What is the limit of premium payment under the law in Vietnam? - Anh Quan (Binh Thuan)
Vietnam: What is the limit of premium payment? (Internet image)
Regarding this issue, LawNet would like to answer as follows:
Specifically, Article 24 of the Law on Deposit Insurance 2012, Article 3 of Decision 32/2021/QD-TTg stipulates the deposit insurance payment limit as follows:
The limit of premium payment is the maximal amount that the deposit insurance organization shall make payment for all insured deposits of a person at a deposit insurance participating organization upon the arising obligations of premium payment
The maximum amount paid by the deposit insurance organization for all insured deposits according to the provisions of the Deposit Insurance Law (including principal and interest) of a person at an organization participating in deposit insurance when the obligation to pay insurance money arises is 125,000,000 VND (one hundred twenty-five million VND).
Pursuant to Article 25 of the Law on Deposit Insurance 2012, the deposit insurance amount to be paid is as follows:
- The premium paid to all insured deposits of a person at an deposit insurance participating organization including the principal and interest maximally equal to the limit of premium payment prescribed in Article 24 of the Law on Deposit Insurance 2012.
- The premium paid in case many people jointly own the insured deposits is defined as follows:
+ The premium paid to all insured deposits of many people jointly owning at a deposit insurance participating organization the principal and interest maximally equal to the limit of premium payment paid to one person prescribed in Article 24 of the Law on Deposit Insurance 2012.
The premium paid will be divided by agreement of the co-owners; in case there is no agreement or no agreement reached between the co-owners, the settlement shall apply the provisions in accordance with the law;
+ Where one of the co-owners has other insured deposit accounts at the same deposit insurance participating organization, the total amount paid to a co-owner shall not exceed the limit of premium payment;
- Where the insured person has a debt at the deposit insurance participating organization, the insured deposit is the remaining amount after deducting that debt.
According to Article 26 of the Law on Deposit Insurance 2012, the procedures for premium payment are prescribed as follows:
- Within 10 working days from the arising time of the premium payment obligation, the deposit insurance participating organization must send the dossier to request the payment of premium to the deposit insurance organization.
The dossier to request the payment of premium includes the written request of the premium payment, the list of insured persons of deposit, the deposit of each insured person and the premium to request the deposit insurance to make payment.
- Within 05 working days after receiving complete dossiers as prescribed in Clause 1 of Article 26 of the Law on Deposit Insurance 2012, the deposit insurance organization shall verify the documents and books to determine the amount to be paid.
- Within 10 working days after the end day of inspection specified in clause 2 of Article 26 of the Law on Deposit Insurance 2012, the deposit insurance organization must have a plan to pay a premium to the insured persons of deposit; publicly announce the location, time, mode of payment of premium on three consecutive issues of a central newspaper, a local newspaper where located the head office and the branches of the deposit insurance participating organization and on website of a Vietnamese newspaper; listing the list of insurance payees at the announced locations.
- Upon receipt of premium, the insured persons of deposit must produce the evidencing papers of the legal ownership with respect to the insured deposits at the deposit insurance participating organization.
- The deposit insurance organization shall directly make payment of premium to the insured persons of deposit or authorize another deposit insurance participating organization to make payment.
- After a period of 10 years from the date the deposit insurance organization has announced the first time the payment of premium, the unclaimed premium shall be established the state ownership and added to the operating capital of the deposit insurance organization.
The person who has the ownership of the insured deposit shall not have the right to request the deposit insurance organization to return that premium.
Ho Quoc Tuan
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