Circular No. 76/2003/TT-BTC guiding insurance in investment and construction applies to organizations and individuals participating in investment and construction activities in Vietnam. It provides detailed regulations on insurance products, mandatory insurance objects, insurance buyers, methods of accounting for insurance premiums, and compensation conditions.
Đối tượng áp dụng
Organizations and individuals participating in investment and construction activities in Vietnam, including foreign organizations and individuals.
Các điểm cốt lõi
- When conducting investment and construction activities, relevant organizations and individuals must purchase insurance as prescribed to address losses arising from unexpected risks or errors of related parties.
- Insurance in investment and construction is carried out at insurance companies operating in Vietnam, applying current rules, terms, and premium rates set forth by the Ministry of Finance.
- Insurance products include: Professional liability insurance for investment and construction consultancy; Construction project insurance; Insurance for materials, equipment, and workshops serving construction; Work injury insurance; Civil liability insurance for third parties.
- Mandatory insurance includes: Project sponsors (or project management boards), organizations (or individuals) providing investment and construction consultancy, construction enterprises. Insurance premiums are accounted for in the cost of consultancy products, project investment capital, or production and business expenses.
- When an incident occurs within the scope of insurance responsibility, the insurance company must compensate the insured party according to the conditions and terms stipulated in the insurance contract.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Minimizing financial risks for organizations and individuals involved in investment and construction; enhancing safety during project implementation.
- Negative impact: Insurance costs may increase the financial burden on enterprises.
❓ Câu hỏi thường gặp
How should organizations and individuals involved in investment and construction purchase insurance?
According to this Circular, organizations and individuals must purchase insurance as prescribed to address losses arising from unexpected risks or errors of related parties.
What insurance products are included in investment and construction?
Insurance products include: Professional liability insurance for investment and construction consultancy; Construction project insurance; Insurance for materials, equipment, and workshops serving construction; Work injury insurance; Civil liability insurance for third parties.
Must projects using state budget funds purchase mandatory construction project insurance?
Yes, projects using state budget funds, state-guaranteed credit, state development investment credit, and state-owned enterprise development investment funds must purchase mandatory construction project insurance.
Where are insurance premiums accounted for?
Insurance premiums are accounted for separately for each product: Premiums for professional liability insurance for investment and construction consultancy are included in the cost of consultancy products; premiums for construction project insurance are included in the total project estimate (project estimate); premiums for insurance of materials, equipment, and workshops serving construction; work injury insurance; civil liability insurance for third parties are included in the production and business expenses of construction enterprises.
How will the insurance company compensate when an incident occurs?
According to this Circular, when an incident occurs within the scope of insurance responsibility, the insurance company must compensate the insured party according to the conditions and terms stipulated in the insurance contract.
Toàn văn
CIRCULAR
CIRCULAR NO. 76/2003/TT-BTC OF AUGUST 4, 2003 ISSUED BY THE MINISTRY OF FINANCE GUIDING INSURANCE IN INVESTMENT AND CONSTRUCTION
Pursuant to the Insurance Business Law on December 9, 2000;
Pursuant to Decree No. 42/2001/NĐ-CP dated August 1, 2001 of the Government detailing certain provisions of the Insurance Business Law;
Pursuant to Decree No. 52/1999/NĐ-CP dated July 8, 1999 of the Government on the issuance of the Investment and Construction Management Regulation; Decree No. 07/2003/NĐ-CP dated January 30, 2003 of the Government amending and supplementing some articles of the Investment and Construction Management Regulation issued together with Decree No. 52/1999/NĐ-CP dated July 8, 1999 and Decree No. 12/2000/NĐ-CP dated May 5, 2000 of the Government.
The Ministry of Finance guides insurance in investment and construction as follows:
This technical regulation sets out technical requirements, testing methods, sampling procedures; management requirements; responsibilities of organizations and individuals producing, trading, and importing cigarettes.
1. When carrying out investment and construction work under investment projects, organizations and individuals involved (including foreign organizations and individuals participating in investment and construction consulting activities and construction installation activities in Vietnam) must purchase insurance according to the provisions of this Circular to respond to losses arising from unexpected risks that cannot be foreseen or due to errors, omissions, or negligence of organizations and individuals during the investment and construction process.
Insurance in investment and construction for direct foreign investment projects shall be implemented in accordance with the laws on foreign investment in Vietnam.
2. The purchase of insurance in investment and construction by organizations and individuals must be carried out at insurance enterprises operating in Vietnam.
3. Rules, terms, and premium rates for insurance in investment and construction shall be applied according to the current regulations of the Ministry of Finance.
II. SPECIFIC PROVISIONS
1. Insurance products in investment and construction include:
1.1. Professional liability insurance for investment and construction consulting.
1.2. Construction project insurance.
1.3. Insurance for materials, equipment, and workshops serving construction.
1.4. Work injury insurance.
1.5. Civil liability insurance for third parties.
2. Compulsory insurance objects:
2.1. Construction project insurance shall be implemented for investment projects using state budget funds, credit guaranteed by the state, state development credit, and state-owned enterprise development capital.
For investment projects using other sources of capital, the State encourages the purchase of construction project insurance.
2.2. Professional liability insurance for investment and construction consulting; insurance for materials, equipment, and workshops serving construction; work injury insurance; civil liability insurance for third parties shall be compulsory insurance for organizations and individuals when participating in investment and construction consulting activities and construction installation activities, regardless of the source of investment capital.
3. Insured parties include: investors (or project management boards), organizations (or individuals) providing investment and construction consulting services, construction enterprises.
3.1. For professional liability insurance for investment and construction consulting: The insured party is organizations (or individuals) providing investment and construction consulting services.
3.2. For construction project insurance: The insured party is the investor (or project management board). In cases where the insurance premium has been included in the bid price, the contractor shall purchase the insurance.
3.3. For insurance for materials, equipment, and workshops serving construction; work injury insurance; civil liability insurance for third parties: The insured party is construction enterprises.
4. Accounting for insurance premiums:
4.1. For professional liability insurance for investment and construction consulting: The insurance premium is included in the cost of consulting products.
4.2. For construction project insurance: The insurance premium is part of the investment capital of the project and is included in the total estimate (estimate) of the project. The insurance premium is calculated as a percentage (%) of the value of the project.
4.3. For insurance for materials, equipment, and workshops serving construction; work injury insurance; civil liability insurance for third parties: The insurance premium is included in the production and business costs of construction enterprises.
5. When an incident occurs within the scope of insurance responsibility, the insurance enterprise must compensate the insured party according to the conditions and terms of the insurance contract.
III. IMPLEMENTATION PROVISIONS
This Circular takes effect fifteen days after its publication in the Official Gazette and replaces Circular No. 137/1999/TT-BTC dated November 19, 1999 of the Ministry of Finance guiding construction project insurance.
During implementation, any difficulties should be promptly reported to the Ministry of Finance for research and resolution./.
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