Insurance compensation deadline is 1 month but VNI 'soaked' for more than 1 year

Vietnam Aviation Insurance Corporation (VNI) has been late in paying compulsory insurance for motorbike and car owners for a whole year, 15-30 days behind schedule. Even the compensation amount paid by the company is very low compared to the schedule.

Have a record of insurance payment by VNI for more than 600 days

Have a record of insurance payments for more than 600 days

The Department of Insurance Management and Supervision ( Ministry of Finance ) has just announced the inspection conclusion for VNI in 2023. The inspection conclusion pointed out a series of violations by the enterprise in insurance business activities.

Specifically, VNI has not complied with the legal regulations on compulsory civil liability insurance of motor vehicle owners regarding reporting forms, receiving accident information via hotline, and the validity period of insurance certificates...

Notably, the time limit for compensation and advance compensation for compulsory civil liability insurance of motor vehicle owners is still too slow compared to regulations.

As reported by aviation insurance, the total number of compulsory civil liability insurance claims of motor vehicle owners settled in 2023 was 2,017. The insurance compensation amount was 108.5 billion VND.

Of these, more than 1,760 cases had compensation payment deadlines within 15 days. 257 cases were paid compensation within 15 days.

However, through inspection of 5 sample files, the results were completely different from what VNI reported. The compensation payment time was very slow, some files took over 300 days, some files took over 600 days compared to the regulation of 15 - 30 days.

Regarding the provisional insurance compensation related to the health and life of the insured, according to regulations, payment is made within 3 days. However, the inspection results show that VNI provisional payment records up to 367 days.

Benefits 150 million but compensation 30 million

Regarding the payment of motor vehicle liability insurance compensation, the inspection conclusion emphasized that VNI did not comply with regulations. Citing a specific case of a fatality, according to the inspection conclusion, VNI compensated the customer 30 million VND.

Meanwhile, according to regulations, the compensation for death is 150 million VND, or according to the agreement between the car owner and the victim, 110 million VND.

Regarding revenue, according to VNI's report, in 2023, revenue from compulsory civil liability insurance premiums for motor vehicle owners will be more than VND 625.2 billion. Of which, compulsory insurance premium revenue for motorbike owners will be VND 110.5 billion, and for car owners, VND 515.7 billion.

However, the amount of compensation paid by this company was 108.5 billion VND for 2,017 cases. Of which, 66 motorbike insurance cases were compensated with a total of 4.4 billion VND and 1,951 car insurance cases were compensated with 104.1 billion VND.

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LE THANH

Source: https://tuoitre.vn/han-boi-thuong-bao-hiem-la-1-thang-nhung-vni-ngam-toi-hon-1-nam-20250422182553077.htm