Fire and explosion insurance
Decree 23/2018/ND-CP was issued on 23 February and provides several new provisions on compulsory fire and explosion insurance, including:
• 1% of the amount collected from compulsory fire and explosion insurance business shall be contributed to the operation of fire prevention and fighting (previously 5% under Decree 130/2006/ND-CP).
• excess to be paid by the insured party on each claim has been introduced. The amount of excess payable is on a sliding scale up to a maximum of 10% of the claim.
• a formula has been provided to determine the minimum insured sum under each policy.
• in the event of an insured event, if the inspectors find the premises did not adhere to fire regulations, a maximum of 10% may be deducted from the insurance proceeds to be paid out.
Decree 23 will come into effect on 15 April 2018.
On 2 February 2018, the Government issued Decree 15/2018/ND-CP implementing the Law on Food Safety. The key changes are below.
• business entities trading in food products can now self-declare satisfaction with safety standards, except for: food products produced for children under 36 months old; health or dietary supplements; and food for special medical purposes which must still be registered with the relevant authority for declaration of satisfaction of food safety standards.
• more business entities are now exempt from the need to obtain a certificate of food safety (such as mobile food vendors); and
• stricter controls are imposed on the use of food additives to ensure product safety.
Decree 15 came immediately into effect on 2 February 2018.
For more information, click ATT00286
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