CIRCULAR

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF THE MINISTRY OF FINANCE’S CIRCULAR No. 126/2008 / TT-BTC dated DECEMBER 22, 2008 ON RULES, TERMS, TABLE OF PREMIUM RATES AND LEVELS OF COMPULSORY INSURANCE FOR CIVIL LIABILITY OF MOTOR VEHICLES OWNERS, THE MINISTRY OF FINANCE’S CIRCULAR No. 103/2009 / TT-BTC DATED MAY 25, 2009 DEFINING THE MANAGEMENT, USE, PAYMENT AND SETTLEMENT OF MOTOR VEHICLE INSURANCE FUND AND THE MINISTRY OF FINANCE’S CIRCULAR No. 151/2012 / TT-BTC DATED SEPTEMBER 12, 2012 AMENDING AND SUPPLEMENTING CIRCULAR No. 126/2008 / TT-BTC AND CIRCULAR No.103/2009 / TT-BTC

Pursuant to the Government's Decree No. 215/2013/NĐ-CP dated December 23, 2013 defining the functions, tasks, entitlements and organizational structure of the Ministry of Finance

Pursuant to the Government's Decree No. 103/2008 / ND-CP dated September 16, 2008 on compulsory insurance for civil liability of motor vehicles owners;

Pursuant to the Government's Decree No. 214/2013 / ND-CP dated December 20, 2013 amending and supplementing a number of articles of the Government's Decree No. 103/2008 / ND-CP dated September 16, 2008 on compulsory insurance for civil liability of motor vehicles owners ;

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

The Minister of Finance promulgates the Circular amending and supplementing a number of articles of the ministry of finance’s Circular No. 126/2008 / TT-BTC dated December 22, 2008 on rules, terms, table of premium rates and levels of compulsory insurance for civil liability of motor vehicles owners (hereinafter referred to as “Circular no. 126/2008 / TT-The Ministry of Finance”) , the Ministry of Finance’s Circular No. 103/2009 / TT-BTC dated may 25, 2009 defining the management, use, payment and settlement of motor vehicle insurance fund( hereinafter referred to as “circular no. 103/2009 / TT-The Ministry of Finance”) and the Ministry of Finance’s Circular No. 151/2012 / TT-BTC dated September 12, 2012 amending and supplementing Circular No. 126/2008 / TT-BTC and Circular no. 103/2009 / TT-the Ministry Of Finance (hereinafter referred to as “circular No. 151/2012 / TT-BTC")

Article 1. Amendment and supplementation to Point 14.11, Clause 14, Section II of Circular No. 126/2008 / TT-BTC

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Article 2. Amendment and supplementation to a number of articles of Circular No. 103/2009 / TT-BTC

1. Paragraph 1, Article 4 is amended and supplemented as follows:

“1. Insurers shall deduct 1% of annually collected premiums of compulsory insurance for civil liability of motor vehicles owners to contribute to the Motor Vehicle Insurance Fund”

2. Paragraph 7, Article 6 is amended and supplemented as follows:

"7. Expenditure on Fund management and other expenditures: Expenditures do not exceed 6% of the total annual contributed to the Fund”

Fund Operation Board shall cooperate with non-life insurance enterprises to formulate plans, make budget estimates for the above expenditures and request Fund Management Board for approval before the implementation. The implementation must ensure compliance with the provisions of this Circular and other related laws.

If wishing to change the expenditure in accordance with reality, the Fund Management Board shall propose the Ministry of Finance (the Department of Insurance Management and Supervision) for written comments prior to implementation. "

3. Paragraph 3 of Article 4 is annulled

4. Paragraph 2 of Article 13 is annulled

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 Humanity aid: the expenditure must not exceed 12% of the annual payment to the fund, in particular:

The funeral support in case of bodily suffering of a third person and car passengers caused by motor vehicles in case the motor vehicles that caused the accident are not identified, the vehicle has no insurance, except for the insurance prescribed in Article 13 of the Decree No.103/2008 / ND-CP. The funeral support is 20,000,000 VND per person per accident”.

Article 4. Implementation

1. This Circular takes effect from 25 May, 2014. Contributions to the Fund for motor vehicle insurance, expenditures on humanity aid, expenditure on Fund management and other expenditures applied from the financial year 2014.

2. Any problems arising in the course of implement should be reported to the Ministry of Finance for consideration and solving. /. 

PP.MINISTER
VICE MINISTER




Nguyen Cong Nghiep

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