Legal Counselling

Vietnam: When shall an insurance contract become null and void?

Anh Tú

10:44, 09/01/2003

The Law on insurance business 2000 of Vietnam was issued on December 09, 2000, consisting of 9 chapters and 129 articles. One of the notable contents of this document is the regulation on cases in which an insurance contract shall become null and void.

Specifically, according to Article 22 of the Law on insurance business 2000 of Vietnam, an insurance contract shall become null and void in the following cases:

1. The insurance buyer has no interests which can be insured;

2. The object of insurance no longer exists at the time of entering into the insurance contract;

3. The insurance buyer, at the time of entering into the insurance contract, knows the insured event has already occurred;

4. The insurance buyer or the insurance enterprise commits acts of deception when entering into the insurance contract;

5. Other cases prescribed by law.

The handling of null and void insurance contracts shall comply with the provisions of the Civil Code and other relevant law provisions.

The Law on insurance business 2000 of Vietnam took effect from April 01, 2001.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

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