DECREE

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF GOVERNMENT’S DECREE NO. 103/2008/ND-CP DATED SEPTEMBER 16, 2008, ON COMPULSORY INSURANCE FOR CIVIL LIABILITY OF MOTOR VEHICLE OWNERS

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the December 09, 2000 Law on Insurance Business and the November 24, 2010, Law amending and supplementing a number of articles of Law on Insurance Business;

At the proposal of the Minister of Finance;

Government promulgates Decree amending and supplementing a number of articles of Government’s Decree No. 103/2008/ND-CP dated September 16, 2008, on compulsory insurance for civil liability of motor vehicle owners,

Article 1. To amend and supplement a number of articles of Government’s Decree No. 103/2008/ND-CP dated September 16, 2007, on compulsory insurance for civil liability of motor vehicle owners as follows:

1. Clause 2 Article 4 is amended as follows:

"2. Insurance enterprises shall deduct at least 1% of annually collected premiums of compulsory insurance for civil liability of motor vehicle owners as contributions to the Motor Vehicle Insurance Fund”.

2. Clause 9 Article 20 is amended as follows:

"9. To deduct 1% of annually collected premiums of compulsory insurance for civil liability of motor vehicle owners as contributions to the Motor Vehicle Insurance Fund.”

3. Clause 5 Article 21 is amended as follows:

“To promulgate the mechanism of management, use, payment and finalization of the motor vehicle insurance fund.”

Article 2. Effect

This Decree takes effect on February 10, 2014.

Article 3. Implementation responsibilities

1. The Ministry of Finance shall guide implementation of this Decree.

2. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and presidents of provincial-level People's Committees, and relevant organizations and individuals shall implement this Decree.

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