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blue-check Amendments to regulations on compulsory fire and explosion insurance

Decree No. 97/2021/ND-CP dated November 8th, 2021 of the Government on amendment to Decree No. 23/2018/ND-CPstatus2 dated February 23, 2018 of the Government on compulsory fire and explosion insurance
Posted: 10/11/2021 8:10:11 AM | Latest updated: 18/11/2021 10:39:58 AM (GMT+7) | LuatVietnam: 5333 | Vietlaw: 537
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According to the amendments at clause 2 Article 1 of this Decree, if the total sum insured for all assets in a single location of facilities facing a risk of conflagration is at least VND 1,000 billion: Insurance enterprises and policyholders shall agree on insurance premiums on the basis of approval of reinsurers. In any case, insurance premiums must not be lower than the product of VND 1,000 billion multiplying with insurance rate specified under Clause 1 Section I Annex I attached to this Decree.

Insurance enterprises must issue Certificate for compulsory fire and explosion insurance for the policyholders, either electronic Certificate of insurance or paper-based Certificate of insurance provided that it has all contents according to the regulations at clause 4 Article 1 of this Decree.

In addition, industrial facilities, they have to identify A, B, C, D, and E fire grade according to regulations and law on fire prevention and firefighting. Fire grade must be specified in the Inspection record or Fire safety and firefighting inspection record.

This Decree takes effect from December 23rd, 2021.

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Effective Date 23-Dec-2021
ExpiredDate Unknown
Published Vietlaw's Newsletter No. 537
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