Ministry to inspect insurers for motor insurance compliance
A point of sale for motor vehicle insurance (Photo: VNA) |
Voters have highlighted issues with the limited benefits from motorcycle insurance and have called for more transparency in the handling of insurance funds. Lang Son voters reported difficulties in claiming compensation for property damage and personal injury from motorcycle accidents, urging a reduction in bureaucratic procedures.
In response, the Ministry has highlighted the recent Decree No. 67/2023/ND-CP, effective from September 6, 2023, designed to simplify the claims process and improve insurance protection.
Statistics for the first half of 2024 show motorcycle liability insurance premiums generating 431.8 billion VND (17 million USD), with claims amounting to nearly 42 billion VND and reserves close to 36 billion VND. This reflects an improved payout rate compared to previous years.
Previously, the payout rate for motorcycle liability insurance was low, at just 6% in 2019 and 2.5% in 2021. Decree No. 67 allows a maximum premium reduction of 15% for vehicles with low claims histories, encouraging safer driving. Coverage limits have increased significantly, with premiums for motorcycles under 50cc set at 55,000 VND and maximum compensation at 150 million VND per accident, up from previous limits of 70 million VND to 100 million VND per person.
The decree requires insurance companies to establish 24/7 hotlines for accident reports, guidance and inquiries, with calls recorded to ensure compliance. Insurers must provide claim filing instructions within one hour of notification and conduct damage assessments within 24 hours. Compensation for health and life damages must be advanced within three working days, even if the full claim amount is not yet determined.
Additionally, the decree mandates the collection of necessary documentation from law enforcement in fatal cases and encourages the use of information technology in claims processing.
The Ministry of Finance said it will continue to monitor and enforce these regulations, with inspections focusing on compliance and strict penalties for violations. The Ministry will collaborate with relevant agencies to refine policies and address any issues to enhance the effectiveness of the requirements.
See also
HDBank wins three awards at Vietnam Listed Company Awards 2024
10:53 | 21/11/2024 Finance-Banking
VIB, Flywire partner to streamline cross-border payments for students from Vietnam
16:46 | 18/11/2024 Finance-Banking
Vietcombank issues 2 trillion VND worth of green bonds for first time
18:55 | 16/11/2024 Finance-Banking
UK stands ready to help Vietnam build international financial hub
17:13 | 13/11/2024 Finance-Banking
S&P affirms Techcombank’s BB- rating
10:10 | 11/11/2024 Finance-Banking
Tax sector fulfils nearly 95% of state budget collection target
15:38 | 09/11/2024 Finance-Banking
See more news
Việt Nam's stock market moves closer to emerging market status amid key policy changes
18:05 | 06/11/2024 Stock Market
Krungsri proposes accelerating purchase of 50% of SHBFinance’s charter capital
15:46 | 05/11/2024 Finance-Banking
Finance ministry proposes two price management scenarios for year-end
10:11 | 04/11/2024 Finance-Banking
Banking sector prioritises support for import-export firms
16:35 | 02/11/2024 Finance-Banking
Smart Banking 2024 workshop and exhibition held
15:32 | 31/10/2024 Finance-Banking
Interest rates expected to decrease by 0.7 percentage points next year
09:14 | 29/10/2024 Finance-Banking
Agribank named in Top 10 Vietnam Excellent Brands 2024
17:52 | 26/10/2024 Finance-Banking
Banks show positive results during third quarter
15:36 | 25/10/2024 Finance-Banking
Non-bank corporate bonds forecast to recover in year-end months
09:26 | 23/10/2024 Finance-Banking
Banks urged to further reduce capital costs, lending interest rates
11:33 | 21/10/2024 Finance-Banking
MoT view on raising emission standards for scooters from 2027
19:46 | 23/11/2024 Environment
New Zealand announces new government scholarship for Vietnamese students
18:21 | 23/11/2024 Society
Vietnam prioritises education for youths on friendship, solidarity with Cambodia: NA leader
18:19 | 23/11/2024 Cooperation
Top Vietnamese leader concludes official visit to Malaysia
16:33 | 23/11/2024 News and Events
MM Mega Market hosts 2024 Customer Fair
16:29 | 23/11/2024 Companies
Multimedia
Strengthening Vietnam-Cambodia friendship and cooperation
09:00 | 22/11/2024 Infographic
Vietnam - Malaysia Strategic Partnership
10:54 | 21/11/2024 Infographic
Vietnam, Dominican Republic strengthening cooperation
08:45 | 20/11/2024 Infographic
Vietnam - Brazil strategic partnership
10:26 | 19/11/2024 Infographic
Nhon - Hanoi Station elevated urban railway comes into operation
09:04 | 18/11/2024 Infographic
New decree on using telecommunications accounts for payment proposed
09:29 | 22/11/2024 Policy
Parliament approves amendments to pharmacy law
08:54 | 22/11/2024 Policy
VAT tax reduction should continue until mid-2025: Ministry
17:15 | 21/11/2024 Policy
NA deputies scrutinise investment policy for North-South high-speed railway project
08:54 | 21/11/2024 Policy
Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth
20:42 | 22/11/2024 Industry
VN's food processing industry struggles to improve quality and value chain integration
11:36 | 22/11/2024 Industry
Tra fish sector aiming for production, processing greening for sustainable development
15:38 | 20/11/2024 Industry
Solutions discussed to ensure coal supply for electricity generation in 2025
16:24 | 19/11/2024 Energy
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh
16:58 | 22/11/2024 Investment
Workshop seeks ways to attract Japan’s green investment to Vietnam
09:43 | 20/11/2024 Investment
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh
16:57 | 18/11/2024 Investment
Disbursement of public investment must be accelerated: Deputy PM
12:17 | 17/11/2024 Investment
HDBank wins three awards at Vietnam Listed Company Awards 2024
10:53 | 21/11/2024 Finance-Banking
VIB, Flywire partner to streamline cross-border payments for students from Vietnam
16:46 | 18/11/2024 Finance-Banking
Vietcombank issues 2 trillion VND worth of green bonds for first time
18:55 | 16/11/2024 Finance-Banking
UK stands ready to help Vietnam build international financial hub
17:13 | 13/11/2024 Finance-Banking
MoT view on raising emission standards for scooters from 2027
19:46 | 23/11/2024 Environment
Significant progress in fisheries' environmental protection but challenges remain
09:35 | 22/11/2024 Environment
Hà Nội prepares for temperature drop as cold front approaches
16:56 | 21/11/2024 Environment
Hundreds of damaged irrigation reservoirs need repairing
09:02 | 20/11/2024 Environment
Việt Nam and Korean NIPA strengthen tech cooperation
10:42 | 22/11/2024 Science - Technology
Cyberattack risks surge with AI advancements
10:39 | 22/11/2024 Science - Technology
People, community at heart of digital transformation: Deputy PM
09:26 | 21/11/2024 Science - Technology
AI is core technology of 4th Industrial Revolution: Minister
11:19 | 20/11/2024 Science - Technology
New Zealand announces new government scholarship for Vietnamese students
18:21 | 23/11/2024 Society
WB suggests five pillars for Vietnam’s electric transport plans
09:23 | 23/11/2024 Society
Association boosts insurance sector’s sustainable development
16:30 | 22/11/2024 Society
Vietnam, Venezuela step up educational cooperation
16:23 | 22/11/2024 Society
Doubling insurance product’s payout significantly benefits customers
16:22 | 22/11/2024 Vietnamese Brands
PJICO: 30 years of development
11:19 | 22/11/2024 Vietnamese Brands
VN takes part in food and beverage fair in Chicago
09:45 | 20/11/2024 Vietnamese Brands
Hòa Bình honey awaits reactions from UK
10:41 | 19/11/2024 Vietnamese Brands
Exhibitions in Hà Nội downtown celebrate Heritage Day
13:55 | 23/11/2024 Culture
Vibrant cultural rendezvous in Hanoi
15:30 | 22/11/2024 Lifestyle
Cultural activities celebrate Việt Nam Heritage Day
10:06 | 22/11/2024 Culture
Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding
15:04 | 20/11/2024 Culture
Agritourism needs opportunities to “take off”
12:05 | 23/11/2024 Tourism
Golden time for community-based tourism development
10:38 | 22/11/2024 Tourism
Christmas Festival to entertain visitors to Đà Nẵng
09:53 | 22/11/2024 Tourism
How trekking the mountains lifted me up and above ... the clouds: conquering Lùng Cúng
09:45 | 22/11/2024 Tourism