THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.: 219/2010/TT-BTC
Hanoi, December 30, 2010
 
CIRCULAR
GUIDING THE CRITERIA FOR DETERMINING PRESTIGE INSURANCE ORGANIZATION IN THE MARINE DOMAIN UNDER THE PROVISIONS IN THE ORDINANCE ON ARREST PROCEDURES OF SEAGOING SHIPS
Pursuant to the Law on Insurance Business No.24/2000/QH10 dated December 09, 2000;
Pursuant to the Ordinance on Arrest Procedures of the Seagoing Ships of the Standing National Assembly No.05/2008/NQ-UBTVQH12 dated August 27, 2008;
Pursuant to the Decree No.46/2007/ND-CP dated March 27, 2007 of the Government providing for financial regime for insurers and insurance brokers;
Pursuant to the Decree No.118/2008/ND-CP dated November 27, 2008 of the Government providing for the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the Decree No.57/2010/ND-CP dated May 25, 2010 of the Government detailing and guiding the implementation of the Ordinance on Arrest Procedures of the Seagoing Ships;
Pursuance to the instruction opinion of the Prime Minister in the Official Dispatch No.2068/TTg-PL dated November 02, 2009 of the Government Office on making document to guide the implementation of the Ordinance on Arrest Procedures of the Seagoing Ships;

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The Ministry of Finance guides the criteria for determining prestige insurance organization in the marine domain under the provisions in the Ordinance on Arrest Procedures of Seagoing Ships as follows:
Article 1. Scope of governing 
This Circular provides for the criteria for determining prestige insurance organizationfor the insurers established and operating in Vietnam allowed guaranteeing the implementation or issuing the guarantee commitment letter in case ships are arrested in the territory of the Socialist Republic of Vietnam.
Article 2. Subjects of application
This Circular applies to the insurers established and operating in Vietnam, domestic, foreign organizations, individuals relating to ships arrested in the territory of the Socialist Republic of Vietnam.
Article 3. Guarantee of implementation and issuance of commitment letter
1. To settle complaint on marine, ships being arrested shall be released after the obligations on property of ship owners, ship renters or ship operators were guaranteed to perform by the others or by commitment letter of the prestige insurers and agreed in writing by the plaintiff.
2. The organization that guarantees or issue commitment letter must be accepted in writing by the court where issued the decision to arrest ship before implementing the guarantee or issuing commitment letter.
Article 4. Criteria to determine the prestige insurance organization in the marine domain
The Vietnam insurers are determined being the prestige insurance organizations in the marine domain if meeting the following criteria: