blue-check It is allowable delaying payment of motor vehicle insurance premiums due to impact of Covid-19

Circular No. 14/2022/TT-BTC dated February 28th, 2022 of the Ministry of Finance on amending, supplementing to a number of articles of Circular No. 50/2017/TT-BTCstatus2 dated May 15th, 2017 and Circular No. 04/2021/TT-BTCstatus2 dated January 15th, 2021
Posted: 2/3/2022 7:29:16 AM | Latest updated: 4/3/2022 11:41:21 AM (GMT+7) | LuatVietnam: 5403 | Vietlaw: 550

This Circular adds point e to item 1.1 clause 1 Article 21 of Circular No. 50/2017/TT-BTCstatus2 to allow insurance buyers (policyholders) to reach an agreement with the insurers to extend the insurance premium payment period or owe insurance premiums due to impact of Covid-19 when these conditions are met:

(i) The policyholders or the insurers locates in localities that are applying social quarantine under Directive No. 15/CT-TTg, Directive No. 16/CT-TTg or areas subject to medical quarantine, lockdown for prevention and control of Covid-19 or areas where epidemic level is determined very high risk or high risk according to Resolution No. 128/NQ-CP .

(ii) The obligation of insurance premium payment arises from January 1st, 2021 until the day on which the Prime Minister declares that Covid-19 is over.

In addition, this Circular also amends, supplements to Article 3 of Circular No. 04/2021/TT-BTCstatus2 to allow owner of motor vehicle and the insurance enterprise to reach an agreement to extend insurance term corresponding to the duration in which the motor vehicle does not participate in traffic, does not operate due to application of measures for Covid-19 prevention and control under Directive No. 15/CT-TTg, Directive No. 16/CT-TTg

This Circular takes effect from the date of its signing.

Ms Phuong Thao (
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Effective Date 28-Feb-2022
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Published Vietlaw's Newsletter No. 550
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