Circular No. 329/2016/TT-BTC guides the implementation of certain provisions of Government Decree No. 119/2015/NĐ-CP dated November 13, 2015 on mandatory insurance in investment construction activities.

CIRCULAR

GUIDELINES FOR IMPLEMENTING CERTAIN PROVISIONS OF THE DECREES NO. 119/2015/NĐ-CP OF NOVEMBER 13, 2015 ISSUED BY THE GOVERNMENT ON COMPULSORY INSURANCE IN INVESTMENT AND CONSTRUCTION ACTIVITIES

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Pursuant to the Law on Insurance Business No. 24/2000/QH10;

Pursuant to the Law Amending and Supplementing Certain Provisions of the Law on Insurance Business No. 61/2010/QH12;

Pursuant to the Construction Law No. 50/2014/QH13;

Pursuant to Decree No. 215/2013/NĐ-CP dated December 23, 2013, promulgated by the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decree No. 119/2015/NĐ-CP dated November 13, 2015 issued by the Government on compulsory insurance in investment and construction activities;

At the proposal of the Director of the Department of Management and Supervision of Insurance;

The Minister of Finance promulgates this Circular guiding the implementation of certain provisions of Decree No. 119/2015/NĐ-CP dated November 13, 2015 issued by the Government on compulsory insurance in investment and construction activities.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular provides guidance on:

1. Rules, terms, premium rates, financial regulations, and reporting requirements for compulsory insurance in investment and construction activities include: construction project insurance during the construction period, professional liability insurance for investment and construction consultancy, and insurance for workers working on construction sites.

2. Implementation of civil liability insurance for third parties.

Article 2. Applicability

This Circular applies to:

1. Investment project owners, contractors in investment and construction activities (in cases where construction project insurance premiums are included in the contract price).

2. Consulting contractors.

3. Construction contractors.

4. Non-life insurance companies, branches of foreign non-life insurance companies (hereinafter referred to as "insurance companies"), reinsurance companies.

5. Other agencies, organizations, and individuals related to compulsory insurance in investment and construction activities.

Article 3. Explanation of Terms

In this Circular, the following terms shall be understood as follows:

1. Handover means the handover of construction projects as stipulated in Article 124 of the Construction Law.

2. Insured party includes the following organizations and individuals:

a) Project owner (for construction project insurance during the construction period).

b) Consulting contractor (for professional liability insurance for investment and construction consultancy).

c) Construction contractor (for insurance for workers working on construction sites).

3. Third party (for professional liability insurance for investment and construction consultancy) refers to the party suffering bodily injury, life, or property damage related to design or construction survey work, excluding insurance companies, insured parties, and beneficiaries.

4. Occupational disease is defined in Article 143 of the Labor Code.

5. Project sponsors is the project owner or contractor in investment and construction activities (in cases where construction project insurance premiums are included in the contract price).

6. Project Owner is an agency, organization, or individual owning capital, borrowing capital, or directly managing and using capital to implement investment and construction activities for projects and sub-projects that affect community safety, large-scale projects impacting the environment, projects with special technical requirements, and complex construction conditions (excluding projects related to national defense, security, and state secrets) as stipulated in Clause 1, Article 4 of Decree No. 119/2015/NĐ-CP dated November 13, 2015 issued by the Government on compulsory insurance in investment and construction activities (hereinafter referred to as Decree No. 119/2015/NĐ-CP).

7. Construction project during the construction period is a construction project as defined in Clause 10, Article 3 of the Construction Law.

8. Putting into use means operating and utilizing the construction project.

9. Deductible amount is a fixed amount or percentage (%) of the insurance compensation amount that the insured party must bear in each insurance event, specifically as follows:

a) For construction project insurance during the construction period: The deductible amount specified in Subpoint c, Point 1, Section I of Appendix 7 issued together with this Circular (for projects as defined in Subpoint a, Clause 1, Article 15 of this Circular) or Subpoint c, Point 1, Section II of Appendix 7 issued together with this Circular (for projects as defined in Subpoint b, Clause 1, Article 15 of this Circular).

b) For professional liability insurance for investment and construction consultancy: The deductible amount specified in Point b, Clause 1 of Appendix 8 issued together with this Circular.

10. CONSULTANCY CONTRACTOR is a consulting contractor for construction surveys, and a consulting contractor for construction designs of construction projects at level II or higher.

11. Contractor in investment and construction activities is an organization or individual possessing the necessary qualifications for construction activities and construction professions when participating in contractual relationships in investment and construction activities for projects and sub-projects as stipulated in Clause 1 of this Article.

12. Beneficiary includes the following organizations and individuals:

a) Project owner, contractor in investment and construction activities (main contractors and subcontractors), other organizations and individuals with rights and interests related to construction projects during the construction period (for construction project insurance during the construction period).

b) Consulting contractors, other organizations and individuals involved in construction survey and design work of consulting contractors (for professional liability insurance for investment and construction consultancy).

c) Construction contractors, including main contractors and subcontractors (for insurance for workers working on construction sites).

13. Employee refers to the subjects defined in Clause 1, Article 3 of the Labor Code.

14. Work-related accident is defined in Article 142 of the Labor Code.

15. Accidents in construction works is an incident as defined in Clause 34, Article 3 of the Construction Law.

Article 4. Rules, insurance clauses, and premium schedules for mandatory insurance in investment and construction activities

1. Insurance rules are a collection of provisions constituting insurance clauses for mandatory insurance in investment and construction activities as prescribed in this Circular.

2. Insurance clauses are specific contents of the provisions for mandatory insurance in investment and construction activities, including:

a) Insurance clause for construction projects during the construction period.

b) Insurance clause for professional liability of investment and construction consulting.

c) Insurance clause for workers working on construction sites.

3. Premium schedules and additional premiums are stipulated as follows:

a) For insurance of construction projects during the construction period: As specified in Appendix 7 attached to this Circular.

b) For insurance of professional liability of investment and construction consulting: As specified in Appendix 8 attached to this Circular.

c) For insurance of workers working on construction sites: As specified in Appendix 9 attached to this Circular.

4. In addition to participating in mandatory insurance in investment and construction activities according to the insurance clauses, premiums, and minimum insurance amounts prescribed in this Circular, insurance companies and policyholders may negotiate to expand insurance clauses, higher insurance amounts, and corresponding premiums in the insurance contract in accordance with the provisions of the law.

Article 5. Exclusions from Insurance Liability

1. The insurance company shall not be liable for compensation for losses arising from the following:

a) Losses arising from intentional acts, such as:

- Losses arising from riots, strikes, actions of hostile forces.

- Losses arising from the intentional violation of the law by the policyholder or the insured person (this provision does not apply to insurance for workers working on construction sites when the worker acts in self-defense, rescues people or property, or uses stimulants under a doctor's prescription).

- Losses arising from design errors of the consulting contractor for construction projects (this provision only applies to insurance of construction projects during the construction period).

- Losses arising from the consulting contractor intentionally selecting construction methods, calculations, measurements, designs, using untested materials, or advising the use of asbestos or materials containing asbestos (this provision only applies to insurance of professional liability of investment and construction consulting).

b) Non-random losses, such as:

- Losses due to corrosion, wear, oxidation, rotting, scaling (such as rusting, sedimentation, or similar phenomena), defects in raw materials (this provision only applies to construction projects as specified in point a, Clause 1, Article 15 of this Circular).

- Losses due to corrosion, wear, oxidation, or defects in raw materials (this provision only applies to construction projects as specified in point b, Clause 1, Article 15 of this Circular).

c) Losses that cannot be quantified in monetary terms, such as:

Losses to data, software, and computer programs used by the consulting contractor to perform survey and design work (this provision only applies to insurance of professional liability of investment and construction consulting).

d) Catastrophic losses, such as:

- Losses arising from war, terrorist acts, nuclear reactions, radioactive contamination, radiation exposure.

- Losses arising from survey and design consulting leading to environmental pollution and contamination affecting third parties (this provision only applies to insurance of professional liability of investment and construction consulting).

đ) Losses occurring when the policyholder does not have insurable interests as stipulated in Clause 9, Article 3 of the Law on Insurance Business.

2. The insurance company shall be responsible for negotiating with the policyholder and clearly stating in the insurance contract the cases of exclusion from insurance liability as guided in Clause 1 of this Article and other exclusions from insurance liability (if any) belonging to the losses specified in Clause 2, Article 6 of Decree No. 119/2015/NĐ-CP and in compliance with the provisions of the law.

Article 6. Procedure for entering into insurance contracts

The procedure for entering into compulsory insurance contracts in investment and construction activities shall be carried out as follows:

1. Step 1: The insured party provides complete information to the insurance company in accordance with the following provisions:

a) Fill in all required information on the Insurance Application Form in accordance with the prescribed model as follows:

- For construction project insurance during the construction period: Model prescribed in Appendix 1 issued together with this Circular.

- For professional liability insurance for investment and construction consultancy: Model prescribed in Appendix 2 issued together with this Circular.

- For workers' construction site insurance: Model prescribed in Appendix 3 issued together with this Circular.

b) Provide the insurance company with related documents listed in the Insurance Application Form (if applicable) upon request of the insurance company.

2. Step 2: Based on the Insurance Application Form and related documents (if applicable), the insurance company examines and assesses risks before deciding to accept the insurance.

3. Step 3: The insurance company and the insured party enter into an insurance contract, the insurance company issues an Insurance Certificate to the insured party, specifically:

a) The insurance contract must ensure that it contains all necessary contents as stipulated in Article 13 of the Law on Insurance Business.

b) The Insurance Certificate must be issued according to the prescribed model at Appendix 4 (for construction project insurance during the construction period), Appendix 5 (for professional liability insurance for investment and construction consultancy), Appendix 6 (for workers' construction site insurance) issued together with this Circular.

Article 7. Termination of insurance contracts

1. The insurance contract terminates in the following cases:

a) If the insured party fails to pay the full insurance premium or does not pay the insurance premium within the agreed payment period in the insurance contract, and if the insurance company does not have an agreement allowing the insured party to owe the insurance premium as stipulated in Clause 5 of Article 15 (for construction project insurance during the construction period), Clause 5 of Article 22 (for professional liability insurance for investment and construction consultancy), Clause 5 of Article 29 (for workers' construction site insurance), Clause 3 of Article 34 (for third-party civil liability insurance) of this Circular, the insurance contract will automatically terminate from the end of the payment period.

b) If the insured party and the insurance company agree in the insurance contract that the insurance contract will terminate in case of suspension of work performance under the construction contract or termination of the construction contract in accordance with the law.

In this case, the termination date of the insurance contract is based on the date of suspension of work performance under the construction contract or termination of the construction contract in accordance with the law.

The insured party must notify the insurance company within five (05) days from the date of receipt of the notice regarding the suspension of work performance under the construction contract or termination of the construction contract in accordance with the law.

c) Other termination cases as provided by law.

2. Legal consequences of terminating the insurance contract

a) In the case where the insurance contract terminates as provided in point a, Clause 1 of this Article, the insured party must pay the full insurance premium up to the termination date of the insurance contract.

b) In the case where the insurance contract terminates as provided in point b, Clause 1 of this Article, within fifteen (15) days from the termination date of the insurance contract, the insurance company must refund to the insured party the excess insurance premium paid (if any) corresponding to the remaining period of the insurance contract after deducting reasonable costs related to the insurance contract. In case the insured party pays insufficient insurance premium (corresponding to the period already covered by insurance until the termination date of the insurance contract), the insured party must make up the shortfall in the insurance premium.

c) The legal consequences of terminating the insurance contract as provided in point c, Clause 1 of this Article shall be implemented in accordance with relevant laws.

Article 8. Rights and Obligations of Insurance Enterprises

1. Rights of Insurance Enterprises

a) Refuse to sell mandatory insurance for investment and construction activities to the objects specified in Clause 1, Clause 2, and Clause 3 of Article 2 of this Circular if such objects do not meet the conditions for investment and construction activity capacity as stipulated in the Construction Law and related laws.

b) Require the insurance buyer to provide complete and truthful information related to the conclusion and performance of the insurance contract.

c) Evaluate the insured risks.

d) Collect insurance premiums fully according to the agreed time and method in the insurance contract; adjust insurance premiums in case of changes in the insured risks as prescribed in Article 20 of the Insurance Business Law.

đ) Require the insurance buyer to apply preventive measures and loss limitation measures as prescribed by law; strictly comply with laws on labor safety.

e) Require a third party to compensate the amount that the insurance enterprise has compensated to the insured person according to the provisions of the law when the third party is at fault causing damage to the insured person.

g) Other rights as prescribed by law.

2. Obligations of Insurance Enterprises

a) Sell mandatory insurance for investment and construction activities as prescribed in Decree No. 119/2015/NĐ-CP, this Circular, and related laws.

b) Explain and provide relevant information and documents related to the conclusion and performance of the insurance contract.

c) Pay full and timely insurance compensation to the insured person according to the agreement in the insurance contract and related laws when an insurance event occurs.

d) Implement financial regulations as prescribed in Article 35 of this Circular.

đ) Implement reporting systems as prescribed in Article 36 of this Circular.

e) Coordinate with competent authorities during the implementation of mandatory insurance for investment and construction activities.

g) Fulfill other obligations as prescribed in this Circular and other obligations under the law.

Article 9. Rights and Obligations of the Insurance Buyer

1. Rights of the Insurance Buyer

a) Choose to purchase insurance from any insurance enterprise meeting the conditions for implementing mandatory insurance for investment and construction activities as prescribed in Article 7 of Decree No. 119/2015/NĐ-CP.

b) Request the insurance enterprise to explain insurance terms and conditions; provide relevant information and documents (if any) related to the conclusion and performance of the insurance contract.

c) Request the insurance enterprise to compensate the insured person according to the agreement in the insurance contract when an insurance event occurs.

d) Other rights as prescribed by law.

2. Obligations of the Insurance Buyer

a) Participate in mandatory insurance for investment and construction activities as prescribed in this Circular and related laws.

b) Fully fulfill the obligation to provide information to the insurance enterprise, truthfully and accurately answer questions recorded in the Insurance Application Form. Provide necessary information to the insurance enterprise to enable it to evaluate the insured risks.

c) Pay insurance premiums fully according to the agreed time and method in the insurance contract.

d) Notify the insurance enterprise of situations that may increase risks or generate additional responsibilities of the insurance enterprise during the performance of the insurance contract.

đ) Apply preventive measures and loss limitation measures as prescribed by law; implement reasonable recommendations of the insurance enterprise and the consulting contractor.

e) Implement all necessary safety measures, strictly comply with laws on labor safety.

g) Transfer the right to claim compensation from a third party to the insurance enterprise for the amount that the insured person has received from the insurance enterprise in cases where a third party is at fault causing damage to the insured person and the insurance enterprise has paid insurance compensation to the insured person according to the law.

h) Coordinate with competent authorities during the implementation of mandatory insurance for investment and construction activities.

i) Fulfill other obligations as prescribed in this Circular and other obligations under the law.

Article 10. Dispute Resolution

1. Disputes arising from compulsory insurance contracts in investment construction activities between insurance enterprises and policyholders shall first be resolved through negotiation. If the parties fail to resolve the dispute through negotiation, it shall be referred to arbitration (if both parties have agreed to this in the insurance contract) or to court in accordance with Vietnamese law.

2. The statute of limitations for initiating lawsuits concerning disputes related to compulsory insurance contracts in investment construction activities is three (03) years, calculated from the date the dispute arises.

Chapter II
SPECIFIC PROVISIONS

Section 1

INSURANCE OF CONSTRUCTION PROJECTS DURING THE CONSTRUCTION PERIOD

Article 11. Insured Object and Minimum Insurance Amount

1. The insured object of construction projects during the construction period is the project and its components as stipulated in Clause 1 of Article 4 of Decree No. 119/2015/NĐ-CP.

2. The minimum insurance amount for construction projects during the construction period, as provided in Clause 1 of this Article, is the full value of the project upon completion, including all materials, labor costs, installation equipment, transportation fees, taxes, other fees, and other components provided by the investor. The minimum insurance amount for construction projects during the construction period must not be lower than the total contract value for construction, including adjustments and supplements (if any).

Article 12. Scope of Insurance

Insurance enterprises shall assume liability for compensation for losses of construction projects during the construction period arising from all risks, except for losses specified in Article 5 of this Circular.

Article 13. Insurance Period

The insurance period for construction projects during the construction period shall be implemented according to the provisions of Clause 1 of Article 5 of Decree No. 119/2015/NĐ-CP, specifically as follows:

1. For construction projects as specified in point a, Clause 1 of Article 15 of this Circular: The insurance period shall be recorded in the insurance contract, starting from the beginning until the end of the construction period based on the decision document of the competent authority deciding on investment, including any adjustments and supplements (if any). The insurance period for parts and components of the project that have been handed over or put into use will terminate from the date these parts and components are handed over or put into use.

2. For construction projects as specified in point b, Clause 1 of Article 15 of this Circular: The insurance period shall be recorded in the insurance contract, starting from the beginning of the construction period based on the decision document of the competent authority deciding on investment (including any adjustments and supplements if any) until the handover of the project or after the first successful load test run, whichever comes first, but not exceeding twenty-eight (28) days from the start of the test run. The insurance period for used equipment installed in the project will terminate from the date such equipment begins the test run.

Article 14. Obligation to Purchase Insurance

The investor must purchase insurance for the entire project or for each component of the project during the construction period. Specific cases are as follows:

1. In the case of purchasing insurance for the entire project during the construction period, the investor must purchase insurance with a minimum insurance amount as prescribed in Clause 2 of Article 11 of this Circular.

2. In the case of purchasing insurance for each component of the project during the construction period, the investor must purchase insurance with an insurance amount for each component not lower than the full value of that component upon completion, and the total insurance amount for all components during the construction period must not be lower than the minimum insurance amount as prescribed in Clause 2 of Article 11 of this Circular.

Article 15. Insurance Premiums and Payment of Insurance Premiums

1. The insurance premium for construction projects during the construction period shall be determined according to Appendix 7 issued together with this Circular, specifically as follows:

a) For construction projects insured with a value under seven hundred billion (700) billion VND, not including installation work or including installation work but the cost of implementing the installation work is less than fifty percent (50%) of the total value of the insured construction project: The insurance premium shall be determined according to Point 1 Clause I of Appendix 7 issued together with this Circular.

b) For construction projects insured with a value under seven hundred billion (700) billion VND, including installation work and the cost of implementing the installation work accounts for fifty percent (50%) or more of the total value of the insured construction project: The insurance premium shall be determined according to Point 1 Clause II of Appendix 7 issued together with this Circular.

c) For construction projects not specified in Point 1 Clause I and Point 1 Clause II of Appendix 7 issued together with this Circular or construction projects with a value of seven hundred billion (700) billion VND or more, the insurance company and the policyholder may negotiate rules, terms, insurance premiums, and deductibles based on evidence proving that the lead reinsurer has confirmed acceptance of reinsurance according to the rules, terms, insurance premiums, and deductibles provided by the insurance company to the policyholder. Foreign reinsurers and foreign organizations accepting reinsurance must have a minimum rating of "BBB" according to Standard & Poor's, "B++" according to A.M. Best, or equivalent ratings from other organizations with the function and experience of rating in the most recent fiscal year of accepting reinsurance.

2. Based on the level of risk of the insured object, the insurance company may adjust the insurance premium up to a maximum of twenty-five percent (25%) of the insurance premium stipulated in Subparagraph a Point 1 Clause I of Appendix 7 issued together with this Circular (for projects specified in Subparagraph a Clause 1 of this Article) or Subparagraph a Point 1 Clause II of Appendix 7 issued together with this Circular (for projects specified in Subparagraph b Clause 1 of this Article).

3. In cases where the construction period of the project exceeds the time specified in the investment decision document of the competent authority when concluding the insurance contract, the policyholder and the insurance company may agree on additional insurance premiums applicable to the extended period. Additional insurance premiums (if any) shall be calculated based on the insurance premium stipulated in Appendix Number 7 issued together with this Circular, the ratio of the extended construction period over the total construction period of the project according to the investment decision document of the competent authority when concluding the insurance contract, and other risk factors.

4. The payment term for the insurance premium for construction projects during the construction period must be recorded in the insurance contract, specifically as follows:

a) In case of paying the insurance premium in one installment: The payment term for the insurance premium (provisional calculation) shall not exceed thirty (30) days from the date the insurance contract becomes effective and shall not be later than thirty (30) days from the start date of the insurance period according to the insurance contract. If the insurance period is less than thirty (30) days, the payment term for the insurance premium shall not exceed the insurance period. The provisional total insurance premium shall be determined based on the approved construction project budget (the portion required to purchase mandatory insurance), including adjusted and supplementary values (if any). The final settlement of the insurance premium shall be carried out according to the provisions of Clause 6 of this Article.

b) In case of paying the insurance premium in installments:

Based on the approved construction project budget (by the competent authority) when concluding the insurance contract, the policyholder and the insurance company shall agree in writing on the payment periods for the insurance premium as follows:

- First payment period: Pay at least ten percent (10%) of the provisional total insurance premium for the construction project components covered by the insurance contract. The provisional total insurance premium shall be determined based on the approved construction project budget (the portion required to purchase mandatory insurance). The payment term for the insurance premium shall not exceed thirty (30) days from the date the insurance contract becomes effective and shall not be later than thirty (30) days from the start date of the insurance period according to the insurance contract.

- Subsequent payment periods: The amount paid and the progress of paying the insurance premium for each subsequent payment period shall be carried out according to the agreement between the insurance company and the policyholder but shall not be later than the payment schedule of the construction contract for the construction project (the portion required to purchase mandatory insurance) as stipulated by law.

- Final payment period: The payment term for the insurance premium shall be fifteen (15) days before the end of the insurance period.

- The final settlement of the insurance premium shall be carried out according to the provisions of Clause 6 of this Article.

5. The insurance company may agree to allow the policyholder to owe the insurance premium. The owing of the insurance premium must be agreed in writing and can only be applied if the policyholder has collateral or a guarantee for the payment of the insurance premium according to the law.

6. The final settlement of the insurance premium must be based on the value of the final settlement of the construction contract (the portion required to purchase mandatory insurance), specifically as follows:

a) In case the value of the final settlement of the construction contract (the portion required to purchase mandatory insurance) increases compared to the approved budget value when concluding the insurance contract, the insurance premium shall be correspondingly increased. The policyholder shall be responsible for paying the remaining insurance premium to the insurance company within thirty (30) days from the date of the approval document for the final settlement value of the construction contract issued by the competent authority.

b) In case the final settlement value of the construction contract (the portion required to be compulsorily insured) decreases compared to the approved budget estimate, the insurance premium shall be correspondingly reduced. The insurance company must refund the excess insurance premium paid to the insured within thirty (30) days from the date the insurance company receives the approval document for the final settlement value of the construction project sent by the insured. The insured is responsible for recovering the reduced insurance premium from the insurance company. If the insured is a contractor in investment construction activities and the construction project insurance premium has been included in the contract price, the contractor in investment construction activities must refund the developer the recovered insurance premium from the insurance company.

Article 16. Damage Appraisal

1. The damage appraisal shall be conducted in accordance with Article 48 of the Insurance Business Law. The appraisal agency shall be responsible for the results of its appraisal.

2. The inspection of losses must ensure honesty, objectivity, scientific accuracy, timeliness, and precision.

3. The results of the inspection of losses must be recorded in the inspection report.

Article 17. Principles of Insurance Compensation

1. When a construction project incident occurs, the insured and the insurance company must cooperate to resolve insurance compensation as follows:

a) For the insured:

- Immediately notify the insurance company through communication means, and subsequently submit a written notification to the insurance company within fourteen (14) days from the date of the construction project incident using the form prescribed in Appendix 10 issued together with this Circular.

- After notifying the insurance company, the insured may repair or replace minor damages whose value does not exceed the corresponding deductible specified in Item c Point 1 Clause I of Appendix 7 issued together with this Circular (for projects stipulated in Point a Clause 1 Article 15 of this Circular) or Item c Point 1 Clause II of Appendix 7 issued together with this Circular (for projects stipulated in Point b Clause 1 Article 15 of this Circular).

In other cases, before carrying out repairs or replacements, the insured must obtain an appraisal of the loss from the insurance company. If the insurance company does not conduct the loss appraisal within five (05) days from the date of receiving the incident notification, the insured has the right to proceed with repairs or replacements. The insurance company will reimburse the costs of repairing or replacing damaged items within its insurance liability provided that the insured carries out such repairs or replacements promptly.

- Preserve the damaged parts and make them available for inspection by representatives or appraisers of the insurance company.

- Notify the police immediately if the loss is due to theft.

- Take all measures within their capacity to minimize the loss to the lowest extent possible.

- Provide documents in the claim file as prescribed in Clause 1, Clause 2, Clause 3, Clause 4, and Clause 6 of Article 18 of this Circular and facilitate the insurance company during the verification process.

- Implement, coordinate, and allow the insurance company to take necessary actions and measures, or as requested by the insurance company, to protect the rights that the insurance company enjoys after compensating for losses under its insurance liability as stipulated in this Circular.

b) For the insurance company:

- Conduct the loss appraisal in accordance with Article 16 of this Circular.

- Guide and coordinate with the insured and relevant agencies, organizations, and individuals to collect complete documentation to establish the claim file.

- Prepare documents as prescribed in Clause 5 of Article 18 of this Circular.

- In case of accepting insurance compensation, the insurance company must issue a written notice of insurance compensation.

- In case of rejecting insurance compensation, the insurance company must provide a written explanation of the reasons.

2. The insurance company shall only compensate for actual physical losses borne by the insured and which have been included in the insurance amount.

3. The compensation amount for each item of property listed in the insurance contract shall not exceed the insurance amount of that item. The total compensation amount shall not exceed the total insurance amount specified in the insurance contract. Specific cases are as follows:

a) For cases where the loss can be repaired, repairs must be made, and the compensation amount is the necessary cost to restore the damaged items to their pre-loss condition, minus the salvage value (if the insured recovers the damaged property) and the deductible.

b) For cases of total loss, the insurance compensation amount is the market value of the item at the time and place of the loss, minus the actual degree of damage and the deductible. If the insured recovers the damaged property, the insurance compensation amount is the actual value of the item at the time and place of the loss, minus the deductible and the salvage value of the recovered property.

4. Temporary repair costs will be borne by the insurance company if such repairs are part of the formal repair process and do not increase the total repair costs according to the final repair plan of the damaged item.

5. The insurance company is not liable for any costs aimed at altering, supplementing, or upgrading the insured items.

6. If the insured enters into a construction project insurance contract with two (02) or more insurance companies during the construction period to insure the same object under the same conditions and insurance events, each insurance company shall only be responsible for compensation in proportion to the agreed insurance amount on the total insurance amount of all insurance contracts entered into by the insured. The total compensation amount from the insurance companies shall not exceed the actual value of the loss of the property.

7. The insurance company shall not be liable for compensation for additional amounts arising from fraudulent insurance acts as prescribed in the Penal Code.

Article 18. Insurance Claim File

The insurance company shall cooperate with the policyholder, the insured party, and relevant agencies and organizations to collect related documents to establish the claim file. The insurance claim file for construction projects during the construction period shall include the following documents:

1. Notice of construction project incident and request for compensation issued by the policyholder according to the model form prescribed in Appendix 10 attached hereto.

2. Documents related to the insured object, including: Insurance contract, Insurance certificate.

3. Documents proving property damage, including:

a) Construction project incident file (certified copy or certified copy by the entity that prepared the file) as prescribed in Article 50 of Decree No. 46/2015/NĐ-CP dated May 12, 2015 of the Government on quality management and maintenance of construction works and any subsequent amendments, supplements, or replacements (if any).

b) Invoices and valid receipts in cases of repair or replacement of assets.

4. Documents proving necessary and reasonable expenses incurred by the policyholder to minimize losses to the lowest extent possible or to comply with the instructions of the insurance company.

5. Report on cause and extent of damage appraised by the insurance company or a person authorized by the insurance company.

6. Other related documents (if any).

Section 2

INSURANCE OF PROFESSIONAL LIABILITY FOR INVESTMENT AND CONSTRUCTION CONSULTANCY

Article 19. Insured Object and Minimum Insurance Amount

1. The insured object of professional liability insurance for investment and construction consultancy is the civil liability of the consultancy contractor for third parties arising from the performance of construction surveying and design work for construction projects at level II or higher.

2. The minimum insurance amount is equal to the value of the consultancy contract for construction surveying and design.

Article 20. Scope of Insurance

The insurance company will compensate the consultancy contractor for the amounts that the contractor is responsible for compensating third-party losses arising from the performance of investment and construction consultancy work and related costs as prescribed by law, except for losses specified in Article 5 of this Circular.

Article 21. Insurance Period

The insurance period for professional liability insurance for investment and construction consultancy starts from the date of performing consultancy work until the end of the warranty period for the construction project as prescribed by law.

Article 22. Premium and Payment of Premium

1. The premium for professional liability insurance for construction surveying and design consultancy is determined according to Appendix 8 attached hereto, specifically as follows:

a) For construction projects valued under one thousand (1,000) billion VND and not belonging to types of construction works such as dikes, dams, ports, wharfs, harbor bridges, shipyards, breakwaters, and water conservancy works; airport, aircraft, satellite, space construction works; ship repair and building works; offshore and underwater energy construction works; railway, tramway, express train, and underground construction projects: The premium and deductible rate as prescribed in Clause 1 of Appendix 8 attached hereto.

b) For construction projects not covered by point a of Clause 1 of this Article: The insurance company and the policyholder may agree on rules, terms, premiums, and deductibles based on evidence proving that the lead reinsurer has confirmed acceptance of reinsurance according to the rules, terms, premiums, and deductibles provided by the insurance company to the policyholder. Overseas reinsurers and overseas organizations accepting reinsurance must have a minimum rating of "BBB" by Standard & Poor's, "B++" by A.M. Best, or equivalent ratings by other rating organizations with rating functions and experience in the most recent fiscal year of accepting reinsurance.

2. Based on the risk level of the insured object, the insurance company may adjust the premium up to a maximum of twenty-five percent (25%) of the premium prescribed in point a of Clause 1 of Appendix 8 attached hereto.

3. If the construction period exceeds the time stipulated in the investment decision document of the competent authority when concluding the insurance contract, the policyholder and the insurance company must agree on additional premiums applicable to the extended period. Additional premiums are calculated based on the premium prescribed in point a of Clause 1 of Appendix 8 attached hereto and correspond to the extended consultancy work period.

4. The payment of professional liability insurance premium for investment and construction consultancy (provisional) shall be agreed upon between the policyholder and the insurance company and recorded in the insurance contract. Specific cases are as follows:

a) In case of paying the premium once: The payment deadline for the provisional premium shall not exceed thirty (30) days from the effective date of the insurance contract and shall not be later than thirty (30) days from the start date of the insurance period as stipulated in the insurance contract. If the insurance period is less than thirty (30) days, the payment deadline for the premium shall not exceed the insurance period. The total provisional premium shall be determined based on the approved budgeted value of the consultancy contract, including any adjustments and supplements (if any). Final settlement of the premium shall be carried out according to the provisions of Clause 6 of this Article.

b) In case of paying the insurance premium in installments:

Based on the approved budgeted value of the consultancy contract for construction surveying and design (approved by the competent authority) when concluding the insurance contract, the policyholder and the insurance company shall agree in writing on the payment periods for the premium according to the following regulations:

- The first premium payment period: Payment of fifty percent (50%) of the total insurance premium (provisional calculation) within thirty (30) days from the date the insurance contract becomes effective and not later than thirty (30) days from the start date of the insurance period according to the insurance contract. Subsequent premium payment periods shall be carried out in accordance with the agreement between the insurance business and the policyholder in the initially concluded insurance contract. In all cases, the premium payment period shall not exceed the insurance period under the insurance contract.

- The final settlement of the insurance premium shall be carried out according to the provisions of Clause 6 of this Article.

5. The insurance business may agree to allow the policyholder to owe the insurance premium. The debt of the insurance premium must be stipulated in the insurance contract and can only be applied when the policyholder has collateral or guarantees for the payment of the insurance premium in accordance with the provisions of the law.

6. The settlement of the insurance premium must be based on the value of the settlement contract for construction consultancy and design services, specifically as follows:

a) In the case where the value of the settlement contract for construction consultancy and design services exceeds the budget estimate approved by the competent authority at the time of concluding the insurance contract, the insurance premium will be correspondingly increased. The policyholder is responsible for paying the remaining insurance premium to the insurance business within thirty (30) days from the date of receipt of the approval document for the settlement value issued by the competent authority.

b) In the case where the value of the settlement contract for construction consultancy and design services is less than the budget estimate approved by the competent authority at the time of concluding the insurance contract, the insurance premium will be correspondingly reduced. The insurance business must refund the excess insurance premium paid by the policyholder within thirty (30) days from the date the insurance business receives the approval document for the settlement value sent by the policyholder.

Article 23. Obligation to Purchase Insurance

The policyholder must purchase mandatory professional liability insurance for investment and construction consultancy before undertaking consultancy work for investment and construction.

Article 24. Principles of Insurance Compensation

1. The insurance business compensates the consulting contractor for amounts that the consulting contractor is responsible for compensating third parties and related expenses as prescribed by law, specifically as follows:

a) Losses of third parties and related expenses arising from the negligence or carelessness of the insured person during the performance of construction consultancy and design work within the scope of insurance coverage.

b) The first claim for compensation made by a third party (from an insurance event) against the insured person and notified to the insurance business by the policyholder within the insurance period, including legal fees payable to lawyers designated by the insurance business or by the insured person (with the written consent of the insurance business), other fees and expenses arising from investigation, adjustment, and defense related to the insurance event but excluding wages paid to employees or managers who have entered into employment contracts with the insured person.

c) Other related expenses as prescribed by law.

2. The total liability of the insurance business for all claims for compensation throughout the insurance period shall not exceed the amount of insurance agreed upon in the insurance contract.

3. In the case where the policyholder concludes a professional liability insurance contract for investment and construction consultancy with two (02) or more insurance businesses to insure the same object under the same conditions and insurance events, when an insurance event occurs, each insurance business shall only be liable to compensate according to the ratio between the agreed insurance amount under the insurance contract and the total insurance amount of all insurance contracts concluded by the policyholder.

4. The insurance business shall not be responsible for paying any costs incurred by the consulting contractor for third parties without prior written consent of the insurance business.

5. The insurance business shall not compensate any claims without the consent of the insured person.

6. The insurance business shall not be liable to compensate for additional amounts arising from fraudulent insurance activities as provided for in the Penal Code.

7. In the case where a third party suffers property damage, the loss assessment shall be conducted in accordance with the provisions of Article 16 of this Circular.

8. When there is a claim for compensation from a third party, the policyholder and the insurance business shall cooperate to handle the insurance compensation as follows:

a) For the insured:

- Immediately notify the insurance business through communication means; subsequently, within fourteen (14) days from the date of receiving the third-party claim, notify the insurance business in writing according to the form prescribed in Appendix 10 attached to this Circular.

- Take all measures within their capacity to minimize the loss to the lowest extent possible.

- Provide documents in the compensation file as stipulated in Clause 1, Clause 2, Clause 3, Clause 4, Clause 5, and Clause 7 of Article 25 of this Circular, facilitating the insurance business in verifying these documents.

- Implement, coordinate, and permit the insurance business to take necessary actions or measures as required by the insurance business to protect the rights and interests that the insurance business enjoys after compensating for losses covered by the insurance under this Circular.

b) For the insurance company:

- Conduct loss assessment in accordance with the provisions of Article 16 of this Circular.

- Guide the policyholder, coordinate with the policyholder and relevant agencies, organizations, and individuals to collect complete documents to establish a compensation file.

- Prepare documents as stipulated in Clause 6 of Article 25 of this Circular.

- Cooperate with the policyholder to resolve third-party claims for damages covered by the insurance when an insurance event occurs.

- In case of accepting insurance compensation, the insurance company must issue a written notice of insurance compensation.

- In case of rejecting insurance compensation, the insurance company must provide a written explanation of the reasons.

Article 25. Insurance Claim File

The insurance company shall cooperate with the policyholder, the insured party, and relevant agencies and organizations to collect related documents for the preparation of the insurance claim file. The insurance claim file for professional liability insurance for investment and construction consultancy includes the following documents:

1. Third-party claim notification and claim request made by the policyholder according to the form prescribed in Appendix 10 issued together with this Circular.

2. Documents related to the insured object including: Insurance contract, Insurance certificate.

3. Claim request document from third parties to the insured party.

4. Documents proving personal injury damage (Certified copies from healthcare facilities or certified copies from the insurance company or its representative after comparing with the original). Depending on the extent of personal injury damage, it may include one or more of the following documents:

a) Injury certificate.

b) Discharge certificate.

c) Surgery certificate.

d) Medical record.

đ) Death certificate (in case of fatality).

e) Original receipts and valid documents regarding medical expenses.

5. Documents proving property damage, including:

a) Construction accident report (certified copy or copy from the preparer) pursuant to Article 50 of Decree No. 46/2015/NĐ-CP dated May 12, 2015 of the Government on construction quality management and maintenance and any subsequent amendments, supplements, or replacements (if applicable).

b) Invoices and valid receipts in cases of repair or replacement of assets.

c) Documents proving necessary and reasonable costs incurred by the policyholder to minimize losses to the lowest extent possible or to comply with the insurer's instructions.

6. Appraisal report on the cause and extent of damage prepared by the insurance company or a person authorized by the insurance company.

7. Other related documents (if any).

Section 3

INSURANCE FOR WORKERS ON CONSTRUCTION SITES

Article 26. Insured Object and Minimum Insurance Amount

1. The insured object for workers on construction sites is the civil liability of the construction contractor towards workers on construction sites as stipulated by law.

2. The minimum insurance amount for workers on construction sites is one hundred million (100,000,000) Vietnamese dong per person per incident.

Article 27. Scope of Insurance Coverage

The insurance company shall fulfill the obligation to compensate the construction contractor for amounts that the construction contractor is liable to compensate to workers who suffer work-related injuries, disabilities, or deaths due to accidents or occupational diseases arising from work performed on construction sites, except for cases not covered by the insurance liability as specified in Article 5 of this Circular.

Article 28. Insurance Period

1. The insurance period for workers on construction sites starts from the date of commencement of work on the construction site until the end of the warranty period for the project as prescribed by law.

2. The specific determination of the insurance period for workers on construction sites is based on the labor contract and confirmation document from the construction contractor regarding the actual working time of the workers on the construction site.

Article 29. Insurance Premiums and Payment of Insurance Premiums

1. The insurance premium for workers constructing on construction sites shall be specified in Appendix 9 attached to this Circular.

2. Based on the level of risk of the insured object, the insurance company may adjust the insurance premium up or down by a maximum of twenty-five percent (25%) based on the insurance premium specified in Appendix 9 attached to this Circular.

3. The payment of insurance premiums for workers constructing on construction sites shall be carried out based on the agreement between the policyholder and the insurance company and must be recorded in the insurance contract. Specific cases are as follows:

a) In the case of paying the insurance premium once: The deadline for paying the insurance premium shall not exceed thirty (30) days from the date the insurance contract becomes effective and shall not be later than thirty (30) days from the start date of the insurance period according to the insurance contract. If the insurance period is less than thirty (30) days, the deadline for paying the insurance premium shall not exceed the insurance period.

b) In the case of paying the insurance premium periodically: The policyholder and the insurance company shall agree in writing on the periods for paying the insurance premium as follows:

- First payment period: Pay fifty percent (50%) of the total insurance premium (provisional calculation) within thirty (30) days from the date the insurance contract becomes effective and shall not be later than thirty (30) days from the start date of the insurance period according to the insurance contract. Subsequent payment periods shall be carried out according to the agreement between the insurance company and the policyholder in the initial insurance contract.

- In all cases, the deadline for paying the insurance premium shall not exceed the insurance period according to the insurance contract.

4. In the event of changes in the number of workers or changes in the work of workers, the following guidelines shall apply:

a) Before the fifteenth day of the month following the month of change, the construction contractor must notify the insurance company in writing about the above changes along with a list of newly added or reduced workers (in the case of changes in the number of workers) and a list of changed work of workers (in the case of changes in the work of workers).

b) In the case of an increase in the number of workers or changes in the work of workers that increase the insured risk, the construction contractor must pay the additional insurance premium before the fifteenth day of the month following the notification month.

c) In the case of a decrease in the number of workers or changes in the work of workers that reduce the insured risk, the insurance company must refund the corresponding portion of the insurance premium to the construction contractor for the remaining time of the insurance contract that the policyholder has overpaid before the fifteenth day of the month following the notification month.

d) If the construction contractor fulfills the obligation to notify as prescribed in point a of this clause and pays the insurance premium as prescribed in point b of this clause, the insurance contract will automatically take effect for the list of newly added workers or terminate its effect for the list of reduced workers; the insurance contract will automatically take effect for the changed work of workers from the date of occurrence as stated in the policyholder's document.

5. The insurance company may agree to allow the policyholder to owe the insurance premium. Owing the insurance premium must be stipulated in the insurance contract and can only be applied when the policyholder provides collateral or a guarantee for the payment of the insurance premium in accordance with the law.

Article 30. Obligation to Purchase Insurance

The insurance buyer must purchase compulsory insurance for construction workers before such workers commence work on the construction site.

Article 31. Principles of Insurance Compensation

1. When a workplace accident or occupational disease occurs to construction workers on the construction site, the insurance buyer and the insurance company shall cooperate to handle insurance compensation as follows:

a) For the insured:

- Immediately notify the insurance company through communication means, and subsequently provide a written notification within fourteen (14) days from the date of the workplace accident or occupational disease occurrence to the construction workers on the construction site according to the form prescribed in Appendix 11 issued together with this Circular.

- Take all measures within their capacity to minimize the loss to the lowest extent possible.

- Provide documents in the compensation file as stipulated in Article 32 of this Circular and facilitate the insurance company during the verification process of these documents.

- Implement, coordinate, and permit the insurance business to take necessary actions or measures as required by the insurance business to protect the rights and interests that the insurance business enjoys after compensating for losses covered by the insurance under this Circular.

b) For the insurance company:

- Guide the insurance buyer, coordinate with the insurance buyer and relevant agencies, organizations, and individuals to collect all necessary documents to establish the compensation file; Determine the cause and extent of damage.

- In case of accepting insurance compensation, the insurance company must issue a written notice of insurance compensation.

- In case of rejecting insurance compensation, the insurance company must provide a written explanation of the reasons.

2. When construction workers suffer from disability or death due to workplace accidents or occupational diseases arising from performing work on the construction site under the insurance liability, the insurance company will be responsible for paying amounts agreed upon between the construction contractor and the worker or the lawful representative of the worker (in case the worker has died), including the following payments:

a) Allowance for leave during treatment period as prescribed by the treating doctor based on the wage level stipulated in the labor contract but not exceeding six (06) months' wages per insurance event.

b) Actual medical expenses including emergency costs, reasonable and necessary inpatient and outpatient treatment costs but not exceeding one hundred (100) million VND per person per incident.

c) In cases where construction workers suffer a reduction in working capacity below eighty-one percent (81%), the specific compensation amount for each type of injury and personal loss is determined according to the Insurance Compensation Payment Table for Construction Workers on the Construction Site as set out in Appendix 12 issued together with this Circular.

d) In cases where construction workers die or suffer a permanent reduction in working capacity of eighty-one percent (81%) or more, the insurance company will pay one hundred (100) million VND per person per incident.

The total insurance compensation amount as provided in points a, b, c, and d of this clause shall not exceed one hundred (100) million VND per person per incident.

3. In cases where a workplace accident occurs or an occupational disease arises causing injury to construction workers and such injury is exacerbated by previous injuries or illnesses, the insurance company shall not be liable for compensation for the aggravated portion.

4. Specifically, for compensation as provided in point b of Clause 2 of this Article, if the insurance buyer enters into an insurance contract with two (02) or more insurance companies for construction workers on the construction site to insure the same object under the same conditions and insurance events, when an insurance event occurs, each insurance company shall only be responsible for compensation in proportion to the agreed insurance amount under the insurance contract over the total insurance amount of all insurance contracts entered into by the insurance buyer.

Article 32. Insurance Claim File

The insurance company shall cooperate with the policyholder, the insured person, and relevant agencies and organizations to collect related documents for the claim file. The insurance claim file for construction workers on the construction site includes the following documents:

1. Notification of work-related accidents, occupational diseases, and claims for compensation prepared by the policyholder according to the form prescribed in Appendix 11 issued together with this Circular.

2. Documents related to the insured object including:

a) Insurance contract, Insurance Certificate (if any), labor contract signed between the insured person and the worker who suffered a work-related accident or occupational disease.

b) Claims documents regarding work-related accidents and occupational diseases of the worker (if any).

3. Documents proving that the worker was injured or killed due to a work-related accident (Certified copy by the competent authority or certified copy by the insurance company or its representative after comparing with the original):

a) Accident investigation report of the competent authority established in accordance with the law (if any). In case the worker suffers from a traffic accident and it is determined to be a work-related accident, there must be a traffic accident report or an inspection report and diagram of the traffic accident scene established by the competent authorities in accordance with the law.

b) Depending on the extent of personal injury, it may include one or more of the following documents: Injury certificate; Discharge certificate; Surgical operation certificate; Medical record; Death certificate and Legal inheritance confirmation certificate (in case the worker dies).

c) Assessment report on the degree of reduced working capacity by the Medical Appraisal Board (for cases where the worker's working capacity has been reduced by five percent (5%) or more).

d) Valid invoices and receipts from healthcare facilities proving the treatment of injuries caused by work-related accidents of the worker (original).

4. Documents proving that the worker was injured or killed due to occupational diseases:

a) Measurement report of hazardous environmental factors by the competent authority, if the report applies to multiple people, each worker's file must have a copy.

b) Discharge certificate (if not treated at a hospital, a professional health examination certificate must be provided); Surgical operation certificate; Medical record; Death certificate and Legal inheritance confirmation certificate (in case the worker dies).

c) Assessment report on the degree of reduced working capacity by the Medical Appraisal Board (for cases where the insurance company pays compensation according to the Compensation Payment Table for Construction Workers on the Construction Site as stipulated in Appendix 12 issued together with this Circular).

d) Valid invoices and receipts from healthcare facilities proving the treatment of injuries caused by occupational diseases of the worker.

5. Documents proving the amounts of money that the construction contractor has compensated to workers injured or killed due to work-related accidents or occupational diseases within the scope of insurance liability (if any).

6. Other related documents (if any).

Section 4

CIVIL LIABILITY INSURANCE FOR THIRD PARTIES

Article 33. Insured Object and Scope of Insurance

1. The insured object for civil liability insurance towards third parties is the civil liability of the contractor towards third parties as prescribed by law when the contractor implements construction projects.

2. The insurance company shall compensate the contractor if a third party requests the contractor to compensate for damages caused by the contractor's fault to the third party within the insurance period and within the scope of insurance coverage.

Article 34. Implementation of Insurance

The insurance company implements civil liability insurance towards third parties according to relevant laws and the following guidelines:

1. The insurance company may independently develop rules, terms, and premium schedules for civil liability insurance towards third parties, ensuring compliance with point b, Clause 4, Article 39 of Decree No. 73/2016/NĐ-CP dated July 1, 2016 of the Government detailing the implementation of the Law on Insurance Business and the Law Amending and Supplementing Certain Provisions of the Law on Insurance Business, and any subsequent amendments and supplements (if any).

2. The payment of insurance premiums for civil liability insurance towards third parties in investment and construction activities shall be carried out as follows:

a) In cases where the insurance premium is paid in one lump sum: The deadline for paying the insurance premium shall not exceed thirty (30) days from the start date of the insurance period as stipulated in the insurance contract. If the insurance period is less than thirty (30) days, the deadline for paying the insurance premium shall not exceed the insurance period.

b) In the case of paying the insurance premium periodically: The policyholder and the insurance company shall agree in writing on the periods for paying the insurance premium as follows:

- First payment period: Pay fifty percent (50%) of the total insurance premium (provisional calculation) within thirty (30) days from the date the insurance contract becomes effective and shall not be later than thirty (30) days from the start date of the insurance period according to the insurance contract. Subsequent payment periods shall be carried out according to the agreement between the insurance company and the policyholder in the initial insurance contract.

- In all cases, the deadline for paying the insurance premium shall not exceed the insurance period according to the insurance contract.

3. The insurance company may agree to allow the policyholder to owe the insurance premium. The obligation to owe the insurance premium must be specified in the insurance contract and can only be applied when the policyholder has collateral or a guarantee for the payment of the insurance premium as prescribed by law.

Section 5

FINANCIAL REGIME, REPORTING REGIME

Article 35. Financial Regime

Insurance companies implementing mandatory insurance in investment and construction activities shall implement the financial regime according to the following guidelines:

1. Implement the financial regime in accordance with the provisions of the law on insurance business and related laws.

2. Maintain separate accounting for insurance premium income, insurance commission income, insurance compensation, and other expenses related to mandatory insurance in investment and construction activities.

Article 36. Reporting Regime

Insurance companies must prepare and submit to the Ministry of Finance reports on mandatory insurance in investment and construction activities b) For cases where the authority issuing the certificate belongs to the People's Committee of the district, town, or city within the province, record "district" (or "town," "city") and the name of the district, town, or city, followed by "province" (or "city") and the name of the province or centrally-administered city directly above the district, town, or city issuing the certificate.

1. Periodic Reports: Insurance companies must prepare and submit to the Ministry of Finance quarterly and annual business reports (including both hard copies and electronic versions) according to the forms prescribed in Appendices 13, 14, and 15 attached to this Circular, specifically as follows:

a) Quarterly Report: At the latest, thirty (30) days from the end of the quarter.

b) Annual Report: At the latest, ninety (90) days from the end of the year.

2. Ad hoc Reports upon request of the Ministry of Finance.

CHAPTER III
IMPLEMENTING PROVISIONS

Article 37. Transitional Provisions

Insurance contracts in investment and construction activities concluded before the effective date of this Circular shall continue to be implemented in accordance with the provisions of the law at the time of contract conclusion.

Article 38. Effective Date

1. This Circular takes effect from March 1, 2017.

- People's Councils, People's Committees of provinces and centrally administered cities directly related;