Decree 97/2021/ND-CP amending Decree 23/2018/ND-CP providing compulsory fire and explosion insurance

DECREE

Amending and supplementing a number of articles of the Government’s Decree No. 23/2018/ND-CP of February 23, 2018, providing compulsory fire and explosion insurance^[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 December 9, 2000 Law on Insurance Business, and the November 24, 2010 Law Amending and Supplementing a Number of Articles of the Law on Insurance Business;

Pursuant to the June 14, 2019 Law Amending and Supplementing a Number of Articles of the Law on Insurance Business and the Law on Intellectual Property;

Pursuant to the June 29, 2001 Law on Fire Prevention and Fighting, and the November 22, 2013 Law Amending and Supplementing a Number of Articles of the Law on Fire Prevention and Fighting;

At the proposal of the Minister of Finance;

The Government promulgates the Decree amending and supplementing a number of articles of the Government’s Decree No. 23/2018/ND-CP of February 23, 2018, providing compulsory fire and explosion insurance.

Article 1. To amend and supplement a number of articles of the Government’s Decree No. 23/2018/ND-CP of February 23, 2018, providing compulsory fire and explosion insurance (below referred to as Decree No. 23/2018/ND-CP)

 1. To amend and supplement Clause 1, Article 2 as follows:

“1. Agencies, organizations and individuals that have establishments prone to fire or explosion in accordance with the law on fire prevention and fighting.”

2. To amend and supplement Point b, Clause 1, Article 7 as follows:

“b/ For establishments prone to fire or explosion that have the total insurance sum of or higher than VND 1 trillion for assets in a single location (except nuclear facilities), insurance enterprises and insurance purchasers shall reach agreement on insurance premiums provided that such premiums are approved by reinsurance enterprises. In all cases, an insurance premium must not be lower than the amount calculated by multiplying (x) VND 1 trillion by the insurance premium rate specified in Clause 1, Section I, Appendix I to this Decree.”