On August 11, 2022, the Ministry of Finance promulgated Circular 50/2022/TT-BTC guiding Decree 119/2015/ND-CP on compulsory insurance in construction investment and Decree 20/2022/ND-CP amending Decree 119/2015/ND-CP regulating compulsory insurance in construction investment (Circular 50). This Circular takes effect from October 1, 2022 and replaces Circular 329/2016/TT-BTC guiding the implementation of Decree 119/2015/ND-CP regulating compulsory insurance in construction investment activities. Here are some remarkable contents of Circular 50:
(i) Revising and restructuring the cases of general and specific insurance liability exclusions for each type of compulsory insurance in construction activities;
(ii) Amending and supplementing several regulations on fees, principles of compulsory civil liability insurance compensation for third party, and parties’ responsibilities when a third-party claim arises; and
(iii) Stipulating that the payment of compulsory insurance premiums will comply with the provisions of Circular 50/2017/TT-BTC instead of the payment deadlines/procedures in Circular 329/2016/TT-BTC.