Decree No. 103/2008/NĐ-CP on compulsory insurance for civil liability of motor vehicle owners was issued on September 16, 2008 by the Government of Vietnam.
Article table of contents
According to Decree No. 103/2008/NĐ-CP of Vietnam’s Government, upon the occurrence of accidents, insurance enterprises shall, within the scope of their liability, indemnify motor vehicle owners for sums of money the latter have paid or will be obliged to pay as compensations to damage sufferers. In case motor vehicle owners are dead or sutler from permanent bodily injuries, insurance enterprises shall pay indemnity directly to damage sufferers.
An indemnity dossier shall be compiled by an insurance enterprise, comprising the following:
- Documents related to the motor vehicle and driver:
- Documents evidencing human and property damage;
- A competent agency's documents relevant to the accident.
Insurance enterprises and motor vehicle owners shall gather and supply related documents in indemnity dossiers.
Time limits for claiming, paying and lodging complaints about indemnities
- The time limit for claiming an indemnity by a motor vehicle owner is one year after the occurrence of an accident, except for cases in which claims cannot be made within this time limit due to objective reasons and force majeure circumstances under law.
- Within five days after the occurrence of an accident (except in force majeure circumstances), a motor vehicle owner shall send a written notice thereof to the insurance enterprise enclosed with documents required for a dossier of request for indemnity within his/ her/its liability.
- The time limit for paying an indemnity by an insurance enterprise is fifteen days after receiving a dossier of request for indemnity within the motor vehicle owner's liability, and thirty days in case it is necessary to verify the dossier.
- In case of refusal to pay an indemnity, the insurance enterprise shall notify in writing the motor vehicle owner of the reason for refusal within thirty days after receiving the dossier of request for insurance indemnity.
- The statute of limitations for instituting a lawsuit about insurance indemnity is three years after the insurance enterprise pays or refuses to pay an indemnity. Past that time limit, the right to institute lawsuits is no longer valid.
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