Starting from tomorrow (May 1), the amended Deposit Insurance Law officially takes effect.
This Law stipulates the activities of SAV; the rights and obligations of SAV recipients, SAV participating organizations, SAV organizations and state management of SAV...
In particular, this Law also clearly stipulates the procedure for paying insurance money. The Law clearly states that within 5 working days from the time the insurance payment obligation arises, the organization participating in SAV must send a dossier requesting insurance money payment to the SAV organization.
The dossier requesting insurance payment includes a written request for insurance payment, a list of depositors, the deposit amount of each depositor and the insurance amount requested for payment by the deposit insurance organization.
Within 5 working days from the date of receiving sufficient dossiers as prescribed in this Law, the SAV organization shall inspect documents and books to determine the amount of payment.
In addition, within 10 working days from the date of completion of the inspection according to the provisions of this Law, the deposit insurance organization must have a plan to pay insurance money to the depositor.
Public announcement of the location, time, and method of insurance payment on three consecutive issues of a central newspaper, a local newspaper where the head office is located, branches of organizations participating in SAV and on an electronic newspaper of Vietnam.
Within a maximum of 45 days from the time the insurance payment obligation arises, the deposit insurance organization is responsible for paying insurance money to the depositee.
When receiving insurance money, the depositor must present documents and data proving the legal ownership of insured deposits at the deposit insurance organization.
Deposit insurance organizations directly pay insurance money to depositors or authorize other deposit insurance participating organizations to implement.
After a 10-year period from the date the deposit insurance organization publicly announces the payment of insurance money, insurance money that is not received will be supplemented to the operating capital of the deposit insurance organization, the person who owns the insured deposit has no right to request the deposit insurance organization to pay that insurance money.
The law also stipulates that the deposit amount of the depositor, including principal and interest exceeding the insurance payment limit, will be resolved in the process of handling assets of the deposit insurance organization in accordance with the law.
Regarding the recovery of insurance money to be paid from deposit insurance participating organizations. The Law clearly states that deposit insurance organizations become creditors of deposit insurance participating organizations for insurance money paid to depositors from the date of payment of insurance money.
Along with that, the SAV organization is divided the value of assets in the same order as the depositor and recovers the amount of insurance payable in the process of handling assets of the SAV participating organization according to the provisions of law.
