Circular 101/2013/tt-Btc: Guidelines For The Management, Use The Fund To Protect The Insured

Original Language Title: Thông tư 101/2013/TT-BTC: Hướng dẫn việc quản lý, sử dụng Quỹ bảo vệ người được bảo hiểm

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CIRCULAR guiding the management and use of the Fund to protect the insured _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law on insurance business no. 24/2000/QH10 on 9/12/2000;
Pursuant to the law amending and supplementing a number of articles of the insurance business law No. 61/2010/QH12 on 24/11/2010;
Pursuant to Decree No. 118/2008/ND-CP on November 27, 2008 of the Government functions, tasks, powers and organizational structure of the Ministry of finance;
Pursuant to Decree No. 123/2010/ND-CP dated 28/12/2011 detailing the implementation of a number of articles of the law on amendments and supplements to some articles of the law on insurance business and amending and supplementing a number of articles of Decree No. 45/2007/ND-CP on 27/3/2007 detailing the Government's implementation of some articles of the law on insurance business;
At the suggestion of Director of Department of management, the insurance supervision;
The Minister of Finance issued a circular guiding the management of Fund use, protection of the insured.
Chapter I GENERAL PROVISIONS article 1. Scope this guide the circular quoted filed, use; management organization, operating; accounting, finance of the Fund to protect the insured (hereinafter referred to as the Fund) and the responsibility of the unit concerned as stipulated in Decree No. 123/2010/ND-CP dated 28/12/2011 detailing the implementation of a number of articles of the law on amendments and supplements to some articles of the law on insurance business, and modify supplement some articles of Decree No. 45/2007/ND-CP on 27/3/2007 detailing the Government's implementation of some articles of the law on insurance business.
Article 2. The object to apply the applicable object of this circular includes: 1. The insured person.
2. An insurer, including: casualty insurance business, professional business health insurance business (hereinafter referred to as "non-life insurance business"); the life insurance business.
3. Branch casualty insurance business abroad (hereinafter referred to as "foreign affiliate").
4. Vietnam Insurance Association.
5. Organizations and individuals concerned.
Article 3. Fund management guidelines 1. Protects the insured Fund was managed in Vietnam Insurance Association and was accounting, management, private track for this kind of life insurance and casualty insurance;
2. The Fund protects the insured have individual accounts at commercial banks and used the seal of the Vietnam Insurance Association;
3. the insured person protection Fund is managed closely, using the right purpose, properly regulated insurance business law, the text of relevant laws and regulations in this circular.
Chapter II SPECIFIC PROVISIONS section 1 article 4 FUND SUBMISSION EXCERPT. Level 1 Foundation filed the excerpt. The extracted amount does not exceed the maximum Fund filed the 0.3% total revenue premiums keep in the original insurance contracts in the previous financial year of an insurer, foreign affiliates. Extract specific Fund filed by level the Ministry of Finance announced in writing before 30 April each year.
2. The excerpt was made to Fund filed when the scale of the Fund in the area of non-life insurance reached 5% of the total assets of the life insurance business, foreign affiliates and the scale of the Fund in the area of life insurance reached 3% of the total assets of the life insurance business in the fiscal year before the adjacent.
Article 5. The time limit for filing cites the Fund 1. Before June 30 of every year, the insurer, foreign affiliates submit 50% of the sum to be paid by the Fund in financing before the adjacent.
2. Before 31 December each year, the insurer, foreign affiliates submit 50% of the money to pay the Fund the rest of the fiscal year before the adjacent.
Category 2 USE the FUND article 6. The principle of the Fund 1. The Fund is used to pay a premium, value refunded; pay insurance compensation; the insurance refund under the agreement in the contract of insurance in case the insurer, foreign branch lost the ability to pay, the insurer went bankrupt.
2. The Fund is paid only for the original insurance contracts and pay once for each profile requires paying insurance, return value; pay insurance compensation; the insurance refund.
3. in case of transfer of contract of insurance from the insurer, foreign branch lost the ability to pay, the insurer went bankrupt for the insurer, other foreign affiliates, the amount paid by the Fund pursuant to the provisions in article 7 of this circular is forwarded directly to the insurer foreign branch, received the transfer.
4. in case the insurer, foreign affiliates lose liquidity, fund only pays part of the difference between the amount the insurer, foreign affiliates are paid under a contract of insurance and the insured amount is received from the insurer, foreign affiliates.
5. in case the insurer is bankrupt, the Fund only pays part of the difference between the amount the insurer must pay under the insurance contract and the insured amount is received under the provisions of the law on bankruptcy.
6. in case the insured is obliged to repay the insurer, foreign affiliate under the agreement in the insurance contract and the provisions of the law, the Fund only pays part of the difference between the amount the insured received pursuant to the provisions in article 7 of this circular and the insured amount is owed by the insurer foreign branches.
Article 7. Limits of the Fund 1. For the life insurance contract, the Fund pays a maximum of 90% of the liability of the life insurance business but not more than 200 million people are insured/contracts. The liability of the life insurance business corresponding to each case are defined as follows: a) with regard to the contract of insurance events occurred but not yet paid out insurance benefits, the liability of the insurer's benefits are entitled to under the agreement in the contract of insurance;
b) for contracts with savings, return value and are still in force, the liability of the insurer that corresponds to the value returned by the contract at the time of the competent State agencies announced the insurer takes the solvency or insolvency;
c) for the contracts only protect valuable non-refundable, and are still in force, the liability of the respective insurer the premium section is closed for the remainder of the contract of insurance;
d) with respect to the insurance contract investment links are valid, the liability of the insurer to correspond to the customer's account value at the time the competent State agencies announced the insurer takes the solvency or insolvency;
DD) in the case of life insurance contracts are more people insured, the maximum pay limit of funds specified in point a, point b, point c and a d clause 1 of this article are applied for each insured person, except between the insured and the insurer agreed in the insurance contract.
2. With regard to health insurance: a) the Fund pays a maximum of 90% of the liability of the insurer, foreign branches but not more than 200 million people are insured/contracts.
b) in the case of health insurance contracts are more people insured, the maximum pay limit of funds stipulated in art. 2 this applies for each insured person, except between the insured and the insurer, foreign affiliates have other deals in the insurance contract.
3. for non-life insurance contract: a) for compulsory insurance of civil liability of owners of motor vehicles, the Fund pays a maximum liability of the insurer, foreign affiliates in the coverage under current law;
b) for insurance contracts in the other insurance business under the provisions of the law, the Fund pays a maximum of 80% of the liability of the insurer, foreign branches but not exceeding 100 million contract.
Article 8. Procedure for using the Fund 1. The insurer, foreign branches have a responsibility to send a Vietnam Insurance Association (1) the profile includes the following documents: a) the text of the proposal to use Funds;
b) the Finance Ministry's decision on the termination of the application of measures to restore the ability to pay (for the case of an insurer, foreign branch lost the ability to pay) or a confirmation text on striping the value property of the insurer has been done (for the case of bankrupt insurer);
c) statistics table lists the insured according to the form prescribed in annex 1 attached to this circular and the records required to pay insurance, return value; pay insurance compensation; the insurance refund under the agreement in a contract of insurance for which the insurer, foreign affiliates can not afford the payment; Receivables compensation reinsurance; currency claiming third at the time of the Ministry of Finance has decided to terminate the application of the measures to restore solvency (for the case of an insurer, foreign branch lost the ability to pay) or at the time you're done scheme divides the value of business assets (for the case of bankrupt insurer).
2. within thirty (30) days from the date of application as specified in paragraph 1 of this article, the Board of Trustees and the Board of the Fund is responsible for performing the following tasks: a) the Board of the Fund, check the profile required to pay insurance money, return value; pay insurance compensation; refund of insurance of the insurer, foreign affiliates in order to determine the exact amount of the payment;
b the Executive Committee building Fund) scheme pays insurance, return value; pay compensation; insurance refunds to the Fund Management Board for approval and reported the Ministry of Finance before making;

c) the Board of the Fund to announce publicly the pay for the insured on the daily newspapers (at least on a central newspaper or a local newspaper where the head office, branches and points of the transaction of the business of insurance, foreign branches) with the Vietnamese in three (3) consecutive number at the same time listing list of object paid at Headquarters, branches, points of the transaction of the business of insurance, foreign branches and electronic information page of the Vietnam Insurance Association, insurers, foreign affiliates. Content of the notice must specify the place, the time, the method of payment of funds;
d) the Board of the Fund made payments under the scheme was approved by the Management Board. In the case of authorized commercial bank was established and legitimate activities in Vietnam made to pay, the Board of Trustees must sign a contract with the Bank authorized under the provisions of the law. Authorized contracts must state clearly the Bank's responsibility in the use of the money that the Board of Trustees moved to pay as prescribed;
DD) Fund Management Council reported the Ministry of finance results of payments for the insured.
3. The subject was the Fund pays for insurance, return value; pay insurance compensation; insurance refunds must meet the following conditions: a) named in the attached list statistics table records were the Board of Trustees decided to pay;
b) has proof of legal rights with respect to the funds paid out of the Fund include: certificates, insurance contract, power of attorney to receive the money (if any).
4. the time the pay Fund is three (3) years from the date of the decision. The procedures follow the provisions of the law.
Section 3-MANAGEMENT ORGANIZATION, operating FUND, article 9. The Organization, management and operation of the Fund 1. Management, executives of the Fund include: a) the Board of Trustees;
b) Board of the Fund;
c) Control Board funds.
2. Management and administration of the Fund have missions, powers and working mechanism under the provisions of article 10, article 11 and article 12 of this circular.
Article 10. Fund Management Board 1. The Board of Trustees by the Finance Ministry decided to set up, include the following components: a) Chairman of the Board of Trustees: is the President of the Vietnam Insurance Association;
b) members of the Board of Trustees consists of:-the representative leader of the Department of management, supervision of insurance-the Ministry of finance;
-Representatives of three (03) life insurance business and three (3) non-life insurance business, foreign affiliates had the standing order (1) to three (3) on the insurance market in Vietnam at the time have decided to set up Fund Management Board.
2. The term of members of the Board of Trustees is three (3) years and may be appointed.
3. duties and powers of the Board of Trustees a) responsible before the law, before the Minister of finance regarding the management, administration and use of Funds;
b) decided to set up the Board of the Fund, and the Fund Control Board appointed, dismissed members of the Board of the Fund, the Fund Control Board after the Ministry of finance approved;
c) enacting regulations of work of the Board of Trustees, the Board of the Fund, the Fund Control Board after the opinion approved by the Ministry of finance;
d) promulgation of regulations and use of the Fund, the Investment Fund regulation, the regulation of other related activities after the Ministry of finance approved;
DD) approval idle capital investment management, estimating expense, financial statements, activity reports and plans the work of the Fund;
e) perform centralized management of revenues of the Fund, monitoring the currency lodging Funds according to regulations of the insurance business law text and the related enforcement guidelines;
g) perform the duties prescribed in points b, d and DD account point 2 article 8 of this circular;
h) perform statistical reports in accordance with paragraph 1 article 19 of this circular;
I) organize periodic inspection or irregularly on the management and use of Funds;
k) subjected to testing, monitoring of the Ministry of finance in the implementation of its powers, duties.
4. working mechanisms of the Fund Management Board a) active Fund Management Board under the regulation of work specified in point c of paragraph 3 of this article;
b) for general issues related to the insurance business and foreign branches: the Board of Trustees considered, the decision by the mission, the powers specified in paragraph 3 of this article;
c) with respect to the issues related to the life insurance business: Chairman of the Board of Trustees, representatives of the leadership of the Department of management, supervision of insurance-the Ministry of finance and the members of the Board of Trustees are representatives of the three insurance business specified in point b of paragraph 1 of this article review the decision according to the tasks and powers prescribed in paragraph 3 of this article;
d) for matters related to non-life insurance business, foreign branch: President of the Board of Trustees, representatives of the leadership of the Department of management, supervision of insurance-the Ministry of finance and the members of the Board of Trustees are representatives of the three (3) non-life insurance business foreign subsidiary, specified in point b of paragraph 1 of this article, the decision under review the tasks and powers prescribed in paragraph 3 of this article.
Article 11. The Board of the Fund 1. The Board of the Foundation consists of the following components: a) Chief Executive: is the Vice Chairman of the Vietnam Insurance Association;
b) Associate Board of the Fund: Is General Secretary of the Vietnam Insurance Association;
c) member Board of the Foundation consists of representatives of the three (3) life insurance business and three (3) non-life insurance business, foreign affiliates had the fourth (4th) to Friday (6) on the Vietnam insurance market at the time of establishment of the Board of the Fund.
2. The term of members of the Board of the Fund is three (3) years and may be appointed.
3. duties and powers of the Board of the Fund a) responsible before the law, the Board of Trustees in conducting, managing, using, payment and settlement Funds in accordance with provisions of laws and resolutions, decisions of the Board of Trustees;
b) offers a full range of documents at the request of the Board of Trustees and the Fund control Boards; preparation of documents for the Fund Management Board meeting;
c) construction management projects and use funds, idle capital investment plan, estimating expense, financial statements, activity reports and plans the work of the Fund, the Board of Trustees review approved;
d) collected records from the insurer, foreign affiliates to make access to reclaim third and collect reinsurance claims under the provisions of the law;
DD) to perform the Foundation's finance and accounting as prescribed by law;
e) focus the Fund's revenue, urging the insurers, foreign currency lodging branch Fund under the provisions of the law on insurance business and the relevant guidance documents;
g) perform other duties as specified in point a, point b, point c and d item 2 article 8 of this circular;
h) used the apparatus of the Vietnam Insurance Association in the process works;
I) subjected to testing, supervision of Fund Management Board, supervisory board and Fund the State bodies are competent in performing their duties;
k) perform other duties assigned by the Board of Trustees.
4. The mechanism of work of the Board of the Fund, a Fund Executive Committee) works according to the regulations of work specified in point c of article 10 paragraph 3 of this circular;
b) for general issues related to the life insurance business, the life insurance business and foreign branches: Executive Board of review, the decision according to the tasks and powers prescribed in paragraph 3 of this article;
c) with respect to the issues related to the life insurance business: Chief Executive, the Vice Fund Executive Committee and Foundation Board members are representatives of the three (3) life insurance business specified in point c of paragraph 1 of this review, the decision by the mission powers provided for in paragraph 3 of this article;
d) for matters related to non-life insurance business, foreign branch: head of the Board of the Fund, the Deputy Executive Committee and Foundation Board members are representatives of the three (3) non-life insurance business, the foreign affiliate specified in point c of paragraph 1 of this article review the decision according to the tasks and powers prescribed in paragraph 3 of this article.
Article 12. The Board of control of the Fund 1. Fund Control Board consists of the following components: a) Head control Is representative of a Fund: (1) the insurer, foreign affiliates by the insurer, foreign branch elected and was appointed Foundation Management Council;
b) member Board includes three representatives of the Fund (3) the life insurance business, three (3) non-life insurance business, foreign affiliates had the seventh (7) to the ninth (9) on the Vietnam insurance market at the time of establishment of the Board of control of the Fund.
2. The term of the Fund Supervisory Board member is three (3) years and may be appointed.
3. duties and powers of the Control Board to fund a) is responsible to the Board of Trustees in controlling all activities of the Fund;
b) check, supervise the observance of the law and of the resolutions and decisions of the Board of Trustees; report to the Board of Trustees about the test results, monitoring, and recommended measures to handle;
c) aggregate annual and quarterly reviews, recommendations to the Board of Trustees of the financial situation of the Fund;
d) make check, supervise the management and use of Funds at the request of the Board of Trustees;
DD) perform other duties assigned by the Board of Trustees.
4. working mechanisms of control board the Control Board a) Fund activity Fund according to the regulations of work specified in point c of article 10 paragraph 3 of this circular;
b) for general issues related to the insurance business and foreign branches: the Fund Supervisory Board has the right to consider and decide upon the duties and powers stipulated in paragraph 3 of this article;

c) with respect to the issues related to the life insurance business: head of controlling the Fund and the Fund Control Board members are representatives of the three (3) life insurance business specified in point b of paragraph 1 of this article, the decision under review the tasks and powers prescribed in paragraph 3 of this article;
d) for matters related to non-life insurance business, foreign branch: head of the Board of control of the Fund and the Fund Control Board members are representatives of the three (3) non-life insurance business, foreign affiliates as defined in point b of paragraph 1 of this article review the decision according to the tasks and powers prescribed in paragraph 3 of this article.
Article 13. The procedure approved by the Ministry of finance 1. The Board of Trustees shall be the Ministry of finance approved in writing prior to performing the following work: a) decided to establish the Board of the Fund, the Fund control Boards; appointment, dismissal of members of the Board of the Fund, the Fund control Boards;
b) enacting regulations of work of the Board of Trustees, the Board of the Fund, the Fund control Boards; Regulation of Investment Funds; Regulations and the use of funds and the regulation of other related activities;
c) approval of the investment trust fund, as defined in paragraph 3 article 16 of this circular.
2. approved: recommendation profile Board of Trustees must send the Ministry of finance a (01) record suggest approval includes the following documents: a) the text of recommendation signed by Chairman of the Board of Trustees;
b) records, documentation about the individuals involved in the Board of the Fund, the Fund control Boards (for cases stipulated in art. 1 of this), including:-text of individual work place organization decided that individual election to join the Board of the Fund, the Fund control Boards;
-The curriculum vitae of individuals certified by election held that individual to join the Board of the Fund, the Fund control Boards.
c) draft proposed regulation approved (for cases specified in point b of paragraph 1 of this article);
d) expected fiduciary investment projects, including the analysis, reviews and have the documents proving the capability of the Organization to receive investment trusts; the liability, obligations of the parties in the implementation of the investment trust; the structure of the portfolio and the expected investment profitability (for cases specified in point c of paragraph 1 of this article).
3. within thirty (30) days from the date of the full profile specified in paragraph 2 of this article, the Ministry of finance to answer in writing on the approve or refuse to approve. The case refused to accept, the Ministry of Finance explained the reason.
Item 4 FINANCIAL ACCOUNTING article 14. The Fund's revenues the revenues of the Fund include: 1. Deductions Annual Fund of the insurer, foreign affiliates.
2. Collect reinsurance claims.
3. Currency claiming third.
4. Currency from the Fund's investment activities.
5. Income from operations liquidation of fixed assets of the Fund.
6. other revenues prescribed by law.
Article 15. The expenses of the Fund 1. The expenses of the Fund include: a) to pay the insurance money, the value of refundable; pay insurance compensation; the insurance refund under the agreement in the contract of insurance in case the insurer, foreign branch lost the ability to pay, the insurer is bankrupt;
b) investing activities cost from idle money source of the Fund according to the prescribed regimes;
c) Fund Manager Chi includes allowances, costs of purchasing, property repairs, service costs and other expenses related to the management and use of the Fund according to the prescribed regimes. The maximum spending does not exceed 0.5% of the total actual amount quoted filed into the Fund every year.
2. expenses specified in clause 1 of this article follow norms, genus-specific mode specified in regulations and use of the Fund.
Article 16. The investment of idle Funds money from source 1. The investment of idle funds from the Fund must guarantee the principles of safety, efficiency and conservation of capital.
2. The source of idle money from the Fund only made investment in Vietnam in the following areas: a) Buying Government bonds with unlimited amount;
b) Buy corporate bonds guaranteed by the Government with a maximum of no more than 5% of the total amount of idle Funds in a business and does not exceed 10% of the total amount of idle Funds;
c) deposit at commercial banks were established and legitimate activities in Vietnam with the maximum not exceeding 10% of the total amount of idle Funds in a commercial bank and does not exceed 50% of the total amount of idle funds. Commercial banks must deposit Funds places is that the banks have a healthy financial situation, business-effective, capable of high liquidity according to the regulation of investment funds.
3. The Board of Trustees and the Board of the Foundation directly perform investment activities or mandate for the organization allowed the financial investment business, ensuring financial security in accordance with the relevant laws and has five (5) years experience to perform investment activities.
Article 17. Financial statements of the Fund 1. The financial year of the Fund is calculated from January 1 to December 31, 2010.
2. the financial report of the Fund to be audited by an independent auditing organization.
Article 18. Fund Accounting 1. The work of accounting, Fund Accounting made under the provisions of the law on accounting and to ensure follow-up for the own field of life insurance and casualty insurance.
2. life insurance business carried on in the field of Fund filed the quote life insurance; non-life insurance enterprises and foreign affiliates made quote filed into the Fund in the field of non-life insurance.
3. The principle of allocation of assets, revenues, between the fields of life insurance and non-life insurance: a) of assets, revenues, the corresponding field will be recorded separately for that field;
b) assets, revenues, serves for common activities are allocated for each sector according to the structure of contributions (revenues) of the areas of life insurance and casualty in the Fund.
Article 19. The task statistics reports 1. The Board of Trustees is responsible for: a) Filed The financial reports on the financial year of the Foundation of the independent auditing organization in the form prescribed in Appendix 3 attached to this circular before 31 March of the next financial year;
b) Ministry of finance report on the situation of investment activity according to the form prescribed in Appendix 2 attached to this circular is at the latest thirty (30) days from the end of the quarter.
2. Within a period of ninety (90) days from the end of the financial year, insurers, foreign affiliates send Vietnam Insurance Association financial year have been audited in accordance with the law, reports the premium revenue in the fiscal year according to the form prescribed in annex 4 (for non-life insurance business foreign branches) or annex 5 (for the life insurance business).
Chapter III the TERMS of the IMPLEMENTATION of article 20. Terms of implementation 1. This circular effect since September 15, 2013.
2. During the implementation process if there are obstacles, the proposal reflects the timeliness of the Ministry of finance to study the resolution./.