EACH MOTOR VEHICLE SHALL BE ISSUED A SINGLE INSURANCE CERTIFICATE
The Government issues the Decree No. 03/2021/ND-CP on compulsory insurance for motor vehicle owner’s civil liability on January 15, 2021.
Accordingly, each motor vehicle shall be issued a single insurance certificate. When losing an insurance certificate, a motor vehicle owner shall send a written request to the insurance enterprise for re-issuance of the insurance certificate. For two-wheeled motorcycles, three-wheeled motorcycles, mopeds, the insurance period is between 01 year and 03 years. For other motor vehicles, the minimum insurance period is 01 year and the maximum insurance period may correspond to the regular period of periodical technical safety and environmental protection inspection longer than 01 year.
Besides, the Decree also stipulates the insurance compensation level when there is an accident falling within the scope of damage compensation. To be specific: 70% of the law-specified insurance compensation rate/person/case, for cases of death; 50% of the law-specified insurance compensation rate/person/case, for cases of bodily injuries receiving emergency treatment. In case it is not yet possible to determine that the accident falls within the scope of damage compensation, the insurance compensation shall equal to 30% of the law-specified insurance compensation rate/person/case, for cases of death and 10% of the law-specified insurance compensation rate/person/case, for cases of bodily injuries receiving emergency treatment.
The time limit for compensation claim is 01 year from the date an accident occurs. Within 05 working days from the date an accident occurs, the insurance buyer or the insured shall send a written notice or an electronic notice of the accident to the insurance enterprise.
This Decree takes effect on March 01, 2021.
