Notary Officers Are Required to Have Professional Liability Insurance

Illustrative image (Source: Internet)

According to Decree 29/2015/ND-CP which stipulates the principles of participating in insurance for notaries as follows:

- Notarial practice organizations directly purchase or may authorize the notary’s socio-professional organizations to purchase professional liability insurance for their notaries.

- The time for purchasing professional liability insurance for the notary is no later than 60 days from the date the notary of the notarial practice organization is registered to practice.

- The funding for purchasing professional liability insurance for the notaries of the Notary Office is deducted from the career development fund or from other legitimate sources under the provisions of the law.

The insurer will pay the insurance and compensate for damages when the following conditions are met:

- The damage falls within the insurance scope specified in Article 20 of this Decree.

- The following cases are not included:

- The notary performs notarization in cases where the purpose and content of the contract, transaction, or the content of the translation violates the law, contrary to social ethics; incites or facilitates the parties involved in the contract, transaction to carry out a sham transaction or other fraudulent acts;- The notary notarizes contracts, transactions, or translations related to their own property or interests or those of their relatives as husband or wife; biological or adoptive parents; biological or adoptive parents of the spouse; biological or adopted children, daughters-in-law, sons-in-law; grandparents; siblings; and grandchildren who are the children of biological or adopted children;- The notary colludes or conspires with the notary requester and related persons to distort the content of notarized documents or notarial records;- Other cases as agreed between the insurer and the notarial practice organization or the socio-professional organization of the notary if authorized by the notarial practice organization.

For details, see Decree 29/2015/ND-CP, effective from May 1, 2015.

Le Hai

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