Decree No. 68/2014/ND-CP dated July 09, 2014 of the Government on amending, supplementing a number of articles of the Decree No. 45/2007/ND-Cp dated March 27, 2007 of the Government detailing the implementation of a number of articles of the Insurance Business Law

THE GOVERNMENT

Decree No. 68/2014/ND-CP dated July 09, 2014 of the Government on amending, supplementing a number of articles of the Decree No. 45/2007/ND-Cp dated March 27, 2007 of the Government detailing the implementation of a number of articles of the Insurance Business Law

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Insurance Business Law dated December 09, 2000;

Pursuant to the law on amending, supplementing a number of articles of the Insurance Business Law dated November 24, 2010;

At the proposal of the Minister of Finance,

The Government promulgates the Decree amending, supplementing a number of articles of the Decree No. 45/2007/ND-CP dated March 27, 2007 of the Government detailing the implementation of a number of articles of the Insurance Business Law.

Article 1. To amend, supplement a number of articles of the Decree No. 45/2007/ND-CP dated March 27, 2007 of the Government detailing the implementation of a number of articles of the Insurance Business Law as follows:

“Article 4. Classes of insurance and insurance products

1.  Non-life insurance includes the classes as stipulated under Clause 3 Article 1 of the law amending, supplementing a number of articles of the insurance business law and classes of guarantee insurance. Guarantee insurance is business insurance activity that insurance enterprise and branches of foreign non-life insurance accept the risks of persons being guaranteed if the guaranteed parties pay insurance fee for insurance enterprise, branches of foreign non-life insurance to fulfill obligations on behalf of guaranteed parties if the guaranteed parties fail to fulfill its obligations. The guaranteed parties receive debt and return to insurance enterprise, branches of foreign non-life insurance as agreed in the contract. Parties may negotiate on the fact that insurance enterprise and branches of foreign non-life insurance only perform their obligations only when the guaranteed parties are impossible to fulfill its obligations”.

Article 2. Effect

This Decision takes effect on August 25, 2014.

Article 3. Implementation organization

1. The Ministry of Finance guides the implementation of this Decision.

2. The Ministers, Heads of ministerial-level organs, Heads of governmental organs, presidents of provincial/municipal People's Committee, relevant organizations and individuals  shall implement this Decision.

For The Government

Prime Minister

Nguyen Tan Dung