Decree No. 68/2014/ND-CP amending and supplementing certain articles of Decree No. 45/2007/NĐ-CP dated March 27, 2007, of the Government detailing the implementation of some provisions of the Insurance Business Law.

 DECREE

Amending and supplementing certain Articles of

Decree No. 45/2007/NĐ-CP dated March 27, 2007 of the Government

detailing the implementation of certain provisions of the Law on Insurance Business

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

Camendn cứ Information Access (Amendment)t TKinh doanh bảo hiểmn lo hidevelopmentdated December 9amendm 2000;

Pursuant to the Law Amending and Supplementing Certain Provisions of the Law on Insurance Business dated November 24, 2010;

At the proposal of the Minister of Finance,

The Government promulgates this Decree amending and supplementing certain provisions of Decree No. 45/2007/NĐ-CP dated March 27, 2007 of the Government detailing the implementation of certain provisions of the Law on Insurance Business.

Article 1. Amend and supplement certain provisions of Decree No. 45/2007/NĐ-CP dated March 27, 2007 of the Government detailing the implementation of certain provisions of the Law on Insurance Business as follows:

"Article 4. Insurance operations and products
1. Non-life insurance includes the operations specified in Clause 3, Article 1 of the Law Amending and Supplementing Certain Provisions of the Law on Insurance Business and surety insurance. Surety insurance is an insurance business operation under which the insurer, branch of a foreign non-life insurance company accepts the risk of the principal based on the principal paying the insurance premium for the insurer, branch of a foreign non-life insurance company to fulfill the obligation on behalf of the principal if at maturity the principal does not perform or performs incorrectly its obligation. The principal must accept the debt and repay the insurer, branch of a foreign non-life insurance company according to the agreement in the insurance contract. The parties may also agree that the insurer, branch of a foreign non-life insurance company only fulfills the obligation when the principal is unable to fulfill its obligation."

Article 2. Effective Date

This Decree takes effect from August 25, 2014.

This Circular takes effect from December 25, 2025/.

1. The Ministry of Finance shall provide guidance on the implementation of this Decree.

2. Ministers, Heads of ministerial-level agencies, Heads of government-attached agencies, Chairpersons of provincial People's Committees under central cities, and related organizations and individuals are responsible for implementing this Decree./.