Decision 32/2021/QD-TTg on insurance money limit

DECISION

On insurance coverage limit^[1]

Pursuant to the June 19, 2015 Law on Organization of the Government and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;

Pursuant to the June 18, 2012 Law on Deposit Insurance;

Pursuant to the Government’s Decree No. 68/2013/ND-CP of June 28, 2013, detailing and guiding the implementation of the Law on Deposit Insurance;

At the proposal of the Governor of the State Bank of Vietnam;

The Prime Minister promulgates the Decision on insurance coverage limit.

Article 1. Scope of regulation

This Decision prescribes the insurance coverage limit paid by deposit insurers for insured depositors.

Article 2. Subjects of application

1. Insured depositors.

2. Organizations participating in deposit insurance.

3. Deposit insurers.

4. Other agencies, organizations and individuals involved in deposit insurance activities.

Article 3. Insurance coverage limit

The maximum sum to be paid by a deposit insurer for all insured deposits in accordance with the Law on Deposit Insurance (inclusive of both principal and interest) of a person at an organization participating in deposit insurance when the obligation to pay insurance money arises is VND 125,000,000 (one hundred and twenty-five million Vietnam dong).

Article 4. Transitional provision

For deposits in which the obligation to pay insurance money arises but insurance money amounts have not yet been paid under the Law on Deposit Insurance before the effective date of this Decision, the insurance coverage limit must comply with the Prime Minister’s Decision No. 21/2017/QD-TTg of June 15, 2017, on insurance coverage limit.

Article 5. Implementation provisions

1. This Decision takes effect on December 12, 2021, and replaces the Prime Minister’s Decision No. 21/2017/QD-TTg of June 15, 2017, on insurance coverage limit.

2. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, the Deposit Insurance of Vietnam, credit institutions, foreign bank branches, and related agencies, organizations and individuals shall implement this Decision.-

For the Prime Minister
Deputy Prime Minister
LE MINH KHAI