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THE
GOVERNMENT
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THE
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
119/2015/ND-CP
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Hanoi,
November 13, 2015
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DECREE
PROVIDING
FOR COMPULSORY INSURANCE FOR CONSTRUCTION INVESTMENT ACTIVITIES
Pursuant to the Law on Government Organization
dated December 25, 2001;
Pursuant to the Law on Insurance Business dated
December 9, 2000;
Pursuant to the Law on amendments to the Law on
Insurance Business dated November 24, 2010;
Pursuant to the Law on Construction dated June
18, 2014;
After considering the request of the Minister of
Finance,
The Government hereby introduces this Decree
that stipulates the compulsory insurance for construction investment
activities.
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GENERAL PROVISIONS
Article 1. Scope of application
This Decree shall provide for responsibilities for
participation in a compulsory insurance program, conditions for sale or
purchase of compulsory insurance, sum assured, rules of determination of
insurance premiums and governmental authority to regulate compulsory insurance
for construction investment activities.
Article 2. Applicable entities
This Decree shall apply to:
1. Project owners, contractors (if construction
insurance premiums are included in the contractual price).
2. Consultancy service contractor.
3. Engineering construction contractors.
4. Non-life insurance enterprises, branches of
foreign non-life insurance enterprises (hereinafter referred to as insurance
enterprises), reinsurance enterprises.
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Article 3. Rules of
participation in compulsory insurance for construction investment activities
1. Insurance enterprises, reinsurance enterprises,
reinsurance assuming enterprises, and foreign reinsurance assuming
organizations, must meet regulatory conditions for sale of compulsory insurance
for construction investment activities as defined in Section 2 Chapter II
hereof.
2. An insurance enterprise shall provide compulsory
insurance for their construction investment activities on conditions that an
insurance buyer fully meets regulatory requirements relating to construction
investment capability as stipulated by the Construction Law and other relevant
laws and regulations.
3. Project owners, consultancy service contractors
and engineering construction contractors (hereinafter referred to as insurance
buyer), and insurance enterprises, shall sell and purchase compulsory insurance
for construction investment activities under regulations on liabilities,
insurance premiums and sums assured referred to in this Decree and instructions
set out by the Ministry of Finance.
4. Costs paid for purchase of compulsory insurance
for construction investment activities shall comply with the following
regulations:
a) With respect to construction insurance which is
valid during a construction period: Insurance premiums shall be included in the
construction investment outlay;
b) With respect to professional liability insurance
for construction investment consultancy: insurance premiums shall be included
in the cost price of provision of consultancy service;
c) With respect to employees working at
construction sites: Insurance premiums shall be included in production and business
costs.
5. In addition to participating in compulsory
insurance for construction investment activities under regulations on
liabilities, insurance premiums and sums assured laid down in this Decree,
insurance buyers are able to participate in insurance with liabilities,
insurance premiums and sums assured which are higher on the basis of
arrangements with insurance enterprises and in compliance with laws and
regulations. Additional costs that may be incurred by buying insurance (if any)
shall be consistent with paragraph 4 of this Article.
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7. Organizations or individuals that do not belong
to entities required to participate in compulsory insurance under the
provisions of this Decree shall buy compulsory insurance for their construction
investment activities on the basis of arrangements with insurance enterprises
and in compliance with relevant laws and regulations.
Chapter II
SPECIFIC PROVISIONS
Section 1. LIABILITIES FOR
PARTICIPATION IN COMPULSORY INSURANCE FOR CONSTRUCTION INVESTMENT ACTIVITIES
Article 4. Entities required to
buy compulsory insurance for construction investment activities
1. Except for construction works related to
national defence, security and state secret, project owners or contractors that
fall within the case in which construction insurance premiums have been
included in the contractual price must buy construction insurance which is
valid during the construction period with respect to the following construction
works:
a) Construction projects or project items which
have certain impacts on public safety as stipulated by Appendix II of the
Government’s Decree No. 46/2015/ND-CP dated May 12, 2015 on construction
quality management and maintenance and written amendments, modifications or
substitutions (if any);
b) Construction projects having significant
environmental impacts that belong to the list of projects subject to
environmental impact assessment under the provisions of the Appendix II and III
of the Government's Decree No. 18/2015/ND-CP dated February 14, 2015 on the
scheme for environmental protection, strategic environmental assessment,
environmental impact assessment and the plan for environmental protection in
association with written amendments, modifications or substitutions (if any);
c) Construction projects which have particular
technical specifications and are subject to complicated construction
requirements in accordance with laws on construction and other relevant
legislation.
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3. Engineering construction contractors must buy
insurance policies for employees working at construction sites.
Article 5. Insurance validity
period
1. The validity period of construction insurance
during the construction progress means the specific time period from the
opening date to the closing date of construction activities with reference to
the investment decision (even including any modification or amendment if
possible) issued by a competent authority and agreed upon in an insurance
contract
2. Professional liability insurance for
construction consultancy service shall be valid from the date on which agreed
construction consultancy service is rendered to the date on which the warranty
term of construction works ends in accordance with laws.
3. Insurance for employees working at construction
sites shall be valid from the date on which they start performing their work to
the date on which the warranty term of construction works ends in accordance
with laws. The determination of specific validity period of insurance for
employees working at construction sites shall be consistent with their
employment contracts.
Article 6. Scope of insurance
coverage and denial of coverage
1. Scope of insurance coverage
a) With respect to insurance for works in progress:
An insurance enterprise shall perform its duty to provide insurance cover
against losses, claims or damages that may arise from all risks, except for losses
referred to in paragraph 2 of this Article.
b) With respect to professional liability insurance
for construction investment consultancy: An insurance enterprise shall pay a
construction consultancy contractor sums as an insurance cover which such contractor
has its duty to provide a damage against losses or claims for a third party and
pay related statutory costs incurred from provision of a construction
consultancy service, except for losses or damages stipulated in paragraph 2 of
this Article;
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2. Denial of coverage
Insurance enterprises shall not have duties to pay
insurance cover against the following losses or damages
a) Those that arise from intentional acts;
b) Those which are not incidental ones;
c) Those which are not quantified by monetary
amounts;
d) Catastrophic losses or damages;
dd) Those that arise from the case in which
insurance buyers have no insurable interests.
3. The Ministry of Finance shall provide guidance
on implementation of paragraph 1 and 2 of this Article.
Section 2. CONDITIONS FOR SALE
OR PURCHASE OF COMPULSORY INSURANCE FOR CONSTRUCTION INVESTMENT ACTIVITIES
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Insurance enterprises and reinsurance enterprises
shall be allowed to sell compulsory insurance for construction investment
activities provided that they meet the following conditions:
1. Hold permits for establishment and operation in
which property and loss insurance, liability insurance (with respect to
insurance enterprises), and non-life reinsurance (with respect to reinsurance
enterprises), are licensed.
2. Meet requirements as to financial capability and
professional competence of staff members as prescribed by the Law on Insurance
Business and other instructional documents.
Article 8. Conditions with
respect to reinsurance assuming enterprises or foreign reinsurance assuming
organizations
As for outbound reinsurance activities, insurance
enterprises and reinsurance enterprises must provide reinsurance for
reinsurance assuming enterprises and foreign reinsurance assuming organizations
that meet the following conditions:
1. Legally operating within the territory of the
country where these enterprises' main offices are located.
2. Attain the minimum rank of “BBB” accredited by
Standard & Poor’s or “B++” accredited by A.M.Best or the equivalent ranks
accredited by other organizations that have competence and experience in rating
in the financial year closest to the reinsurance assuming year.
Article 9. Retained liability
In order to ensure the financial safety for
insurance enterprises and reinsurance enterprises and interests offered to
insurance buyers, in reliance on financial capability and risk assessment
result, insurance enterprises and reinsurance enterprises shall decide to
provide compulsory insurance or reinsurance for construction investment
activities as follows:
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2. If an insurance enterprise cedes reinsurance
under a fronting arrangement, the maximum rate of such reinsurance cession is
90% of total insurance coverage.
Section 3. SUM ASSURED, RULES OF
DETERMINATION OF INSURANCE PREMIUM
Article 10. Sum assured
1. With respect to insurance for works in progress:
The sum assured is the full value of construction works upon completion but
shall not be allowed to be lower than total construction contract value,
including the value subject to amendments or revisions (if any).
2. With respect to professional liability insurance
for construction investment consultancy: The sum assured equals consultancy and
design contract value.
3. With respect to insurance for employees working
at construction sites: The sum assured equals VND 100
million/policyholder/case. The specific coverage provided for employees that
suffer injury or death caused by work accidents or occupational diseases shall
be governed under the direction of the Ministry of Finance.
Article 11. Rules of
determination of insurance premiums
Insurance premiums paid for compulsory insurance
for construction investment activities must be determined by consulting
statistical data and payment capacity of insurance enterprises and must be
consistent with the guidance on insurance conditions, scope of insurance
coverage and sum assured provided by the Ministry of Finance.
Chapter III
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Article 12. Responsibilities
of the Ministry of Finance
1. Issue rules and regulations on insurance and
insurance premiums which apply to the following compulsory insurance products:
a) Insurance for construction works in progress;
b) Professional liability insurance for
construction consultancy service;
c) Insurance for employees working at construction
sites.
2. Provide guidance on implementation of reporting,
statistical and financial policies for insurance enterprises and reinsurance
enterprises during their sale of compulsory insurance for construction
investment activities.
3. Take charge of and collaborate with the Ministry
of Construction, relevant Ministries and industry authorities and People’s
Committees of centrally-affiliated cities and provinces in providing guidance
on and encouraging participation in compulsory insurance for construction
investment activities as stipulated by this Decree.
4. Manage, supervise, inspect, examine and handle
complaints, accusations, and impose penalties for administrative violations of
insurance enterprises, reinsurance enterprises that commit violations against
regulations on compulsory insurance for construction investment activities in
accordance with laws.
Article 13. Responsibilities
of the Ministry of Construction
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2. Provide guidance on the method of inclusion of
insurance costs in construction investment costs.
3. Cooperate with the Ministry of Finance, relevant
Ministries and industry authorities in providing guidance on and encouraging
participation in compulsory insurance for construction investment activities.
4. Take charge of and collaborate with competent
authorities in examining, inspecting and handle complaints, accusations, and
impose penalties for administrative violations with respect to insurance buyers
that commit violations against regulations on compulsory insurance for
construction investment activities in accordance with laws.
Article 14. Responsibilities
of Ministries and industry authorities
1. Collaborate with the Ministry of Construction in
issuing regulations and providing guidance, within their jurisdiction, relating
to construction projects which have particular technical specifications and
complicated construction conditions.
2. Cooperate with the Ministry of Finance, relevant
Ministries and industry authorities in providing guidance on and encouraging
participation in compulsory insurance for construction investment activities.
3. Ministries, ministerial-level agencies, and
governmental bodies, shall be responsible for carrying out examination of,
providing guidance on and implementation of regulations on compulsory insurance
for construction investment activities within their jurisdiction under the
provisions of this Decree.
Article 15. Responsibilities
of People’s Committees of centrally-affiliated cities and provinces
Carrying out dissemination of this Decree and
collaborate with the Ministry of Finance and the Ministry of Construction in
implementing policies on compulsory insurance for construction investment
activities and applying contingency measures and measures to mitigate losses or
damages.
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IMPLEMENTARY PROVISIONS
Article 16. Transitional
provisions
Insurance contracts for construction investment activities
which have been underwritten before entry into force of this Decree shall be
continued in accordance with laws as at the contract-underwriting date.
Article 17. Effect
This Decree shall enter into force from February
10, 2016.
Article 18. Responsibilities
for implementation
1. The Ministry of Finance shall take charge of and
collaborate with relevant Ministries, industry authorities in implementing this
Decree.
2. Ministers, Heads of Ministerial-level agencies,
Heads of governmental bodies, Presidents of People’s Committees of
centrally-affiliated cities and provinces, and related organizations or
individuals, shall be responsible for enforcing this Decree./.
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PP.
THE GOVERNMENT
THE PRIME MINISTER
Nguyen Tan Dung