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On August 11, 2022, the Ministry of Finance issued Circular 50/2022/TT-BTC guiding Decree 119/2015/ND-CP and Decree 20/2022/ND-CP amending Decree 119/2015/ ND-CP.

On August 11, 2022, the Ministry of Finance issued Circular 50/2022/TT-BTC guiding Decree 119/2015/ND-CP and Decree 20/2022/ND-CP amending Decree 119/2015/ ND-CP.

Accordingly, a dossier to claim for compulsory insurance for projects during construction period includes the following documents:

(i)    The insurance buyer's claim document (New point);

(ii)    Documents related to the subject of insurance, including: Insurance contract, Certificate of insurance;

(iii)    Documents proving asset damage, including:

-    Construction incident dossiers (notarized copy or certified copy by the dossier-making party) as prescribed in Article 47 of Decree 06/2021/ND-CP; 

-    Valid invoices and documents in case of repair or replacement of assets.

(iv)    Documents proving the necessary and reasonable expenses that the insurance buyer has incurred to limit the loss to the lowest level or to follow the instructions of the insurer;

(v)    Assessment minutes of the cause and extent of damage made by the insurer or the person authorized by the insurer;

(vi)    Other relevant documents (if any).

Circular 50/2022/TT-BTC takes effect from October 1, 2022 and replaces Circular 329/2016/TT-BTC.

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  • Insurance & Reinsurance
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  • Vietnam Laws & Regs

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