Circular 93/2025/TT-BTC amend Circular 219/2010/TT-BTC on criteria for identification of prestigious insurance organizations in the maritime field

CIRCULAR

Amending and supplementing a number of articles of the Minister of Finance’s Circular No. 219/2010/TT-BTC of December 30, 2010, providing guidance on criteria for identification of prestigious insurance organizations in the maritime field in accordance with the Ordinance on the Procedure for the Arrest of Seagoing Ships

Pursuant to the National Assembly Standing Committee’s Ordinance No. 05/2008/NQ-UBTVQH on the Procedure for the Arrest of Seagoing Ships of August 27, 2008; the National Assembly Standing Committee’s Ordinance No. 08/2025/UBTVQH15 of June 27, 2025, Amending and Supplementing a Number of Articles of the Ordinance on the Procedure for the Arrest of Seagoing Ships, the Ordinance on the Procedure for the Arrest of Aircraft, the Ordinance on the order and procedures for people’s courts to decide on consignment of drug addicts aged between full 12 years and under 18 years into compulsory drug addiction treatment establishments, the Ordinance on Administrative Sanctioning of Acts Obstructing Proceedings, the Ordinance on Order and Procedures for Consideration of and Decision on Application of Administrative Handling Measures at People’s Courts and the Ordinance on Legal Costs, effective on July 1, 2025;

Pursuant to the Law on Insurance Business of June 16, 2022;

Pursuant to the Government’s Decree No. 57/2010/ND-CP of May 25, 2010, detailing and guiding the implementation of the Ordinance on the Procedure for the Arrest of Seagoing Ships;

Pursuant to the Government’s Decree No. 46/2023/ND-CP of July 1, 2023, detailing the implementation of a number of articles of the Law on Insurance Business;

Pursuant to the Government’s Decree No. 29/2025/ND-CP of February 24, 2025, defining the functions, tasks, powers and organizational structure of the Ministry of Finance; the Government’s Decree No. 166/2025/ND-CP of June 30, 2025, Amending and Supplementing a Number of Articles of the Government’s Decree No. 29/2025/ND-CP of February 24, 2025, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the request of Director of the Department of Insurance Management and Supervision;

The Minister of Finance promulgates the Circular Amending and Supplementing a Number of Articles of the Minister of Finance’s Circular No. 219/2010/TT-BTC of December 30, 2010, providing guidance on criteria for identification of prestigious insurance organizations in the maritime field in accordance with the Ordinance on the Procedure for the Arrest of Seagoing Ships.

Article 1. To amend and supplement a number of articles of the Minister of Finance’s Circular No. 219/2010/TT-BTC of December 30, 2010, providing guidance on criteria for identification of prestigious insurance organizations in the maritime field in accordance with the Ordinance on the Procedure for the Arrest of Seagoing Ships

1. To amend and supplement Clause 1, Article 3 as follows:

“1. A seagoing ship under arrest to secure the settlement of a maritime claim shall be released after the property obligation of its owner, charterer or operator has been guaranteed by another party to be fulfilled on the latter’s behalf, or issued with a warrant by a prestigious insurance organization.”

2. To amend and supplement Article 4 as follows:

“Article 4. Criteria for identification prestigious insurance organizations in the maritime field sector

An insurance enterprise shall be identified as a prestigious insurance organization in the maritime sector if satisfying the criteria specified in Clauses 1, 2 and 3 of this Article:

1. The owner's equity level of the fiscal year preceding the time when the Ministry of Finance issues a document announcing the list of prestigious insurance organizations in the maritime field must not lower than the minimum charter capital level prescribed in the Law on Insurance Business and its guiding documents.

2. The solvency margin or capital adequacy ratio of the fiscal year preceding the time when the Ministry of Finance issues a document announcing the list of prestigious insurance organizations in the maritime field must comply with the provisions of the Law on Insurance Business and its guiding documents.

3. The total net profit from the underwriting business of hull insurance, seagoing ship owner’s civil liability insurance and cargo insurance for the three (03) consecutive fiscal years preceding the time when the Ministry of Finance issues a document announcing the list of prestigious insurance organizations in the maritime field must be greater than zero (0).

Alternatively, the insurance enterprise or the parent company of the insurance enterprise must be rated at least "BBB" by Standard & Poor's or Fitch, "B++" by A.M.Best, "Baa1" by Moody's, or equivalent rating results from other experienced rating organizations in the most recent fiscal year compared to the time the Ministry of Finance issues a document announcing the list of prestigious insurance organizations in the maritime field.

4. The satisfaction of the criteria specified in Clauses 1, 2, and 3 of this Article shall be determined based on the insurance enterprise’s reports specified in Clauses 1, 4 and 8, Article 58 of the Minister of Finance’s Circular No. 67/2023/TT-BTC of November 2, 2023, guiding a number of articles of the Law on Insurance Business, the Government’s Decree No. 46/2023/ND-CP of July 1, 2023, detailing the implementation of a number of articles of the Law on Insurance Business, and amending, supplementing or replacing documents (if any).”.

3. To amend and supplement Clause 2, Article 5 as follows:

“2. After April 15 annually, based on the insurance enterprise's annual report, the Ministry of Finance shall review, evaluate and issue a document announcing the list of prestigious insurance organizations in the maritime field in accordance with the Ordinance on the Procedure for the Arrest of Seagoing Ships.

Based on the insurance enterprise's quarterly report, if failing to satisfy the criteria specified in Clauses 1 and 2, Article 4 of this Circular, the insurance enterprise may not issue a warrant to fulfil on behalf of the seagoing ship owner, charterer or operator the latter’s property obligation specified in the Ordinance on the Procedure for the Arrest of Seagoing Ships. The written notification takes effect until the Ministry of Finance issues an amending, supplementing or replacing document (if any).”.

Article 2. Effect

1. This Circular takes effect on January 1, 2026.

2. Any problems arising in the course of implementation should be reported to the Ministry of Finance for consideration and settlement according to its competence.-

For the Minister of Finance

Deputy Minister of Finance

LE TAN CAN