IMPOSE THE FINE TO 200,000,000 VND FALSE INFORMATION ABOUT LOTTERY RESULT
On August 28, 2013, the Government issues the Decree No. 98/2013/ND-CP dated on penalties for administrative violations against the Law on Insurance and Lottery.
According to this Decree, on maximum fine incurred by an individual that commits administrative violations against the Law on Insurance and Lottery is 100,000,000 VND. The maximum fine incurred by an organization is 200,000,000 VND. The fine incurred by an organization is twice as much as the fine incurred by an individual for the same violation.
Within that, a fine from 180,000,000 VND to 200,000,000 VND shall be imposed for providing false information about lottery result according to the certification of the Lottery Supervision Council, the insurer or branch of the foreign non-life insurer that provides insurance across the border without satisfying the conditions for offering insurance across the border; providing insurance across the border without a head office in the country with which Vietnam signs International Agreements on commerce, including agreements on provisions of insurance service across the border in Vietnam; providing insurance across the border without an insurance broker licensed to operate in Vietnam and so on.
The actuary of a life insurer shall be liable to fine from 90,000,000 VND to 100,000,000 VND when failing to fulfill one of the tasks as building up technical reserve for life insurance contracts; annually separating funds and distributing surplus of policy holders funds. Additionally, Te insurer or branch of the foreign non-life insurer that run a insurance agent without satisfying the conditions for running the insurance agent shall be liable to a fine from 90,000,000 VND to 100,000,000 VND.
Beside forms of fine as above, additional penalties such as confiscating the certificate of insurance agent of the individual for 02 - 03 months; suspending the operation of the insurance agent of the organization for 02 - 03 month duration shall be applied.
This Decree takes effect on October 15, 2013 and supersedes the Government's Decree No. 41/2009/ND-CP dated May 05, 2009 and the Government's Decree No. 105/2010/ND-CP dated October 27, 2010.
