Article 14 of Decree 67/2023/ND-CP of the Government dated September 6, 2023 stipulates the principles of management and use of the Motor Vehicle Insurance Fund as follows:
The Motor Vehicle Insurance Fund is a fund established to carry out humanitarian support expenditure activities; prevention and control of road traffic losses and accidents; propaganda and education on road traffic safety, compulsory civil liability insurance for motor vehicle owners and related activities to contribute to protecting public interests and ensuring social safety.
The motor vehicle insurance fund is contributed by insurance companies implementing compulsory civil liability insurance for motor vehicle owners, is centrally managed by the Vietnam Insurance Association, has its own account at a commercial bank operating in Vietnam and is entitled to use the seal of the Vietnam Insurance Association.
The motor vehicle insurance fund is managed and used transparently, effectively and for the right purposes according to the provisions of this Decree.
Article 15 of Decree 67/2023/ND-CP stipulates the source of the Motor Vehicle Insurance Fund as follows:
contributions from insurance companies are allowed to implement compulsory civil liability insurance for motor vehicle owners.
Collected from deposit interest.
Sources of sponsorship and support from organizations and individuals.
Other legal fees.
The contribution to the Motor Vehicle Insurance Fund is stipulated in Article 16 as follows:
Insurance companies are responsible for deducting a maximum of 1% of the total civil liability insurance premiums actually collected by motor vehicle owners from original insurance contracts in the previous fiscal year to pay into the Motor Vehicle Insurance Fund.
Before April 30 every year, the Management Board of the Motor Vehicle Insurance Fund decides on the contribution rate to the Motor Vehicle Insurance Fund, and notifies insurance companies and the Ministry of Finance.
Insurance companies implementing compulsory civil liability insurance of motor vehicle owners shall contribute to the account of the Motor Vehicle Insurance Fund for the following period:
Before June 30 every year: pay 50% of the total amount prescribed.
Before December 31 every year: pay the remaining amount as prescribed.
Article 18 of Decree 67/2023/ND-CP stipulates the management and operation of the Motor Vehicle Insurance Fund as follows:
The organizational structure of administration and administration of motor vehicle insurance funds includes the Management Council of motor vehicle insurance funds, the Executive Board of the motor vehicle insurance fund, the Supervisory Board of motor vehicle insurance funds. The office of motor vehicle insurance fund is the assisting agency for the management and operating apparatus of the motor vehicle insurance fund, located at the Vietnam Standing Committee of the Vietnam Insurance Association. The Management Council of motor vehicle insurance funds was established under the decision of the Minister of Finance on the basis of the proposal of the Vietnam Insurance Association.
The annual settlement report of the motor vehicle insurance fund (which has been confirmed by the independent auditing organization) must be sent to the Ministry of Finance and insurance enterprises before March 31 of the next year and publicly announced on the websites of the Vietnam Insurance Association, the whole content of the annual settlement report of the motor vehicle insurance fund with the opinions of the independent auditing organization.
