Circular No. 93/2025/TT-BTC amending and supplementing several articles of Circular No. 219/2010/TT-BTC dated December 30, 2010, issued by the Minister of Finance guiding criteria for determining insurance organizations with credibility in the maritime sector as prescribed in the Maritime Arrest Procedures Ordinance.

CIRCULAR

AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF CIRCULAR NO. 219/2010/TT-BTC DATED DECEMBER 30, 2010 ISSUED BY THE MINISTER OF FINANCE GUIDING CRITERIA FOR DETERMINING INSURANCE ORGANIZATIONS WITH GOOD REPUTATION IN THE SHIPPING SECTOR AS PROVIDED FOR IN THE PROCEDURE REGULATION ON THE DETENTION OF SHIPS LAW

On the basis of The Regulation on Procedures for Detaining Ships No. 05/2008/NQ-UBTVQH12 dated August 27, 2008 issued by the Standing Committee of the National Assembly; Regulation No. 08/2025/UBTVQH15 dated June 27, 2025 issued by the Standing Committee of the National Assembly amending and supplementing certain provisions of The Regulation on Procedures for Detaining Ships, The Regulation on Procedures for Detaining Aircrafts, The Regulation on Procedures and Methods for People's Courts to Examine and Decide on Sending Drug Addicts Aged 12 Years and Older but Under 18 Years Old to Compulsory Rehabilitation Centers, The Regulation on Administrative Penalties for Acts Hindering Litigation Activities, The Regulation on Procedures and Methods for Examining and Deciding on the Application of Administrative Measures at People's Courts and The Regulation on Litigation Costs, which took effect from July 1, 2025;

On the basis of The Law on Insurance Business dated June 16, 2022;

Decree No. Decision No. 57/2010/NĐ-CP dated May 25, 2010 of the Government detailing and guiding the implementation of The Regulation on Procedures for Detaining Ships;

Decree No. Decision No. 46/2023/NĐ-CP dated July 1, 2023 of the Government detailing the implementation of certain provisions of The Law on Insurance Business;

Decree No. Decision No. 29/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance; Decree No. 166/2025/NĐ-CP dated June 30, 2025 of the Government amending and supplementing certain provisions of Decree No. 29/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

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

The Minister of Finance issues this Circular amending and supplementing certain Articles of Circular No. Circular No. 219/2010/TT-BTC dated December 30, 2010 of the Minister of Finance guiding criteria for determining insurance organizations with good reputation in the shipping sector as provided for in The Regulation on Procedures for Detaining Ships.

Article 1. Amending and supplementing certain provisions of Circular No. 219/2010/TT-BTC dated December 30, 2010 of the Minister of Finance guiding criteria for determining insurance organizations with good reputation in the shipping sector as provided for in the Regulation on Procedures for Detaining Ships

2. Amending and supplementing Article 7 as follows:

"1. A ship being detained to secure the settlement of maritime claims shall be released after the obligation regarding assets of the ship owner, charterer, or operator has been guaranteed to be fulfilled by another party or by a letter of commitment from an insurance organization with good reputation."

2. Amending and supplementing Clause 4 as follows:

“Clause 4. Criteria for Determining Insurance Organizations with Good Reputation in the Shipping Sector

An insurance enterprise shall be determined as an insurance organization with good reputation in the shipping sector if it meets simultaneously the criteria prescribed in Clauses 1, 2, and 3 of this Article as follows:

1. The net worth of the five consecutive fiscal years immediately preceding the date when the Ministry of Finance issues a notification on the list of insurance organizations with good reputation in the shipping sector shall not be lower than the minimum charter capital as stipulated in the Law on Insurance Business and guiding documents.

2. The solvency margin or the capital adequacy ratio of the five consecutive fiscal years immediately preceding the date when the Ministry of Finance issues a notification on the list of insurance organizations with good reputation in the shipping sector shall comply with the provisions of the Law on Insurance Business and guiding documents.

3. The total net profit from marine hull and liability insurance business and cargo transportation insurance business of the three consecutive fiscal years immediately preceding the date when the Ministry of Finance issues a notification on the list of insurance organizations with good reputation in the shipping sector shall be greater than zero (0).

Or the insurance enterprise or its parent company must have a minimum rating of "BBB" according to Standard & Poor's or Fitch, "B++" according to A.M. Best, "Ba1" according to Moody's or equivalent ratings from other rating organizations with rating functions and experience at the most recent fiscal year compared to the date when the Ministry of Finance issues a notification on the list of insurance organizations with good reputation in the shipping sector.

4. The fulfillment of the criteria prescribed in Clauses 1, 2, and 3 of this Article shall be based on the reports of the insurance enterprises as stipulated in Clauses 1, 4, and 8 of Article 58 of Circular No. 67/2023/TT-BTC dated November 2, 2023 issued by the Minister of Finance guiding certain provisions of the Law on Insurance Business, Decree No. 46/2023/NĐ-CP dated July 1, 2023 of the Government detailing the implementation of certain provisions of the Law on Insurance Business and any amended, supplemented, or replaced documents (if any)."

3. Amending and supplementing Clause 2 of Article 5 as follows:

"2. After April 15 each year, based on the annual report of the insurance enterprise, the Ministry of Finance will examine, evaluate, and issue a notification on the list of insurance organizations with good reputation in the shipping sector as provided for in the Regulation on Procedures for Detaining Ships.

Based on the quarterly periodic reports of the insurance enterprise, if the insurance enterprise does not meet the criteria prescribed in Clauses 1 and 2 of Clause 4 of this Circular, the insurance enterprise shall not issue a letter of commitment to guarantee the fulfillment of the obligation regarding assets of the ship owner, charterer, or operator as provided for in the Regulation on Procedures for Detaining Ships.

The notification shall be effective until the date the Ministry of Finance issues a notification amending, supplementing, or replacing (if any)."

Article 2. Effective Date

Clause 1. This Circular takes effect from January 1, 2026.

2. During the implementation process, in case of any difficulties arising, the relevant agencies, organizations, and individuals are requested to promptly reflect them to the Ministry of Finance for examination and resolution within their authority./.