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Vietnam: 03 contents to be amended and supplemented in the Law on Insurance Business 2000

Thúy Trọng

17:26, 07/06/2021

Below is the remarkable content at Decision 889/QD-TTg promulgating the List of legal documents that need to be amended, supplemented and newly issued of the Prime Minister of Vietnam.

According Decision, the contents that need to be amended, supplemented and promulgated in Vietnam's Law on Insurance Business include:

To amend and supplement contents on organizational model, financial management model for insurance enterprises, insurance contract regulations, regulations on insurance fraud prevention and control in Vietnam.
To amend Clause 2, Article 19, Clause 1, Article 22, and Clause 2, Article 34 relating to contract performance, rights and obligations of the parties in the insurance contract and supplement provisions on specific related rights and obligations to fill the gap in the Law in Vietnam.
To amend Article 30 of Vietnam's Law on Insurance Business 2000 and a number of other legal documents with provisions on statute of limitations to ensure the consistency of the legal system on the statute of limitations for initiating lawsuits.

Vietnam's Decision 889/QD-TTg takes effect from June 7, 2021.

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