Decision No. 21/2017/QĐ-TTg On Insurance Payment Limits

DECISION

ON THE LIMIT OF INSURANCE PAYMENT

Pursuant to the Law on Government Organization dated June 19, 2015;

Pursuant to the Law on Deposit Insurance dated June 18, 2012;

Pursuant to Decree No. 68/2013/NĐ-CP dated June 28, 2013 of the Government detailing and guiding implementation of the Law on Deposit Insurance;

At the proposal of the Governor of the State Bank of Vietnam;

The Prime Minister issues this Decision on the limit of insurance payment.

Article 1. Scope of Regulation

This Decision stipulates the limit of insurance payment as provided for in Clause 2, Article 24 of the Law on Deposit Insurance.

Article 2. Applicability

1. Insured depositors.

2. Organizations participating in deposit insurance.

3. Deposit insurance organizations.

4. Other agencies, organizations and individuals related to deposit insurance activities.

Article 3. Limit of Insurance Payment

The amount of insurance paid for all insured deposits (including principal and interest) of an individual at a participating organization shall not exceed seventy-five million Vietnamese dong (VND 75,000,000).

Article 4. Effective Date

This Decision takes effect from August 5, 2017.

Article 5. Implementation

Ministers, Heads of ministerial-level agencies and government-affiliated agencies, Chairmen of the Board of Directors and General Managers of Vietnam Deposit Insurance Corporation, Chairmen of the Board of Directors, Chairmen of the Board of Members and General Managers (Directors) of credit organizations and foreign bank branches, and Heads of relevant agencies, organizations, and units are responsible for implementing this Decision./.