Tasks and entitlements of organizational structure of the Motor Vehicle Insurance Fund in Vietnam

Tasks and entitlements of organizational structure of the Motor Vehicle Insurance Fund (MVIF) in Vietnam are specifically stipulated in Article 20 of Decree 67/2023/ND-CP:

Tasks and entitlements of the Management Council of MVIF in Vietnam

- Be responsible before the law, to the Minister of Finance for management and operation of MVIF.

- Promulgate working regulations of the Management Council, Executive Board and Board of Controllers.

- Promulgate specific regulations on management and use of MVIF; approve cost estimates and statements of MVIF.

- Decide rates of contribution to MVIF and notify insurers and the Ministry of Finance.

- Supervise, manage, operate, use, develop and maintain databases on compulsory civil liability insurance by motor vehicle owners.

- Develop and implement policies on management, access, administration, data update, use and security of databases on compulsory civil liability insurance by motor vehicle owners.

- Cooperate with insurers in consolidating proposals for upgrading and completing databases on compulsory civil liability insurance by motor vehicle owners; adjusting and completing system configuration and developing projects on connecting and upgrading databases on compulsory civil liability insurance by motor vehicle owners.

- Check, monitor, urge periodic update of information and data of insurers; receive and consolidate and deal with difficulties and proposals of insurers as prescribed.

- Be in charge of guiding insurers to develop databases on compulsory civil liability insurance by motor vehicle owners.

- Promulgate procedures and applications for expenditure for humanitarian assistance, refund of indemnities advanced by insurers.

- Issue a decision on establishment of Executive Board and Board of Controllers.

- Submit reports on approved cost estimates and statements of MVIF to the Ministry of Finance.

Tasks and entitlements of organizational structure of the Motor Vehicle Insurance Fund in Vietnam (Internet image)

Tasks and entitlements of the Executive Board of Motor Vehicle Insurance Fund in Vietnam

- Be responsible before the Law and to the Management Council for management, use, payment and settlement of MVIF.

- Abide by regulations on management and use of MVIF according to plans approved by the Management Council, comply with regulations herein, do not allocate MVIF for other purposes.

- Be responsible for urging insurers or revoking licences from insurers failing to make adequate and timely contributions as prescribed.

Tasks and entitlements of the Board of Controllers of Motor Vehicle Insurance Fund in Vietnam

- Supervise operations of MVIF to ensure compliance with regulations of law and regulations herein.

- Quarterly and annually collect reviews and proposals regarding financial analyses of MVIF and submit them to the Management Council.

- Inspect the management and use of MVIF at the request of the Management Council.

Mai Thanh Loi

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