Procedures for insurance coverage claims in Vietnam

What are the regulations on the procedures for insurance coverage claims in Vietnam? - Ngoc Kieu (Ca Mau, Vietnam)

Thủ tục trả tiền bảo hiểm tiền gửi

Procedures for insurance coverage claims in Vietnam (Internet image)

1. Time of incurred obligation to claim insurance coverage in Vietnam

Article 8 of Circular 24/2014/TT-NHNN stipulates the time of incurred obligation to claim insurance coverage as follows:

- Obligation to pay the insurance coverage shall be incurred from the time when the State Bank issues written notification to cancel the special control, to terminate or refuse the application of measures to regain the solvency after which the insured credit institutions are still in danger of insolvency, or when the State Bank issues a written confirmation to determine insured branches of foreign banks become insolvent to repay deposits to insured depositors.

- The State Bank’s written notification to cancel the special control, to terminate or refuse the application of measures to regain the solvency, prescribed in Clause 1 of Article 8 of Circular 24/2014/TT-NHNN, must clarify the insured credit institutions’ failure to regain their solvency (or in danger of insolvency) as a basis for the fulfillment of payment obligations to the insured depositors.    

2. Documentation of the request for the insurance coverage payment in Vietnam

Documentation of the request for the insurance coverage payment must be signed by representatives of the insured institutions in accordance with regulations specified in Clause 2, Article 9 of Circular 24/2014/TT-NHNN, including:  

 

- Written request for insurance coverage claims according to the form regulated by the Deposit Insurance of Vietnam;

- List of insured depositors according to the form regulated by the Deposit Insurance of Vietnam, which clearly specifies the amount of insured deposits (including principal and interest) and debts of the insured institutions (if any, including principal and interest) to be paid to each insured depositor by the date on which obligations to pay insurance coverage by the insured institutions are incurred; the amount of insurance coverage to be paid to each insured depositor.

- A copy of the State Bank’s written notification to cancel the special control, to terminate or refuse the application of measures to regain the solvency or a written confirmation to determine the insolvency of insured branches of foreign banks to repay deposits to insured depositors in accordance with regulations specified in Article 8 of Circular 24/2014/TT-NHNN.

(Clause 1, Article 9 of Circular 24/2014/TT-NHNN)

3. Procedures for insurance coverage claims in Vietnam

Pursuant to Article 9 of Circular 24/2014/TT-NHNN stipulating the procedures for insurance coverage claims as follows:

Step 1:

- Within a period of 10 (ten) working days from the moment when obligations to pay insurance coverage are incurred, the insured institutions must send documentation to the Deposit Insurance of Vietnam to claim their insurance coverage. 

- Legal representatives of insured institutions must follow procedures for insurance coverage claims:

+ After the State Bank issues written notification to cancel the special control, to terminate or refuse the application of measures to regain the solvency after which the insured credit institutions are still in danger of insolvency, the legal representatives of insured institutions continue to be authorized to follow procedures for requesting the Deposit Insurance of Vietnam to pay the insurance coverage to the insured depositors. 

+ If the insured institutions do not have legal representatives or when necessary, the State Bank must designate an official of the insured institutions or of the State Bank as the legal representatives of the insured institutions to follow procedures for insurance coverage claims.

Within a period of 05 (five) working days from the full receipt of documentation to claim insurance coverage according to regulations specified in Clause 1 of Article 9 of Circular 24/2014/TT-NHNN, the Deposit Insurance of Vietnam can proceed to examine relevant documents and records to determine the amount of insurance coverage payables.

The insured institutions are responsible to provide documents and records required by the Deposit Insurance of Vietnam to serve the purposes of examination and determination of the amount payables.

If there is any sign of violations during the examination of documents and records to determine the amount payables beyond their scope of administrative competencies, the Deposit Insurance of Vietnam must inform and petition the State Bank to consider, examine, inspect and handle these violations. 

Depending on the result of examination conducted by the Deposit Insurance of Vietnam and documentation of insurance coverage claim submitted by the insured institutions, the Deposit Insurance of Vietnam shall compile a list of insured depositors and the amount of insurance coverage paid to each insured depositor.

- Within a period of 10 (ten) working days from the completion date of examination according to the regulations specified in Clause 3 of Article 9 of Circular 24/2014/TT-NHNN, the Deposit Insurance of Vietnam must set up the payment plan to pay the insurance coverage to insured depositors;

Publicly notify the information about venue, time and mode of insurance coverage payment on three successive publication of central-governed newspapers and local newspapers at the area where its main office and branches of insured institutions are located, and also on an online newspaper in Vietnam;

Explicitly post the list of insured depositors and the amount of insurance coverage payment at each venue mentioned above.     

Ngoc Nhi

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

237 lượt xem
  • Address: 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
    Phone: (028) 7302 2286
    E-mail: [email protected]
Parent company: THU VIEN PHAP LUAT Ltd.
Editorial Director: Mr. Bui Tuong Vu - Tel. 028 3935 2079
P.702A , Centre Point, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, HCM City;