Is it compulsory to buy professional liability insurance for notaries in Vietnam?

Nội dung chính

• Is it compulsory to buy professional liability insurance for notaries in Vietnam?
• Who is responsible for purchasing professional liability insurance for notaries in Vietnam?

Is it compulsory to buy professional liability insurance for notaries in Vietnam?

According to the provisions of Article 37 of the Law on Notary 2014, the professional liability insurance of notaries is as follows:

1. Notary professional liability insurance is a type of compulsory insurance. The purchase of professional liability insurance for notaries must be maintained throughout the operation period of the notarial practice organization.

2. Notarial practice organizations are obliged to purchase professional liability insurance for notaries practicing in their organizations.

Within 10 working days from the date of purchase of insurance or from the date of change or extension of the insurance contract, the notary practice organization is responsible for notifying and sending a copy of the insurance contract or replacement contract. change and extend the professional liability insurance contract of the notary to the Department of Justice.

3. The Government shall detail insurance conditions, premium rates and minimum insurance amounts for notary's professional liability insurance.

Thus, the purchase of professional liability insurance for notaries in notarial practice organizations is mandatory in Vietnam.

Who is responsible for purchasing professional liability insurance for notaries in Vietnam?

Pursuant to Article 19 of Decree 29/2015/ND-CP stipulating the principles of insurance participation as follows:

1. Notary-practicing organizations directly purchase or may authorize socio-professional organizations of notaries to purchase professional liability insurance for their notaries.

2. The time to purchase professional liability insurance for notaries is 60 days at the latest from the date the notary of a notary-practicing organization is registered to practice.

3. Funds for the purchase of professional liability insurance for notaries of the Notary Public Office are deducted from the career development fund or from other lawful funding sources as prescribed by law.

Accordingly, a notary-practicing organization will directly purchase or may authorize a social-professional organization of a notary to purchase professional liability insurance for its notary, which is not a public notary. The witness buys professional liability insurance in Vietnam.

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