Headlines 16/11/2021 14:41 CH

Self-formatted certificates of compulsory fire and explosion insurance are now allowed

Ninh Thương

On November 8, 2021, the Government issues the Decree No. 97/2021/ND-CP, amending the Decree No. 23/2018/ND-CP dated February 23, 2018 on compulsory insurance fire and explosion insurance.

According to this document, the certificate of fire and explosion insurance is subject to the following regulations:

- Insurance companies are bound to issue certificates of fire and explosion insurance to policyholders.

- Certificates of compulsory fire and explosion insurance may be generated by insurers by themselves and must contain the following information:

+ Name and address of the insurance company, the policyholder and the insured;

+ Identifying which list of facilities exposed to the risk of fire and explosion compiled by law on fire prevention and fighting the covered property belongs to;

+ Address of the covered property;

+ Covered property;

+ Amount of coverage;

+ Insurance deductible;

+ Insurance policy period;

+ Premium rate, premium;

+ Name, address, hotline of the insurance company; (This is a new regulation)

+ Date of issuance of the certificate of insurance.

- Where certificates of insurance are issued, insurance companies must comply with regulations of the Law on Electronic Transactions and other instructional documents;

e-Certificates of insurance must strictly comply with current regulations and show all aforesaid information.

Therefore, instead of using the sample Certificate of compulsory fire and explosion insurance stated in Appendix I to the Decree No. 23/2018/ND-CP insurance companies will be entitled to self-generate their own ones.

Decree No. 97/2021/ND-CP is entering into force as of December 23, 2021.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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