Thursday, June 13, 2024 8:40:51 AM - Markets open
VN-INDEX 1,300.19 +15.78/+1.23%
HNX-INDEX 248.31 +1.90/+0.77%
UPCOM-INDEX 99.14 +0.18/+0.18%
Ministry of Finance to scrutinise insurance sales via credit institutions and foreign bank branches
Vietnam News - 3/14/2024 3:13:19 PM
 (0 ratings. You must sign in to rate.)
The Ministry of Finance has announced its plans to inspect the sales of insurance products through credit institutions and foreign bank branches in Việt Nam.
The inspections will specifically target two life insurance companies: Mirae Asset Prévoir Life Insurance Company Limited and Cathay Life Vietnam Insurance Company Limited, according to Minister of Finance Hồ Đức Phớc.
The insurance market in Việt Nam has undergone significant growth, with insurance companies reinvesting about VNĐ762.6 trillion in the economy by the end of 2023, he told Đầu Tư (Investment) Newspaper.
Insurance benefits paid out amounted to VNĐ86.4 trillion, and the total assets of insurance companies reached approximately VNĐ913.3 trillion.
While acknowledging the market's achievements, Minister Phớc expressed concern about the quality of advisory services, customer care and claims settlement, particularly in the rapidly expanding life insurance sector.
"Bancassurance has diversified insurance operations but has also introduced complexity, requiring us to reevaluate and rectify our direction and ensure healthy operations," the minister said.
He further highlighted that the Ministry of Finance had applied several measures to address shortcomings and discrepancies in the implementation of insurance product operations, especially in the life insurance market and bancassurance.
They have standardised regulations related to insurance contracts to protect participants' rights and ensure transparency. Credit institutions are required to inform customers that insurance products are not mandatory for using their services.
Regarding investment-linked insurance products, insurance agents must record the advisory process, including the customer's confirmation of voluntary participation. Insurance companies are not allowed to issue contracts if the recorded content lacks the customer's confirmation of voluntary participation.
Life insurance companies are instructed to establish dedicated departments and hotlines to address customer feedback and inquiries promptly. Any reports received regarding forced insurance purchases during loan disbursement are forwarded to the State Bank's inspection and supervision agency for appropriate action.
In 2022 and 2023, the Ministry of Finance conducted inspections and examinations on 10 out of 17 life insurance companies involved in sales through credit institutions and foreign bank branches. Two insurance companies faced administrative penalties, resulting in a total fine of VNĐ310 million.
In 2024, the Ministry plans to continue inspections and will focus on the above two life insurance companies to ensure compliance with regulations and the proper implementation of insurance sales through credit institutions and foreign bank branches. — VNS
Read original article here
Newer News
10/06 TCB: Techcombank receives green light to double charter capital
10/06 CTG: Vietinbank to auction 10 land plots with $1m reserve price to recover debts
05/06 Bank savings of individual customers recover while institutional savings decline
27/05 Experts predict deposit interest rates to rise 1 percentage point in H2
22/05 Finance ministry works with S&P on sovereign credit rating
13/05 Central bank's bid to stabilise gold market hits snag
08/05 Proposal of compulsory non-cash payment for gold transactions controversy
08/05 Three bidders win gold auction at high price
06/05 Bank deposits decline for first time in over two years
06/05 SJC gold price hits all-time high
Older News
14/03 Gold drops as traders cash in earlier gains
13/03 Corporate bond market quiet in February
13/03 HDBank rolls out credit package worth $81.37 million to fund petrol stations switching to e-invoices
12/03 VCCI proposes zero tax rate to be maintained for exported services
01/03 Home Credit Vietnam sold to Thailand investors for 800 million euros
29/02 Multiple businesses delay dividend payments, disappointing investors
26/02 Overnight interbank rate hits nine-month record high
26/02 More policy rate cuts forecast in 2024 to support economic growth
23/02 Banks ask central bank to extend June 30 payment deadline
21/02 Credit growth declines by 0.6% in first month of 2024
Newsletter Signup
Top Stories
Surge in newly opened securities accounts recorded in May
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
Interest rates to rise but not have major impact on stock market: economist
Businesses concerned about rising exchange rate pressure
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,300.19 +15.78/+1.23%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.