What are the benefits of the insurance buyer when the insurer goes bankrupt?

According to Article 77 of the Law on Insurance Business, insurance enterprises must always maintain their solvency, ensuring that their contributed charter capital is not lower than the legal capital as provided for in Article 94. to make a deposit at a commercial bank operating in Vietnam in accordance with Article 95 of the Law on Insurance Business, must set up a professional reserve as stipulated in Article 96 of the Law on Insurance Business.

According to the Law on Insurance Business, insurance enterprises have the responsibility to comply with regulations, guiding documents and relevant laws throughout their operation. For customers, insurance enterprises shall be obliged to explain to the insurance buyers the insurance conditions and terms as well as the rights and obligations of the insurance buyers, to pay insurance sums promptly upon the occurrence of the events. as stipulated in Article 17 of the Law on Insurance Business. At the same time, the Insured Fund is established under the Law on Amendment of and Addition to a Number of Articles of the Law on Insurance Business and Decree No. 123/2011 / ND-CP dated 28 December 2011 Detailing the implementation of a number of articles of the Law amending and supplementing a number of articles of the Law on Insurance Business and amending and supplementing a number of articles of Decree No. 45/2007 / ND-CP. The Ministry of Finance also issued Circular No. 101/2013 / TT-BTC dated July 30, 2013 guiding the management and use of the Fund for the protection of the insured.
Accordingly, the insurer must deduct the insured fund to protect the insured's interests in case the insurance enterprise goes bankrupt or becomes insolvent according to the provisions of Article 97 of the Law on Business Article 11, Article 1 of the Law on Amendment of and Addition to a Number of Articles of the Law on Insurance Business. In particular, foreign insurers and branches (excluding reinsurers) must deduct from the insured fund. In cases where the insurance enterprises go bankrupt, the insured funds shall be used as from the time the judges decide to declare the insolvent enterprises as prescribed in Articles 103 and 105 of Decree No. 73. / 2016 / ND-CP of the Government. The maximum coverage limit for the Insureds Protection Fund is 90% of the liability of the insurer, but not exceeding VND 200 million / insured person / contract, as the case may be. Article 107 of Decree No. 73/2016 / ND-CP of the Government. To receive payment procedures from insurance funds, foreign insurance enterprises and branches shall have to send to the Finance Ministry one set of dossier, each comprising the written request for use of the fund, made according to the form set by the Finance Ministry. ; Written certification by the competent agency of the plan on division of the value of assets of the insurance enterprise, which has been completed (for cases where the insurer is bankrupt); Statistics list of insured persons and claims for insurance claims. Within 30 days after receiving the complete dossiers, the Ministry of Finance shall have to examine the dossiers of request for payment of insurance sums and the reimbursed value; pay insurance claims; Insurance premiums paid by foreign insurers and branches to determine the exact amount of money paid; To elaborate plans for payment of insurance sums, reimbursed value; pay compensation; Publicly announce the payment to the insured.