Chương I Nghị định 58/2018/NĐ-CP: Quy định chung

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Decree provides for agricultural insurance and agricultural insurance assistance policy aimed at encouraging insurance enterprises to sell agricultural insurance and enable producers of agricultural, forest and aquatic products to take remedial actions and indemnify for financial losses caused by risks during the production process.

Article 2. Regulated entities

This Decree applies to:

1. Organizations and individuals that produce agricultural, forest and aquatic products (hereinafter referred to as “agricultural producers”).

2. Non-life insurance enterprises, branches of foreign non-life insurance enterprises hereinafter referred to as “insurer”), reinsurers that are established, organized and operate in accordance with regulations of the Law on Insurance Business and relevant regulations of law.

3. Organizations and individuals related to sale and purchase of agricultural insurance and implementation of agricultural insurance assistance policy.

Article 3. Definitions

For the purposes of this Decree, the terms below shall be construed as follows:

1. “agricultural insurance policyholder” means an organization/individual signing an agricultural insurance policy with an insurer and paying insurance premiums. The agricultural insurance policyholder may also be the insured.

2. “the insured” mans an organization/individual whose agricultural, forest and aquatic products are insured under the agricultural insurance policy.

3. “agricultural insurance” means a type of insurance which insures agricultural producers, whereby the policyholder pays premiums and insurer indemnifies the insured in the case of an insured event.

4. “agricultural co-insurance” means two or multiple insurers signing an agricultural insurance policy with the policyholder in order to insure an insured agricultural product according to the same policy wording and premiums.

5. “agricultural reinsurance” means an insurer or reinsurer receiving an amount of agricultural insurance premiums of another insurer to commit to indemnify admitted liabilities to provide insurance.

Article 4. Types of agricultural insurance

1. Insurance against identified risks, whereby, upon occurrence of an insured event, the insurer indemnifies for the actual loss caused by the risks specified in the agricultural insurance policy.

2. All-risk insurance, whereby, upon occurrence of an insured event, the insurer indemnifies for the actual loss caused by all risks, except for the insurance exclusions specified in the agricultural insurance policy.

3. Business income insurance, whereby, upon occurrence of an insured event, the insurer indemnifies for agricultural production costs to compensate the loss caused by the insured risks specified in the agricultural insurance policy.

4. Productivity index-based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to the actual increase and decrease in productivity of a geographical area (district, commune, etc.) under the agricultural insurance policy without regard to the actual loss of the subject matter insured.

5. Weather index-based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to changes in weather index (rain, wind, droughts, floods, cold, hail, frost, earthquake, tsunami, etc.) under the agricultural insurance policy without regard to the actual loss of the subject matter insured.

6. Remote sensing index -based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to changes in remote sensing index under the agricultural insurance policy without regard to the actual loss of the subject matter insured.

7. Other types of agricultural insurance under the agricultural insurance policy.

Article 5. Rules for signing agricultural insurance policy and implementation of agricultural insurance assistance policy

1. An agricultural insurance policy is signed according to the voluntary agreement rule without restricting the number of insurance participants, subject matters insured and insured risks, and coverage.

2. The agricultural insurance assistance policy shall be implemented within the budget in each period by providing assistance in agricultural insurance premiums for some agricultural producers, subject matters insured, insured risks and within a certain area in order to implement social security policy and agricultural production development program of the Government.

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