2021/NĐ-CP) stipulating the claim application for compulsory fire and explosion insurance in Vietnam as follows:

2. Claim applications

A claim application includes the following documents:

a) A policyholder’s claim letter.

b) Documents concerning the insured property, including: insurance contract and insurance certificate.

c) A copy of the record on fire safety inspection by the competent police authority at the time nearest to the time an insured event occurs.

d) An assessment record of the insurer or the person authorized by the insurer.

dd) A copy of the competent authority’s conclusion or notice of the cause of the fire or explosion or proof of the cause of the fire or explosion.

e) List of damage and documentary evidences for damage.

The policyholder shall collect and send the documents specified in Points a, b, c, dd and e, Clause 2 of this Article to the insurer. The policyholder shall collect the document specified in Point d, Clause 2 of this Article.

What are regulations on transfer of revenue from compulsory fire and explosion insurance for fire prevention and fighting purposes in Vietnam?

Pursuant to Article 9 of the Decree 23/2018/NĐ-CP stipulating transfer of revenue from compulsory fire and explosion insurance for fire prevention and fighting purposes in Vietnam as follows:

1. In a fiscal year, the insurer that provides compulsory fire and explosion insurance shall transfer 1% of the total premiums for compulsory fire and explosion insurance that are collected from its original insurance contracts in the previous fiscal year.

2. The amount specified in Clause 1 of this Article shall be transferred to the Fire and Rescue Police Department’s account opened at the State Treasury by the Ministry of Public Security. To be specific:

a) Transfer 50% of the total amount specified in Clause 1 of this Article before June 30.

b) Transfer the remaining amount specified in Clause 1 of this Article before December 31.

What are regulations on management and use of revenue from sale of compulsory fire and explosion insurance in Vietnam?

Pursuant to Article 10 of the Decree 23/2018/NĐ-CP (amended by Article 1 of the Decree 97/2021/NĐ-CP) stipulating management and use of revenue from sale of compulsory fire and explosion insurance in Vietnam as follows:

1. Revenue from sale of compulsory fire and explosion insurance must be managed and used in a transparent manner and for the right purposes according to regulations of this Decree and relevant regulations of law.

2. The Ministry of Public Security shall make and submit an annual estimate of revenue from sale of compulsory fire and explosion insurance for fire prevention and fighting purposes to the Ministry of Finance in accordance with regulations of law.

3. Revenues of compulsory fire and explosion insurance that serve fire prevention and firefighting shall be used as follows:

a) Funding for fire prevention and firefighting equipment and facilities for the Fire department. Spend no more than 65% of actual revenues of compulsory fire and explosion insurance collected by insurance enterprises for this purpose in a financial year.

b) Funding for publicizing, popularizing the law and knowledge regarding fire prevention, firefighting, and compulsory fire, explosion insurance. Spend no more than 15% of actual revenues of compulsory fire and explosion insurance collected by insurance enterprises for this purpose in a financial year.

c) Funding for the Fire department for implementation of: Investigating causes of fire; providing professional training, conducting fire safety and fire prevention inspection; supervising participation in compulsory fire and explosion insurance of facilities facing a risk of conflagration. Spend no more than 15% of actual revenues of compulsory fire and explosion insurance collected by insurance enterprises for this purpose in a financial year.

d) Funding for commending achievements of organizations and individuals directly participating and cooperating in fire prevention and firefighting operations. Spend no more than 5% of actual revenues of compulsory fire and explosion insurance collected by insurance enterprises for this purpose in a financial year.

4. The collected premiums for compulsory fire and explosion insurance for fire prevention and fighting purposes that remain after completing the tasks specified in Clause 3 of this Article shall be carried over the succeeding year.

Best regards!