Non-life insurance products include:
(i) property and
damage insurance,
(ii) insurance for goods in transit
by road, sea, waterway,rail and air,
(iii) aviation
insurance,
(iv) motor vehicle insurance,
(v) fire and
explosion insurance,
(vi) marine hull insurance and
ship-owners’ civil liability insurance,
(vii) liability
insurance,
(viii) credit and financial risks insurance,
(ix) business loss insurance, and
(x) agriculture
insurance.
Unlike life insurance products, the rules, terms and
premium scales of non-life insurance products do not
have to be approved by the MOF before they may be
sold. However, the MOF may request an insurer to
suspend selling certain non-life insurance products
where the MOF considers that the rules, terms and
premium scales of such products fail to ensure the
financial safety of the insurer and may affect the
rights of policyholders. In such case, the rules, terms
and premium scales of the insurance products must
be amended, and the amendments must be approved
by the MOF before the insurer may resume selling
them.
Certain non-life insurance products are compulsory
under Vietnamese laws, and for which the MOF sets
the terms and premium scales and minimum sum
insured. Those products are:
(a) civil liability
insurance for motor vehicle owners,
(b) civil liability
insurance for aviation carriers to the passengers,
(c)
professional liability insurance for providing legal
services,
(d) professional liability insurance for
insurance brokers, and
(e) fire and explosion
insurance.
