Decision No. 362/1998/QD-BTC of the Ministry of Finance permits Vietnam Insurance Corporation to pilot two types of life insurance and apply two specific clauses within life insurance. This decision shall take effect fifteen days from the date of signing.
Scope of application
Vietnam Insurance Corporation
Key points
- Vietnam Insurance Corporation → is organized to pilot two types of life insurance: five and ten-year savings insurance; education and welfare insurance; and the application of permanent partial disability insurance due to accidents and surgical expense insurance in life insurance.
- Vietnam Insurance Corporation → must organize the implementation of these types of life insurance according to the terms, premium rates, and insurance amounts stipulated in this Decision and related provisions in Decree No. 100/CP, Decree No. 74/CP, and implementing guidelines.
- This Decision shall take effect fifteen days from the date of signing.
🌐 Social impact of this document
- Positive impact: Creates opportunities for people to participate in life insurance with more diverse choices, contributing to enhancing social security.
- Negative impact: May increase costs for businesses and customers when applying new clauses.
❓ Frequently asked questions
Which organizations does this Decision apply to?
Decision No. 362/1998/QD-BTC applies only to Vietnam Insurance Corporation.
What types of life insurance can Vietnam Insurance Corporation implement?
Vietnam Insurance Corporation is permitted to pilot two types of life insurance: five and ten-year savings insurance; education and welfare insurance; and the application of permanent partial disability insurance due to accidents and surgical expense insurance in life insurance.
What regulations must Vietnam Insurance Corporation comply with when implementing these types of insurance?
Vietnam Insurance Corporation must organize the implementation of these types of life insurance and specific insurance clauses according to the terms, premium rates, and insurance amounts stipulated in this Decision and related provisions in Decree No. 100/CP, Decree No. 74/CP, and implementing guidelines.
When does this Decision take effect?
This Decision shall take effect fifteen days from the date of signing.
Full text
Pursuant to …;
REGARDING THE IMPLEMENTATION OF TWO TYPES OF LIFE INSURANCE SCHEMES ON A PILOT BASIS: 5-YEAR AND 10-YEAR SAVINGS INSURANCE; EDUCATIONAL SOCIAL SECURITY INSURANCE AND THE APPLICATION OF PERMANENT PARTIAL DISABILITY INSURANCE DUE TO ACCIDENTS AND SURGICAL EXPENSE INSURANCE IN LIFE INSURANCE
five to ten years; social education insurance and application of permanent disability insurance due to accidents and surgical cost insurance in
life insurance
LIFE INSURANCE
THE MINISTER OF FINANCE
BASED ON DECREE NO. 178/CP DATED OCTOBER 28, 1994 OF THE GOVERNMENT ON THE TASKS, POWERS AND ORGANIZATIONAL STRUCTURE OF THE MINISTRY OF FINANCE;
Pursuant to Decree No. 100/CP dated December 18, 1993 of the Government on insurance operations and Decree No. 74/CP dated June 14, 1997 amending and supplementing certain provisions of Decree No. 100/CP dated December 18, 1993 on insurance operations;
At the proposal of the Director of the Department of Banking and Financial Institutions' Finance, and the General Director of Vietnam Insurance Corporation;
DECISION:
Article 1. The Vietnam Insurance Corporation is permitted to organize the implementation of two types of life insurance schemes on a pilot basis as follows:
Five-year and ten-year savings insurance (BV-NA 4/1998 and BV-NA 5/1998).
Educational social security insurance (BV-NA 6/1998).
The Vietnam Insurance Corporation is authorized to apply two separate clauses, namely permanent partial disability insurance due to accidents (BV-NR 1/1998) and surgical expense insurance (BV-NR 2/1998) in life insurance.
Article 2. The Vietnam Insurance Corporation shall be responsible for organizing the implementation of the aforementioned types of life insurance and separate insurance clauses according to the terms, premium rates, and insurance amounts issued together with this Decision and relevant provisions in Decree No. 100/CP, Decree No. 74/CP, and guiding documents.
Article 3. This Decision shall take effect fifteen days from the date of signature.
Article 4. The General Director of the Vietnam Insurance Corporation, the Director of the Ministry of Finance's Office, the Director of the Department of Banking and Financial Institutions' Finance, and the heads of related units are responsible for implementing this Decision./.
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