THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 23/2007/QD-BTC
Hanoi , April 09, 2007
 
DECISION
PROMULGATING THE REGULATION ON COMPULSORY INSURANCE FOR CIVIL LIABILITY OF MOTOR VEHICLES' OWNERS
THE MINISTER OF FINANCE
Pursuant to the June 4, 2005 Civil Code;
Pursuant to December 9, 2000 Insurance Business Law No. 24/2000/QH10;
Pursuant to the Government's Decree No. 77/2003/ND-CP of July 1, 2003, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the Government's Decree No. 115/1997/ND-CP of December 17, 1997, on the compulsory insurance for civil liability of motor vehicles' owners;
Pursuant to the Government's Resolution No. 13/2002/ND-CP of November 19, 2002, on measures to check the rise in, and proceed to gradually reduce, traffic accidents and congestion;

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At the proposal of the director of the Insurance Department,
DECIDES:
Article 1.- To promulgate together with this Decision the rule, the table of premium rates and the levels of compulsory insurance for civil liability of motor vehicles' owners.
Article 2.- Insurance enterprises licensed to deal in compulsory insurance for civil liability of motor vehicles' owners shall deduct at least 2% of collected premiums of compulsory insurance for civil liability of motor vehicles' owners to contribute to the Fund for Road Traffic Safety Propaganda and Assurance managed and used by the Vietnam Insurance Association. The Fund is used for the following purposes:
a/ Organizing propaganda and education about road traffic safety and compulsory insurance for civil liability of motor vehicles' owners;
b/ Financing and supplying means and facilities in support of the prevention and limitation of road traffic accidents;
c/ Coordinating with competent agencies in placing road signs, building byroads and works for the purpose of preventing accidents and reducing risks for the insured.
d/ Supporting the payment of humanitarian compensations for damage caused to third parties and passengers onboard vehicles when it is impossible to identify accident-causing vehicles or the vehicles are not covered by insurance.
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