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

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ATTRIBUTE

Decision No. 32/2021/QD-TTg dated October 20, 2021 of the Prime Minister on insurance coverage limit
Issuing body: Prime MinisterEffective date:
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Official number:32/2021/QD-TTgSigner:Le Minh Khai
Type:DecisionExpiry date:Updating
Issuing date:20/10/2021Effect status:
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Fields:Finance - Banking , Insurance

SUMMARY

The maximum insurance money limit is VND 125 million

This highlight content is prescribed by the Prime Minister in the Decision No. 32/2021/QD-TTg dated October 20, 2021 on insurance money limit.

Specifically, the maximum payable insurance money amount that the deposit insurers pay for all deposits covered by insurance in accordance with the Law on Deposit Insurance of an individual at an organization participating in deposit insurance when the obligation to pay insurance money arises must not exceed VND 125 million. For deposits whose obligation to pay insurance money has arisen but not yet paid under the Law on Deposit Insurance before the effective date of this Decision, the insurance money limit shall comply with the Decision No. 21/2017/QD-TTg dated June 15, 2017.

This Decision takes effect on December 12, 2021.

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Effect status: Known
TTXVN

THE PRIME MINISTER

 

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 32/2021/QD-TTg

 

Hanoi, October 20, 2021

 

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

 

[1] Công Báo Nos 925-926 (31/10/2021)

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