Maritime insurers required to have capital level of over 300b dong

The Vietnamese Ministry of Finance has issued Circular No 219/2010/TT-BTC guiding the targets to define prestigious insurers in field of maritime according to Vietnam Maritime Code’s regulations on ship arrest.

Under it, maritime insurers must qualify the minimum registered capital of over 300 billion dong.

Low payment margins of the insurers before the time of announcing the list of qualified maritime insurance companies must be lower than minimum payment margin level. It must be higher 25% of total retained premiums at the time to calculate payment margin or higher 12.5% of total principal premium and reinsurance premium fee at that time.

The circular will take enforcement from March 1, 2011.- Vietbiz24

Tags: Maritime insurance

Posted by VBN on Feb 10 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry