Responding to the petition of voters in Binh Thuan province about abolishing motorbike insurance, the Ministry of Finance said: Currently, motorbikes and motorbikes are still the main means of motor transport and the biggest cause of accidents in Vietnam.
Specifically, according to statistics from the National Traffic Safety Committee, the total number of registered motorbikes as of October 14, 2020 was 72 million, accounting for 63.48% of the causes of accidents.
On December 30, 2022, the Ministry of Finance reported to the Government in Submission No. 325/TTr-BTC. Accordingly, the Ministry of Finance submitted to the Government that it will continue to assess the impact of the policy on compulsory civil liability insurance for motorbike owners.
"In case the synchronous implementation of the solutions stipulated in the draft mandatory decree does not improve motorcycle insurance compensation, the Ministry of Finance will submit to the Government to submit to competent authorities to adjust this policy," said the Ministry of Finance.
In order to further simplify the documents and compensation procedures in case of traffic accidents, the draft Decree on compulsory insurance is being submitted to the Government for consideration and addition of a number of regulations.
Regarding documents and compensation procedures, motor vehicle owners can provide photocopies of documents related to the vehicle and driver, and can provide evidence of repair or replacement of damaged property in the absence of invoices or documents (previously there were no such regulations).
Regarding the responsibility of the enterprise, the insurance enterprise must record calls to the hotline to ensure the rights of the insurance buyer and the insured; increase the application of information technology in settling compensation for compulsory civil liability insurance of motor vehicle owners for motorbikes and mopeds.
Previously, the Vietnam Federation of Commerce and Industry (VCCI) also proposed removing the mandatory regulation on civil liability insurance for motorbikes.
VCCI believes that after more than 10 years of implementing Decree 103, the rate of payment of compulsory civil liability insurance for motorbikes remains very low, nearly 6% in 2019 (VND 45 billion paid over VND 765 billion in insurance premiums), while for cars the payment rate is up to 33%. Looking at the total benefits for society, compulsory insurance for motorbikes does not ensure the principle of benefits being greater than costs.
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