THE MINISTRY OF FINANCE

Circular No.  101/2013/TT-BTC dated July 30, 2013 of the Ministry of Finance guiding the management and use of insurant protection fund
Pursuant to the Law No. 24/2000/QH10 dated December 09, 2000on Insurance Business;
Pursuant to the Law No. 61/2010/QH12 dated November 24, 2000 on amending and supplementing some articles of the Law on Insurance Business,
Pursuant to the Decree No. 118/2008/ND-CP dated November 27, 2008 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the  Decree No. 123/2011/ND-CP dated December 28, 2011 of the Government detailing a number of articles of the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business, and amending and supplementing a number of articles of the Government’s Decree No. 45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on Insurance Business;
At the request of the Director of the Department of Insurance Management and Supervision;
The Minister of Finance issues a Circular providing guidance on the management and use of the Insurant protection fund,
Chapter 1.
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular guides the contribution to, the use, management, finance, and accounting of the insurant protection fund (hereinafter called the Fund) and responsibilities of relevant units according to the Decree No. 123/2011/ND-CP dated December 28, 2011 of the Government detailing a number of articles of the Law Amending and Supplementing a Number of Articles of the Law on Insurance Business, and amending and supplementing a number of articles of the Government’s Decree No. 45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on Insurance Business.
Article 2. Subjects of application
This Circular is applicable to:
1. Insurant.
2. Insurers, including: non-life insurance companies, health insurance companies (hereinafter called non-life insurance companies), and life insurance companies.
3. Branches of foreign non-life insurers (hereinafter called branches)
4. Association of Vietnamese Insurers.
5. Organizations and individuals concerned.
Article 3. Principles of fund management
1. The Insurant protection fund is managed by Association of Vietnamese Insurers, used, managed, and monitored to serve life insurance and non-life insurance;
2. The Insurant protection fund has accounts at commercial bank and may use the seal of Association of Vietnamese Insurers;
3. The Insurant protection fund must be managed and used properly and in accordance with legislation on insurance, relevant legislative documents, and this Circular.
Chapter 2.
SPECIFIC PROVISIONS
SECTION 1. CONTRIBUTION TO THE FUND
Article 4. Level of contribution
1. The amount of money contributed to the Fund must not exceed 0.3% of the total revenue from insurance premium of original insurance contracts in the previous fiscal year of the insurer or the branch. The contribution amount shall be announced in writing by the Ministry of Finance before April 30 every year.
2. Contribution to the Fund shall be made until its scale reaches 5% of total assets of the non-life insurance company or the branch, or until the scale of the Fund of the life insurance company reaches 3% of its total assets in the previous year.
Article 5. Contribution’s deadlines
1. Before  June, 30th every year, insurers and branches shall remit 50% of the contribution to the Fund of the previous fiscal year.
2. Before December, 31st every year, insurers and branches shall remit the remaining 50% of the contribution to the Fund of the previous fiscal year.