Duty to notice aggravation of insurable risks under Principles of European Insurance Contract Law - Some proposals for Vietnamese law

Abstract

On 16 June 2022, during the 3rd Session of the National Assembly, the Socialist Republic of Vietnam promulgated the Law on Insurance Business 2022; however, some provisions of the new legal document have not lived up to expectations. This article analysed the provisions in the Principles of European Insurance Contract Law (PEICL) and Vietnamese law, which are regarding the duty to notice the aggravation of insured risks so as to indicate drawbacks lingering in domestic legislation. These drawbacks are caused by the fact that Vietnamese law has not adequately regulated several issues, such as the bodies bearing the duty to notify, the completion time, and the remedy for violations. On the other hand, by filtering numerous advanced norms from such overseas materials, this article also proposes some implications to improve the Vietnamese legislation in this area. This helps the legislative system to be revised appropriately, as well as helping Vietnam better align with international legal culture.