The Ministry of Finance has just announced it will collect feedback about the draft Decision on the implementation of support policies of agricultural insurance.

Many subjects are supported with agricultural insurance premiums. Source: Internet. 

This draft stipulates the implementation of agricultural insurance support policies following the provisions of Decree No. 58/2018/ND-CP dated April 18, 2018 of the Government on agricultural insurance, including: organizations and individuals engaging in agricultural production eligible for support; types of crops, livestock and aquaculture; the type of risk; support level; implementation time; supported area; level of support given from the central budget to the local budget to implement agricultural insurance premium support.

Subjects of application will be organizations and individuals growing rice; raising buffaloes, cows, pigs and raising tiger prawn and whiteleg shrimp as specified in Clause 2, Article 22 of Decree No. 58/2018/ND-CP dated April 18, 2018 of the Government on agricultural insurance.

It also applies to non-life insurance enterprises, branches of foreign non-life insurance enterprises, reinsurance enterprises established, organized and operating under the provisions of the Law on Insurance Business and relevant laws.

According to the provisions of the draft, the insured subject of agricultural insurance premium support included crops (rice); livestock (buffalo, cow, pig); aquaculture (tiger prawn, whiteleg shrimp).

The draft provides specific regulations on the level of agricultural insurance premium support. Accordingly, individuals engaged in agricultural production classified as poor or near-poor households following Decree No. 07/2021/ND-CP of the Government stipulating the multidimensional poverty line for the 2021-2025 period and amendments, supplementary documents (if any), will be entitled to the maximum support level as specified in Clause 1, Article 19 of Decree No. 58/2018/ND-CP and amended, supplemented and replaced documents (if any).

Along with that, individuals engaged in agricultural production that are households with average living standards as prescribed in Decree No. 07/2021/ND-CP of the Government stipulating the multidimensional poverty line for the 2021-2025 period and amended, supplemented and replaced documents (if any) will be supported up to the maximum amount specified in Clause 2, Article 19 of Decree No. 58/2018/ND-CP and amended, supplemented and replaced documents (if any).

In addition, organizations engaging in agricultural production are also supported to the maximum level as prescribed in Clause 3, Article 19 of Decree No. 58/2018/ND-CP amended, supplemented documents (if any) when fully meeting the following requirements:

Enterprises established under the Law on Enterprises or Cooperatives established under the Law on Cooperatives; having an association contract associated with agricultural products are the beneficiaries of the agricultural insurance support policy, ensuring the provisions of Articles 4 and 5 of Decree No. 98/2018/ND-CP of the Government on policies to encourage the development of cooperatives and associations in the production and consumption of agricultural products and amended, supplemented and replaced documents (if any);

Having agricultural products that are beneficiaries of agricultural insurance support policies certified to ensure quality and food safety by competent agencies or recognized as agricultural enterprises applying technology following Decision 19/2018/QD TTg of the Prime Minister stipulating criteria, competence, order and procedures for recognition of hi-tech agricultural enterprises and amended, supplemented and replaced documents (if any).

Notably, the draft clearly stipulates that the insured risks are supported with agricultural insurance premiums.

For example, risks for rice will include natural disasters (hurricane, tropical depression, cyclone, lightning, heavy rain, flood, flash flood, inundation, landslide caused by rain or flood); diseases (rice grassy stunt virus, rice ragged stunt virus, rice black streaked dwarf virus, rice blast disease, bacterial leaf blight disease, brown backed rice plant hopper, sogatella furcifera, chilo suppressalis).

Covered risks for buffaloes, cows and pigs will also include: natural disasters (hurricane, tropical depression, cyclone, lightning, heavy rain, flood, flash flood, inundation, landslide caused by rain or flood); diseases (foot and mouth disease, porcine reproductive respiratory syndrome (PRRS) in pigs, anthrax, African swine fever virus, leptospira).

Covered risks for tiger prawn and whiteleg shrimp include natural disasters (hurricane, tropical depression, cyclone, lightning, heavy rain, flood, flash flood, inundation, landslide caused by rain or flood); disease (does not support risk of disease for tiger prawn and whiteleg shrimp).

The draft Decision also stipulates the areas where agricultural insurance premiums are supported. Accordingly, in terms of rice, it will include the following provinces: Thai Binh, Nam Dinh, Nghe An, Ha Tinh, Binh Thuan, An Giang, and Dong Thap.

In term of livestock: For buffaloes and cows, it will include the following provinces: Ha Giang, Vinh Phuc, Hanoi, Thanh Hoa, Nghe An, Binh Dinh, Gia Lai, Dak Lak, Lam Dong, Dong Deer, Binh Duong.

For pigs, it will include the following provinces: Bac Giang, Hanoi, Thai Binh, Nam Dinh, Thanh Hoa, Nghe An, Binh Dinh, Dak Lak, Dong Nai; For tiger prawn and whiteleg shrimp, it will include the following provinces: Ben Tre, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau.

The implementation period for agricultural insurance premium support will be from January 1, 2022 to December 31, 2025.