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. 103/2008/ND-CP dated 16 September 2008 by the Government on compulsory insurance of civil liability of owners of motor vehicles;

The Ministry of Finance shall guide the management, use, payment and settlement of motor vehicle insurance Fund as follows: chapter I GENERAL PROVISIONS article 1. The scope of application of this circular regulates the management, use, payment and settlement of motor vehicle insurance Fund (the Fund) under the provisions of article 4 of Decree No. 103/2008/ND-CP dated 16 September 2008 by the Government on compulsory insurance of civil liability of owners of motor vehicles (referred to as the Decree 103/2008/ND-CP).

Article 2. Fund management guidelines 1. The Fund is managed in Vietnam Insurance Association, have your own account in a commercial bank and used the seal of the Vietnam Insurance Association.

2. Vietnam insurance association management and Guarantee Fund use, saving and true purpose as prescribed in this circular and the provisions of relevant laws.

3. The Ministry of Finance (Department of management, monitoring, insurance) to supervise the management, use, payment and settlement fund.

Chapter II SPECIFIC PROVISIONS of article 3. Sources of formation of the Fund 1. Contribution of insurers to be allowed to implement compulsory insurance of civil liability of owners of motor vehicles.

2. Revenue from interest on deposits.

3. the previous year Fund balance be transferred to the following year's use.

4. other legitimate revenues (if any).

Article 4. Fund contribution rates 1. The insurer is responsible to extract a minimum of 2% of the turnover of free compulsory insurance of civil liability of owners of motor vehicles every year to close to the Fund. Contributing to the Fund are made from the financial year 2009.

2. The insurer is responsible to report revenue full cost of compulsory insurance of civil liability of owners of motor vehicles to the Ministry of finance, Vietnam Insurance Association before 31 March each year.

3. specific annual contribution Level by the Ministry of Finance (Department of management, the insurance supervision) announced.

Article 5. The term Foundation contribution 1. Semester: before 15 April every year, 50% of the expected number of contributions during the year and have to close of the previous year (if available).

2. States II: before 30 September each year, the number of expected contributions left in the year.

Article 6. The content, the Foundation's spending 1. Genus precautions limit losses, road traffic accidents: spending does not exceed 35% of the total amount of the annual fund.

2. The genus advocacy, education about road traffic safety and the regime of compulsory insurance of civil liability of owners of motor vehicles: spending does not exceed 10% of the total amount of the annual fund.

3. humanitarian assistance Spending: spending does not exceed 15% of the total amount of the annual fund, specifically to support the cost of burial for the loss of life of third persons and passengers transported on the vehicle caused by motor vehicles in the event of undetermined cause car accidents , the car is not insured, insurance exclusion provisions in article 13 of Decree 103/2008/ND-CP. funeral expenses support level is 5 million/1 person/service.

4. Support rewarding achievement for police forces in control of the detection and handling of administrative violations of the motor vehicle owners in the implementation of compulsory insurance of civil liability of owners of motor vehicles: spending does not exceed 20% of the total amount of the annual fund.

5. The genus database construction of compulsory insurance of civil liability of owners of motor vehicles: no spending less than 10% of the total amount of the annual fund. This content will have a separate scheme, the Ministry of Finance (Department of management, the insurance supervision) in collaboration with the Vietnam Insurance Association, the non-life insurance business and related agencies to build the implementation of this scheme.

6. The activities of the national agencies in Vietnam made the program of compulsory insurance of motor vehicle ASEAN (national agency of motor vehicle insurance) such as payment of salary, allowances, expenses management (shops, repair of the property, the cost of the service, ...) and other expenses. Spending does not exceed 5% of the total amount of the annual fund.

7. The Fund Manager Chi and other genera: genus Level does not exceed 3% of the total amount of the annual fund.

The Board of the Fund, in collaboration with the casualty insurance business-building plan, estimating the funding for the above mentioned genus content and process of the Board of Trustees for approval before implementation. The implementation must ensure compliance with the provisions of this circular and the provisions of other relevant laws.

Case of need for spending changes consistent with reality, the Board of Trustees proposed the Ministry of Finance (Department of management, supervision of insurance) have comments in writing before the implementation of article 7. The Organization, management and operation of the Fund 1. Management, operating Funds include: a) the Board of Trustees;

b) Board of the Fund;

c) Control Board funds.

2. duties, powers and organization of the Board of Trustees, the Board of the Fund and the Fund Control Board under the provisions of article 8, article 9, article 10 of this circular.

Article 8. Fund Management Board 1. The duties and powers of the Board of Trustees: a) responsible before the law, the previous Minister of finance about the management, operating Funds;

b) 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;

c) enact specific regulations on the management and use of Funds; approval of estimation and settlement of funds; the decision to inspect, check periodically or irregularly on the management and use of Funds;

d) decided to set up the Board of the Fund and the Fund control Boards;

DD) reported the Ministry of finance estimate, settlement Funds have been approved.

2. The Board of Trustees include: a) Chairman of the Board of Trustees: Chairman of the Vietnam Insurance Association;

b) members:-representative of the Department of management, supervision of insurance – the Ministry of finance;

-A representative of the Police Department of rail-road traffic-Ministry of public security;

-General Secretary of the Vietnam Insurance Association;

-Representatives of at least 3 casualty insurance businesses are allowed to implement compulsory insurance of civil liability of owners of motor vehicles have the largest market share of compulsory insurance of civil liability of motor vehicle owners.

The Ministry of finance decision established the Council of Trustees.

Article 9. The Board of the Fund 1. The duties and powers of the Board of the Fund: a) responsible before the law, before the Fund Management Board in the management, use, payment and settlement Funds;

b) observance of the regulations on the management and use of the Fund, the plan was approved by the Management Board, in accordance with the provisions of this circular, do not use the Funds on other activities beyond belief, the purpose of the Fund.

2. The Board of the Fund include: a) Chief Executive: General Secretary of the Vietnam Insurance Association;

b) members: a representative of at least 3 casualty insurance businesses are allowed to implement compulsory insurance of civil liability of owners of motor vehicles have the largest market share of compulsory insurance of civil liability of motor vehicle owners.

Article 10. The Board of control of the Fund 1. The duties and powers of the Board of control of the Fund: a) oversees the Foundation's activities to ensure compliance with provisions of the law and the provisions of this circular;

b) General reviews, recommendations to the Board of Trustees of the financial situation of the Fund, quarterly, 6 months;

c) make checks for the management and use of Funds at the request of the Board of Trustees.

2. Control Board Funds include: a) at least 3 members are representatives of 3 casualty insurance businesses are allowed to implement compulsory insurance of civil liability of owners of motor vehicles;

b) Chief Fund control by the President of the Board of Trustees appointed among the members of the Supervisory Board.

Article 11. Estimating, accounting, settlement Funds 1. Estimating incomes and expenses of the Fund: a) Before 15 December of every year, the Board of the Fund, estimating incomes and expenses of the Fund include the following:-the situation of currency, the Fund's current year;

-Planning of incomes and expenses of the Fund next year;

b) the Board of the Fund, the report estimates, the genus of the Fund to the Board of Trustees for approval. Estimation of incomes and expenses of the Fund must be delivered to the Ministry of Finance (Department of management, supervision of insurance) and the casualty insurance business immediately after approval.

2. Accounting Fund: Fund Executive Committee to organize the work of accounting, in accordance with the provisions of the Statistics Act, Statistics Act, and guidance documents.

a) obey the rules of accounting; the entire accounting revenues and expenses of the Fund;

b) Open accounting books, records and archives system, the entire business relating to the Fund;

c) quarterly, 6, are responsible for reporting currency, of the Fund to report to the Board of Trustees approved and sent the Ministry of finance.

Quarterly report, 6 March: the latest is 20 days from the end of the quarter, 6 months.

3. Settlement Fund: a) every year, the Board of the Fund is responsible for establishment of the report currency, the Fund to report to the Board of Trustees for approval;

The report must be established before the year on 10 February of the next year.

b) report in the Fund must be certified by independent auditors;

c) year of Foundation settlement reports must be submitted to Ministry of Finance (Department of management, supervision of insurance), the casualty insurance business before March 31 of the next year.

Article 12. The liability of the insurer 1. Send representatives to join the Board of Trustees, the Board of the Fund, and the Fund Control Board in collaboration with the Vietnam Insurance Association implemented the management, use, guarantee Funds, savings and true purpose as prescribed in this circular and the provisions of relevant laws.

2. Full report turnover of free compulsory insurance of civil liability of owners of motor vehicles to the Ministry of finance, Vietnam Insurance Association and make contributions to the Fund in accordance with the provisions of this circular.

3. Prepare and submit financial reports to the Ministry of statistics, quarterly business report, in the provisions of annex 7 and annex 8 attached to circular No. 126/2008/TT-BTC on December 22, 2008 by the Ministry of finance.


a quarterly report: Slow) for 30 days from the date of the end of the quarter (including hard copy and soft copy);

b) report: Slow for 90 days from the date of the end of the year (including a hardware and a software).

Article 13. The responsibility of the Department of management, supervision of insurance 1. Guide, directing, testing, monitoring Vietnam Insurance Association in the management, use, billing, settlement funds.

2. notice of annual fund contribution rates the casualty insurance business are allowed to implement compulsory insurance of civil liability of owners of motor vehicles.

Chapter III article 14 ENFORCEMENT TERMS. Terms of implementation 1. This circular has the effect after 45 days from the date of signing.

2. motor vehicle insurance Fund specified in this circular replaces advocacy Fund and ensuring road traffic safety are defined in article 2 of decision No 23/2007/QD-BTC dated 9/4/2007 of the Minister of Finance on issuing the regime of compulsory insurance of civil liability of owners of motor vehicles.

In the process if there are obstacles, the proposal reflects the timeliness of the Ministry of Finance (Department of management, monitoring, insurance) to study the resolution./.