What are the rights and obligations of policyholder in Vietnam?

Rights of policyholder in Vietnam

Pursuant to the provisions of Clause 1, Article 21 of the Law on Insurance Business 2022, the policyholder shall have the following rights:

- Decide on the insurer or the foreign non-life insurer’s branch with which the policyholder may conclude the insurance contract;

- Request the insurer or the foreign non-life insurer’s branch to provide proposal and questionnaire related to risks covered against, subject matters insured, rules, terms and conditions of insurance, and interpret contractual terms and conditions;

- Request the insurer or the foreign non-life insurer's branch to provide proof of conclusion of the insurance contract referred to in Article 18 of the Law on Insurance Business 2022;

- Request the insurer or the foreign non-life insurer's branch to issue premium invoices as agreed upon in the insurance contract and stipulated in regulatory provisions of relevant law;

- Revoke the insurance contract under clause 3 of Article 22 and 35 or unilaterally terminate the insurance contract under Article 26 of the Law on Insurance Business 2022;

- Request the insurer or the foreign non-life insurer's branch to pay insurance claims or coverage or indemnity in case of any policy event that occurs;

- Transfer the insurance contract under contractual terms and conditions or as provided by law;

- Other rights stipulated by law.

What are the rights and obligations of policyholder in Vietnam? (Internet image)

Obligations of policyholder in Vietnam

Pursuant to the provisions of Clause 2, Article 21 of the Law on Insurance Business 2022, the policyholder shall take on the following obligations:

- Provide all full and accurate information related to the insurance contract upon the request of the insurer or the foreign non-life insurer's branch;

- Carefully read and understand policy terms and conditions, rights and obligations of the policyholder when entering into the insurance contract, and other contents of the insurance contract;

- Pay insurance premiums in full and on time under contractual terms and conditions;

- Inform the insurer or the foreign non-life insurer’s branch of cases in which it is likely to assume aggregated or alleviated risks or additional liability during the contract term as agreed upon in the insurance contract;

- Inform the insurer or the foreign non-life insurer’s branch of occurrence of any policy event as agreed upon in the insurance contract; cooperate with the insurer or the foreign non-life insurer’s branch on insurance loss assessment;

- Apply loss prevention and control measures in accordance with this Law and other regulatory provisions of relevant law;

- Other obligations prescribed by law.

Mai Thanh Loi

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