Pilot Agricultural Insurance to Take Effect from Early October

The Ministry of Finance has issued decree No 121/2011/TT-BTC further instructing on the Prime Minister's decision on the implementation of pilot agricultural insurance for the 2011-2013 period.

 

Under the decree, the state will support 100 percent of insurance fees for poor farming households and individuals participating in the pilot agricultural insurance scheme. The State will also support 80 percent of insurance fees for nearly-poor farming households and individuals.

 

Additional, the circular also details other state support levels of 60 percent premium to normal farming households and individuals participating in the pilot agricultural insurance and 20 percent premium to farming organisations.

 

Under the circular, insurance businesses and the Vietnam Reinsurance Joint Stock Corporation will realise the implementation of pilot agricultural insurance under a non-profit principle.

 

The circular will take effect from October 1, 2011.