REDUCE CONTRIBUTION RATE OF INSURANCE COMPANIES IN MOTOR VEHICLE INSURANCE FUND

The government has issued a decree amending and supplementing a number of articles of Decree No. 103/2008/ND-CP dated 16/09/2008 of the Government on compulsory insurance for civil liability of motor vehicle owners

Accordingly , would reduce contribution rate by insurers on motor vehicle insurance fund .

Specifically, an insurer shall deduct 1 % (instead of 2% in the old regulations) revenue of compulsory insurance of civil liability of motor vehicle owners every year to contribute in the Motor Vehicle Insurance Fund.

Motor Vehicle Insurance Fund contributed by the insurers to use for the purpose such as: prevent or limit damage , road traffic accidents ; propaganda and educate knowledge on road traffic safety and the regime of compulsory insurance of civil liability of motor vehicle owners ; assist damages caused to third parties and passengers transported on vehicles caused by an unidentifiable or uninsured motor vehicle.

According to ( Baodientu.chinhphu.vn )

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