What is the significance of December 18? What is the lunar date of December 18, 2024 in Vietnam?
What is the significance of December 18? What is the lunar date of December 18, 2024 in Vietnam?
Based on Article 1 of Decision 2417/QD-TTg in 2013, December 18 every year is designated as "Vietnam Insurance Market Day."
The organization of Vietnam Insurance Market Day annually must ensure the following contents and requirements:
- Practicality, cost-effectiveness, efficiency, and avoidance of formality.
- Educate tradition, promote labor and work emulation movements, enhance organizational discipline awareness, responsibility in task execution, public service, and revolutionary ethics for officials and public employees in the insurance sector.
- Commend and reward through forms suitable to legal regulations for collectives and individuals with achievements in the construction and development of the insurance market, exemplary in implementing the Party's guidelines, policies, and state laws.
Thus, December 18 is Vietnam Insurance Market Day. According to the lunar calendar, December 18, 2024, corresponds to November 18, 2024, lunar calendar.
What is the significance of December 18? What is the lunar date of December 18, 2024 in Vietnam? (Image from the Internet)
What are types of compulsory insurance in Vietnam?
Based on Article 8 of Insurance Business Law 2022 regulating compulsory insurance:
Article 8. Compulsory Insurance
- Compulsory insurance is an insurance product aiming to protect public interest, environment, and social safety.
- Compulsory insurance includes:
a) Compulsory civil liability insurance of motor vehicle owners;
b) Compulsory fire and explosion insurance;
c) Compulsory insurance in construction investment activities;
d) Compulsory insurance stipulated in other laws that meet the provisions in clause 1 of this Article.
- Organizations and individuals subject to compulsory insurance are obliged to purchase compulsory insurance and have the option to participate in compulsory insurance with insurers, foreign non-life insurers' branches authorized for implementation.
- Insurers and foreign non-life insurers' branches authorized to deploy compulsory insurance shall not refuse to sell when organizations and individuals meet the conditions to purchase compulsory insurance as per legal regulations.
- The Government of Vietnam stipulates in detail the conditions of insurance, insurance premiums, and the minimum amount of insurance money for compulsory insurance stipulated in clause 2 of this Article.
Thus, the following types of compulsory insurance exist:
- Compulsory civil liability insurance of motor vehicle owners
- Compulsory fire and explosion insurance
- Compulsory insurance in construction investment activities
- Other compulsory insurance aiming to protect public interest, environment, and social safety.
When is an insurance contract considered invalid in Vietnam?
Based on Article 25 of Insurance Business Law 2022 regarding invalid insurance contracts:
Article 25. Invalid Insurance Contracts
- An insurance contract is invalid in the following cases:
a) The insurance purchaser does not have an insurable interest at the time of concluding the insurance contract;
b) No insurance object exists at the time of concluding the insurance contract;
c) At the time of concluding the insurance contract, the policyholder is aware that the insured event has occurred;
d) The purpose, content of the insurance contract violates the prohibitions of the law, contrary to social ethics;
đ) Insurers, foreign non-life insurers' branches, and policyholders enter a sham insurance contract;
[...]
Thus, an insurance contract is invalid in the following cases:
- The insurance purchaser does not have an insurable interest at the time of concluding the insurance contract
- No insurance object exists at the time of concluding the insurance contract
- At the time of concluding the insurance contract, the policyholder is aware that the insured event has occurred
- The purpose, content of the insurance contract violate the prohibitions of the law, contrary to social ethics
- Insurers, foreign non-life insurers' branches, and policyholders enter a sham insurance contract
- The insurance purchaser is a minor; person with impaired civil capacity; person with cognitive or behavioral difficulties; person with restricted civil capacity
- The insurance contract was concluded with a mistake causing one or more parties not to achieve the contract's purpose, except when the contract's purpose has been achieved by the parties or the parties can immediately correct the mistake ensuring the contract’s purpose is still met
- The insurance contract was concluded due to deception, except as stipulated in Article 22 of Insurance Business Law 2022
- The insurance contract was concluded under threat or coercion
- The insurance purchaser is unaware and not in control of their actions when concluding the insurance contract
- The insurance contract does not comply with the form requirements stipulated in Article 18 of Insurance Business Law 2022
