Conditions for changing the premium payment term without a guarantee

Conditions for changing the premium payment term without a guarantee
Bảo Ngọc

On February 28, 2022, the Ministry of Finance issued Circular 14/2022/TT-BTC amending and supplementing a number of articles of Circular 50/2017/TT-BTC guiding the implementation of the Law on Insurance Business .

Accordingly, the insurance buyer and the insurance enterprise can agree to change the premium payment term or agree to owe the premium without collateral or guarantee payment of premiums when meeting the requirements. fulfill the following conditions :

- The policyholder or insurance enterprise (including head office, branch, representative office, business location) in localities applying social distancing as prescribed in Directive 15/CT- TTg , Directive 16/CT-TTg or areas with medical isolation, blockade of outbreaks to control the COVID-19 epidemic according to the document of the competent authority or the locality to determine the level of the COVID-19 epidemic- 19 is a very high risk, a high risk according to the provisions of Resolution 128/NQ-CP on the provisional provision of "Safe adaptation, flexibility, effective control of the COVID-19 epidemic".

- The policyholder incurs an obligation to pay the premium during the period from January 1, 2021 until the Prime Minister announces the end of the COVID-19 epidemic.

In no event shall the term of premium payment exceed the period of coverage under the insurance policy.

Circular 14/2022/TT-BTC takes effect from February 28, 2022.

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