On April 18, 2018, the Government issued Decree No.58/2018/ND-CP on agricultural insurance. The Decree took effect since June 5, 2018.
Accordingly, Decree No.58/2018/ND-CP regulates the type of risk supported by agricultural insurance and the level of support as follows:
1. The type of risk supported by insurance includes:
– Natural disaster: natural disaster must be announced or certified by competent state agencies;
– Disease: Animal disease or plant pests. The disease must be announced or certified by competent state agencies.
2. Level of agricultural insurance support
– Individuals engaged in agricultural production belong to poor or near poor households: To support up to 90% of agricultural insurance premiums.
– Individuals engaged in agricultural production not being poor or near poor households: To support up to 20% of agricultural insurance premiums.
– Organizations engaged in agricultural production in the model of cooperation, integration, large-scale production and application of advanced science and technology to production towards clean agriculture, high technology, friendly environment: To support up to 20% of agricultural insurance premiums.
With detailed and specific regulations, it can be seen that Decree No.58/2018/ND-CP aims to ensure the benefits and welfare of people working in the agricultural sector, thereby stabilizing the person life and promoting the sustainable development of agriculture.