Vietnam: Rights and obligations of the insurance buyers

According to Article 18 of the Law on insurance business 2000 of Vietnam, an insurance buyer shall have the following rights:

- To choose one from among the insurance enterprises operating in Vietnam for the purchase of insurance;

- To request the insurance enterprise to explain the insurance conditions and terms and issue the insurance certificate or insurance policy;

- To unilaterally suspend the performance of the insurance contract under the provisions in Clause 3 of Article 19 and Clause 1 of Article 20 of this Law;

- To request the insurance enterprise to pay the insurance money to the beneficiary or the indemnity to the insured as agreed upon in the insurance contract when the insured event occurs;

- To transfer the insurance contract as agreed upon in the insurance contract or under the provisions of law;

- Other rights prescribed by law.

Concurrently, an insurance buyer shall have the following obligations:

- To pay premiums fully, according to time limits and mode agreed upon in the insurance contract;

- To declare fully and honestly all details relating to the insurance contract at the request of the insurance enterprise;

- To notify cases where risks may increase or the insurance enterprise’s additional liability may arise in the course of performing the insurance contract to the insurance enterprise at the latter’s request;

- To notify the insurance enterprise of the occurrence of the insured event as agreed upon in the insurance contract;

- To apply measures to prevent or limit losses according to the provisions of this Law and other relevant law provisions;

- Other obligations prescribed by law.

View relevant contents at the Law on insurance business 2000 of Vietnam, effective from April 01, 2001.

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