According to the Decree No. 29/2015/ND-CP of the Government dated March 15, 2015 detailing and guiding the implementation of a number of articles of the Law on Notarization, notarial practice organizations shall directly purchase or authorize socio-professional organizations of notaries to purchase professional liability insurance for notaries working at their organizations. Professional liability insurance for notaries shall be purchased within 60 days after notaries are registered for professional practice.
Accordingly, insurance enterprises shall pay insurance money and compensation directly related to contract, notarized contracts or transactions. Of which, material damage caused due to the fault of notaries in the period of insurance; notaries colluding with notarization requesters or related persons to falsify contents of notarized documents or notarial records to conduct sham transactions or commit other deceitful acts, insurance enterprises shall pay insurance money and compensation.
Another important point is regulation on auction of the right to acquire transformed notary bureaus. Specifically, persons participating in an auction of the right to acquire a transformed notary bureau must be notaries practicing in the province or centrally run city where the to-be-transformed notary bureau is located. The person expected to act as the head of the notary office must have been engaged in notarial practice for at least 2 years. Specially, notaries who are heads or partners of notaries offices may not participate in auctions of the right to acquire transformed notary bureaus.
Under this Decree, notary offices established in geographical areas with difficult or extremely difficult socio-economic conditions are entitled to the following preferential policies: to enjoy tax incentives as prescribed by the law on enterprise income tax; to rent working offices at preferential rent rates or free of charge, to receive support in terms of working facilities and equipment in the first 3 years of operation.
This Decree takes effect on May 1, 2015 and replaces the Government’s Decree No. 04/2013/ND-CP of July 7, 2013.
