Decision No. 663/TC-QĐ-TCNH issues rules on all-risk construction and installation insurance, premium rates for construction and installation insurance, surcharges, and deductible schedules for insurance companies operating in Vietnam. Insurance companies have the right to adjust premium rates within 15% of the prescribed premium schedule.
Đối tượng áp dụng
Insurance companies permitted to operate in Vietnam, and investors of investment projects (including investors of state-owned investment projects).
Các điểm cốt lõi
- Insurance companies are allowed to adjust premium rates within 15% of the prescribed premium schedule, but must notify the Ministry of Finance.
- Investors of investment projects must cooperate with insurance companies to calculate insurance premiums to include in the budget estimate and serve as the basis for final settlement of construction works according to the Premium Schedule for Construction and Installation Insurance issued in this Decision.
- This Decision takes effect from the date of signing and applies to investors under the management of the Ministry of Finance, heads of ministerial-level agencies, heads of government-affiliated agencies, and Chairpersons of People's Committees of provinces and centrally-administered cities.
- Insurance companies and investors must comply with this Decision when carrying out activities related to construction and installation insurance.
- Premium rates may be adjusted within 15% of the prescribed premium schedule, but notification to the Ministry of Finance is required.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Helps investors of investment projects effectively calculate and manage insurance costs.
- Negative impact: May impose additional financial burdens on insurance companies if premium adjustments increase excessively.
❓ Câu hỏi thường gặp
How much can insurance companies adjust premium rates?
Insurance companies are permitted to adjust premium rates within 15% of the prescribed premium schedule, but must notify the Ministry of Finance.
What should investors do when applying this Decision?
Investors of investment projects must cooperate with insurance companies to calculate insurance premiums to include in the budget estimate and serve as the basis for final settlement of construction works according to the Premium Schedule for Construction and Installation Insurance issued in this Decision.
When does this Decision take effect?
This Decision takes effect from the date of signing and applies to investors under the management of the Ministry of Finance, heads of ministerial-level agencies, heads of government-affiliated agencies, and Chairpersons of People's Committees of provinces and centrally-administered cities.
How much can insurance companies adjust premium rates?
Insurance companies are authorized to independently adjust premium rates up or down within 15% of the prescribed premium schedule.
Who does this Decision apply to?
This Decision applies to insurance companies permitted to operate in Vietnam and investors of investment projects (including investors of state-owned investment projects).
Toàn văn
DECISION OF THE MINISTER OF FINANCE
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;
BASED ON THE REGULATIONS ON "INVESTMENT MANAGEMENT AND CONSTRUCTION" ISSUED TOGETHER WITH DECREE NO. 177/CP OF OCTOBER 20, 1994 BY THE GOVERNMENT;
BASED ON CIRCULAR NO. 105/TC-ĐT OF DECEMBER 8, 1994 BY THE MINISTRY OF FINANCE GUIDING INSURANCE FOR CONSTRUCTION PROJECTS;
PURSUANT TO THE PROPOSAL OF THE GENERAL DIRECTOR OF VIETNAM INSURANCE CORPORATION AND THE DIRECTOR OF THE DEPARTMENT OF BANK FINANCES AND FINANCIAL ORGANIZATIONS;
DECISION:
Article 1:ATTACHED TO THIS DECISION ARE THE RULES ON ALL RISKS INSURANCE FOR CONSTRUCTION; THE RULES ON ALL RISKS INSURANCE FOR INSTALLATION; THE INSURANCE PREMIUM CHART FOR CONSTRUCTION AND INSTALLATION; ADDITIONAL FEES AND THE LEVEL OF DEDUCTIBLES FOR MATERIAL LOSSES APPLICABLE TO INSURANCE COMPANIES PERMITTED TO OPERATE IN VIETNAM AND INVESTORS (INCLUDING INVESTORS OF STATE-OWNED INVESTMENT PROJECTS AS DIRECTED IN CIRCULAR NO. 105/TC/ĐT OF DECEMBER 8, 1994 OF THE MINISTRY OF FINANCE).
Article 2: BASED ON BUSINESS RESULTS, INSURANCE COMPANIES MAY ADJUST THE INSURANCE PREMIUM LEVEL UP OR DOWN BY 15% FROM THE PRESCRIBED PREMIUM CHART AT ANY SPECIFIC TIME BUT MUST NOTIFY THE MINISTRY OF FINANCE.
Article 3:ACCORDING TO THE INSURANCE PREMIUM CHART FOR CONSTRUCTION AND INSTALLATION ISSUED UNDER THIS DECISION, INVESTORS OF INVESTMENT PROJECTS SHALL CALCULATE THE INSURANCE PREMIUM TO INCLUDE IN THE BUDGET ESTIMATE AND AS A BASIS FOR SETTLING THE PROJECT.
Article 4: THIS DECISION TAKES EFFECT FROM THE DATE OF SIGNATURE. THE MINISTER, HEADS OF GOVERNMENT MINISTRIES, HEADS OF GOVERNMENT AGENCIES, CHAIRMEN OF PEOPLE'S COMMITTEES OF PROVINCES AND MUNICIPALITIES DIRECTLY UNDER THE CENTRAL GOVERNMENT ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION TO INVESTORS UNDER THEIR ADMINISTRATION.
Article 5: THE DIRECTOR OF THE DEPARTMENT OF BANK FINANCES AND FINANCIAL ORGANIZATIONS, THE DIRECTOR OF THE GENERAL DEPARTMENT OF INVESTMENT AND DEVELOPMENT, THE DIRECTOR OF THE MINISTRY OF FINANCE'S OFFICE, AND HEADS OF RELATED UNITS ARE RESPONSIBLE FOR MONITORING THE IMPLEMENTATION OF THIS DECISION.
DEPUTY MINISTER
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