THE MINISTRY OF FINANCE
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, April 12, 2004
Pursuant to the Government's Decree No. 77/2003/ND-CP of July 1, 2003 defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the Government's Decree No. 118/2003/ND-CP of October 13, 2003 providing for the sanctioning of administrative violations in the insurance business domain;
The Ministry of Finance hereby guides the implementation as follows:
I. GENERAL PROVISIONS
1. Subjects of regulation and scope of application
1.1. Sanctions against administrative violations in the insurance business domain shall be imposed on individuals, agencies or organizations (hereinafter collectively referred to as "individuals, organizations") that intentionally or unintentionally commit acts of violating law provisions on insurance business activities, which are not criminal offenses but, as prescribed by law, must be subject to administrative sanctions.
1.2. This Circular applies to:
a/ Individuals, organizations committing acts of administrative violation in the insurance business domain as prescribed in Chapter II of Decree No. 118/2003/ND-CP of October 13, 2003 (called Decree No. 118/2003/ND-CP for short).
b/ Foreign individuals, organizations operating in the Vietnamese territory and committing acts of administrative violation in the insurance business domain as prescribed in Decree No. 118/2003/ND-CP, except otherwise provided for by international agreements which Vietnam has signed or acceded to.
2. The sanctioning of administrative violations in the insurance business domain must comply with the general provisions on sanctioning administrative violations in the July 2, 2002 Ordinance on Handling of Administrative Violations (called the Ordinance for short), the Government's Decree No. 134/2003/ND-CP of November 14, 2003 detailing the implemen-tation of a number of the 2002 Ordinance on Handling of Administrative Violations (called Decree No. 134/2003/ND-CP for short), and relevant legal documents.
3. In cases where violation acts show criminal signs, the persons competent to sanction administra-tive violations shall compile dossiers and transfer them to competent authorities for investigation and handling according to law provisions.
4. The collected fines on administrative violations in the insurance business domain must be remitted into the State budget via the accounts opened at the State Treasury. The regime of management of fine receipts and fine amounts shall comply with current law provisions.
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