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Official Gazette

Wednesday, December 12, 2018

Compulsory fire and explosion insurance

Updated: 11:37’ - 22/04/2014

Fire and explosion insurance businesses are obliged to make contributions for fire prevention and fighting activities.

Such is provided in Joint Circular No. 214/2013/TTLT-BTC-BCA of December 31, 2013, of the Ministry of Finance and the Ministry of Public Security, guiding a number of articles of the Government’s Decree No. 130/2006/ND-CP of November 8, 2006, and Decree No. 46/2012/ND-CP of May 22, 2012, prescribing compulsory fire and explosion insurance.

Within 30 days counting from June 30 and December 31 every year, insurance companies must transfer their monetary contributions into the Fire Prevention and Fighting Police Department’s account opened at the Central State Treasury, and send to the Ministry of Finance reports on compulsory fire and explosion insurance business performance and on money amounts deducted from compulsory fire and explosion insurance premiums in accordance with law.

For package insurance policies covering also compulsory fire and explosion insurance, insurance companies have to make a separate annex on compulsory fire and explosion insurance which includes all the contents specified in Article 9 of Decree No. 130/2006/ND-CP.

Within 90 days after the end of a fiscal year, insurance companies must make reports on settlement of money amounts to be contributed for fire prevention and fighting activities.

This new regulation will take effect on February 13, 2014, and replace Joint Circular No. 41/2007/TTLT-BTC-BCA of April 24, 2007.-


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