Finance ministry tightening management over insurance sector
Many insurers have joined hands with banks to force customers to buy insurance products.
Minister of Finance Ho Duc Phoc has sought measures to enhance inspections, supervision, and management in Vietnam’s insurance market.
He asked the Department of Insurance Supervision and Management to inspect insurance companies, including agents and brokers, to prevent a situation in which insurance businesses cooperate with banks to force customers buy insurance as part of accessing loans or to mobilize customers to invest in buying joint insurance projects illegally.
The department was instructed to promote hotlines receiving information and complaints from citizens and businesses about such types of insurance products. Officials will be on duty around the clock to receive information and coordinate with police and inspectors to strictly punish violators.
The minister also asked relevant agencies to review and assess risks relating to the insurance market.