Chapter 1:
GENERAL PROVISIONS
Article 1. Regulated entities
This Decree regulates the establishment, organization and operation of reciprocal insurance organizations in insurance business.
Article 2. Principles of organization and operation of reciprocal insurance organizations
Reciprocal insurance organizations are organized and operated under the following principles:
1. Reciprocal insurance organization is a legal corporation that is formed to carry out insurance business for the purpose of helping each other among members as Vietnamese organizations, individuals operating in the same area, branch or living in the same administrative division and facing the same type of risk.
Name of a reciprocal insurance organization must clearly represent reciprocity and contain a phrase “reciprocal insurance”.
2. A member of a reciprocal insurance organization is simultaneously insurance buyer and owner of such reciprocal insurance organization.
3. Members of a reciprocal insurance organization equally have the right to engage in the management, inspection and overseeing of the reciprocal insurance organization’s activities.
4. A reciprocal insurance organization shall be responsible for its own business performance within the scope of capital and assets of its own.
Article 3. Rights of a reciprocal insurance organization
A reciprocal insurance organization shall have the following rights:
1. Possess, use and determine assets of its own.
2. Carry out business activities according to the provisions of law
3. Decide level of premium to be paid by its members; receive or reject premiums according to the provisions set out in the Statute of the reciprocal insurance organization and other relevant law provisions.
4. Take the initiative in deciding on insurance services, operating areas, appropriate size and organizational structure.
5. Decide distribution of earnings and handle losses in the reciprocal insurance organization according to the provisions set out in the Statute of the reciprocal insurance organization and other relevant law provisions.
6. Other rights
Article 4. Obligations of a reciprocal insurance organization
A reciprocal insurance organization shall have the following obligations:
1. Carry out its business within scope, administrative division and services as defined in the establishment and operation license.
2. Comply with the provisions of the Law on Accounting and Financial Regime
3. Maintain and develop business capital according to the provisions of law.
4. Be responsible for payables and other financial obligations in the company with its own scope of assets.
5. Ensure the rights of its members and make commitments to them
6. Pay taxes and fulfill financial obligations according to the provisions of law.
7. Other obligations
Tìm kiếm
Nghị định 18/2005/NĐ-CP (Bản Word)