Selling insurance through banks: Violations have been detected and will be announced soon.
The Ministry of Finance has discovered a number of violations and is finalizing the conclusion of the inspection of insurance sales through banks.
This information was announced by a representative of the Ministry of Finance at the ministry's regular press conference for the first quarter of 2023, held on the afternoon of March 30.
According to Mr. Doan Thanh Tuan - Deputy Director of the Department of Insurance Management and Supervision (Ministry of Finance), in 2022, a specialized inspection on insurance distribution through banks was conducted for 4 insurance companies. To date, the inspection process has been basically completed.
"Through the inspection, the Department has discovered certain violations related to this field. However, according to regulations, information cannot be made public until there is an inspection conclusion. The unit will soon complete and announce the violations to have appropriate handling plans," said Mr. Tuan.
Representatives of the Insurance Management and Supervision Department encourage people who have been deceived by banks or employees when selling insurance, causing damage, to file a complaint with the police for reception and handling.
To rectify the above situation, a representative of the Ministry of Finance said that in 2023, the Ministry of Finance will continue to coordinate with the State Bank to conduct inspections and examinations of both insurance companies and partner banks distributing insurance products, to avoid forcing customers to buy insurance.
Previously, since 2014, the Ministry of Finance and the State Bank issued a Joint Circular to manage the distribution of insurance through the banking channel.
The Law on Insurance Business No. 08/2022/QH15 has added a number of principles to improve the quality of service provision of individual insurance agents and insurance agents being organizations; including credit institutions. The Government is assigned to specify regulations to ensure strict management of insurance distribution activities through this channel.
The Ministry of Finance also emphasized that, with the law on insurance business, the first important principle of participating in insurance must be voluntary. Agents, whether organizations or individuals, must provide honest advice and advise on products that are suitable to the needs and financial capabilities of customers.
In recent times, the Insurance Management and Supervision Department has proactively worked and closely coordinated with the Inspection and Supervision Agency (State Bank) to jointly develop and perfect mechanisms and policies to ensure strict management of commercial banks and insurance enterprises in cooperation in selling insurance products through banks.
