Decision No. 28/2007/QD-BTC On Issuing Rules and Premium Rates for Compulsory Fire and Explosion Insurance

DECISION

Regarding the issuance of the Rules and Premium Schedule for Compulsory Fire and Explosion Insurance

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THE MINISTER OF FINANCE

Pursuant to the Law on Insurance Business No. 24/2000/QH10 dated December 9, 2000;

Pursuant to the Government Decree No. 45/2007/NĐ-CP dated March 27, 2007 detailing the implementation of certain provisions of the Law on Insurance Business;

Pursuant to the Government Decree No. 77/2003/NĐ-CP dated August 1, 2003 stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to the Government Decree No. 35/2003/NĐ-CP dated April 4, 2003 detailing the implementation of certain provisions of the Law on Fire Prevention and Fighting;

Pursuant to the Government Decree No. 130/2006/NĐ-CP dated November 8, 2006 stipulating the compulsory fire and explosion insurance system;

At the proposal of the Head of the Insurance Department.

DECISION:

Article 1. The Rules and Premium Schedule for Compulsory Fire and Explosion Insurance are hereby issued together with this Decision.

Article 2. Based on ensuring payment capability, insurance companies are authorized to adjust the premium level up or down within 25% compared to the Premium Schedule issued in this Decision, in accordance with the conditions and terms of the concluded insurance contracts.

Article 3. For facilities with specific fire and explosion hazards not adequately addressed in the Rules and Premium Schedule issued by the Ministry of Finance, insurance companies and policyholders may negotiate the insurance conditions and premiums to promptly conduct insurance and must report to the Ministry of Finance for monitoring and management.

Article 4. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

Article 5. The Head of the Insurance Department, the Director of the Ministry of Finance’s Office, and the Heads of related units shall be responsible for inspecting and supervising the implementation of this Decision./.