General regulations on insurance contracts according to the Law on insurance business 2000 of Vietnam

10:20, 02/04/2002

According to Vietnam’s regulations, an insurance contract is the agreement reached between the insurance buyer and an insurance enterprise whereby the insurance buyer shall have to pay premiums while the insurance enterprise shall have to pay insurance money to the beneficiary or the indemnity to the insured upon the occurrence of the insured event.

According to Article 12 of the Law on insurance business 2000 of Vietnam, types of insurance contract shall include:

- Person insurance contracts;

- Property insurance contracts;

- Civil liability insurance contracts.

Maritime insurance contracts shall comply with the provisions of the Maritime Code; for matters not prescribed by the Maritime Code, the provisions of the Law on insurance business 2000 shall apply.

An insurance contract must contain the following details:

- Names and addresses of the insurance enterprise, the insurance buyer, the insured or the beneficiary;

- The object of insurance;

- The sum insured, the value of the insured property for property insurance;

- The insurance scope, insurance conditions, insurance terms;

- Terms on exclusion of insurance liability;

- Insurance duration;

- Premium rate, mode of premium payment;

- Time limit and mode of paying insurance money or indemnity;

- Provisions on settlement of disputes;

- Day, month and year of concluding the contract.

Apart from these contents, an insurance contract may also contain other details mutually agreed upon by the parties concerned.

The insurance contracts must be made in writing. The evidence of conclusion of insurance contracts shall be the insurance certificates, insurance applications, telegrams, telexes, faxes and other forms prescribed by law.

These are contents of Articles 13 and 14 of the Law on insurance business 2000 of Vietnam, effective from April 01, 2001.

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