On May 10, 2018, the Government of Vietnam issued Decree No. 48/2018/NĐ-CP on amendments to Decree No. 98/2013/NĐ-CP dated August 28, 2013 of Vietnam’s Government on penalties for administrative violations in insurance business and lottery business.
Decree No. 48/2018/NĐ-CP of Vietnam’s Government amends and supplements penalties for falsifying or forging documents in dossiers requesting for compensation, insurance money which had been paid indemnity and insurance money.
To be specific:
A fine of from VND 90,000,000 VND to VND 100,000,000 shall be imposed for frauds in insurance business with appropriated amount of under VND 20,000,000 or causing damage of under VND 50,000,000 or not to a degree subject to criminal prosecution, in particular:
- Collaborating with beneficiary of insurance benefits to pay indemnities or insurance payout against the law;
- Forging documents, deliberately falsifying information to refuse indemnities or insurance payout upon occurrence of insured events;
- Forging documents, deliberately falsifying information in the claim on compensation or insurance payout;
- Causing damage to assets and health for the purpose of claiming insurance benefits unless otherwise prescribed by law.
View relevant provisions at Decree No. 48/2018/NĐ-CP of Vietnam’s Government, effective from May 10, 2018.
-Thao Uyen-
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