NON-LIFE INSURANCE PRODUCTS

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.

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