Upcoming new Decree on Mandatory Civil Liability Insurance for Motor Vehicle Owners

Nguyen Trinh

09:52, 10/07/2024

Recently, the Ministry of Finance issued Notice 349/TB-BTC regarding the improvement of policies, strengthening of management, and supervision to enhance the quality of compulsory civil liability insurance for motor vehicle owners.

In this Notification, Minister Dinh Tien Dung delegated the Insurance Management and Supervision Department to urgently complete and submit to the Ministry and the Government of Vietnam a draft Decree on compulsory civil liability insurance for motor vehicle owners (replacing Decree 103/2008/ND-CP, dated September 16, 2008 of the Government of Vietnam) in May 2020, aiming to simplify procedures, facilitate compensation payments for insured entities, and enhance post-supervision to prevent insurance fraud.

Additionally, it is required to urgently establish specialized inspection teams in May 2020 for compulsory civil liability insurance (CPLI) of motor vehicle owners, with a focus on compulsory CPLI for motorcycle and moped owners, for the period 2018-2019, targeting large market share insurance businesses.

For further details, please refer to: Notification 349/TB-BTC issued on May 22, 2020.

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