Determination of Pure Insurance Premium Rates for Motor Vehicles

07:53, 11/07/2024

This is the newly added content in Circular 50/2017/TT-BTC detailing Decree 73/2016/ND-CP on guiding the Law on Insurance Business (Insurance).

The Ministry of Finance is responsible for checking the conformity of products with the pure insurance premium rates announced by the Ministry of Finance for motor insurance products to determine insurance premiums. To be specific:

- The pure insurance premium rate is the fee that ensures the fulfillment of obligations committed to the insurance buyer, corresponding to the basic insurance conditions and responsibilities of non-life insurance enterprises and foreign branches; it is determined based on the statistical data of insurance enterprises.- The pure insurance premium rate does not include the following costs:- Value-added tax;- Contributions from non-life insurance enterprises and foreign branches to enhance the management and supervision of the insurance market;- Mandatory provisions according to legal regulations;- Insurance commission expenses;- Other business operation costs of insurance, enterprise management expenses, and expected profits.

Circular 50/2017/TT-BTC is effective from July 01, 2017.

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