Clause 1 of Decree 174/2024/ND-CP regulating sanctions for violations in the field of insurance business takes effect from February 15, 2025 as follows:
A fine of from VND 10,000,000 to VND 30,000,000 shall be imposed for one of the following violations:
Submitting reports not on time as prescribed by law.
Submitting incomplete reports as prescribed by law, as prescribed in Clause 1, Article 106 and Clause 5, Article 138 of the Law on Insurance Business No. 08/2022/QH15, Article 34 of Decree No. 21/2023/ND-CP regulating microinsurance, Clause 2, Article 75 of Decree No. 67/2023/ND-CP regulating compulsory civil liability insurance of motor vehicle owners, compulsory fire and explosion insurance, and compulsory insurance in construction investment activities.
Notifying the Ministry of Finance on time about the content of public information as prescribed by law, as prescribed in Clause 3, Article 117, Clause 8, Article 138 of the Law on Insurance Business No. 08/2022/QH15.
Compare Clause 2, Article 75 of Decree No. 67/2023/ND-CP stipulating the responsibilities of insurance enterprises in preparing and submitting the following reports:
Business report: Insurance companies must prepare and send to the Ministry of Finance, specifically as follows:
Report on the implementation of compulsory civil liability insurance for motor vehicle owners (Form No. 1, Appendix X); Report on revenue and compensation for compulsory fire and explosion insurance (Form No. 2, Appendix X); Report on revenue and compensation for compulsory construction insurance in construction investment activities (Form No. 3, Appendix X).
Data closing period is from January 1 to December 31 of the reporting year.
The deadline for submitting reports is March 31 of the following fiscal year.
Method of submitting reports: Send directly or send via postal service or send via email or send via the Ministry of Finance's reporting information system (when the Ministry of Finance's reporting information system is in operation).
b) Report on the collection and payment of compulsory fire and explosion insurance (Form No. 4, Appendix X): Insurance companies must prepare and send to the Ministry of Public Security, specifically as follows:
Data closing time: 6-month report (from January 1 to June 30 of the reporting year); annual report (from January 1 to December 31 of the reporting year).
Time for submitting reports: 6-month report (no later than July 31 of each year); annual report (no later than January 31 of the following fiscal year).
Method of submitting report: Submit directly or send by postal service to the Ministry of Public Security.
Thus, from February 15, motor vehicle civil liability insurance companies (including motorbike insurance) that do not submit full reports on the implementation of motorbike insurance will be fined from 10 million to 30 million VND.
