Recently, the Ministry of Finance announced the conclusion of the inspection of life insurance companies by the Department of Insurance Management and Supervision inspecting insurance sales activities through banks at 4 companies including: Prudential, MB Ageas, Sun Life and BIDV Metlife.
The inspection results show that there are many violations in selling insurance through banks as agents, especially in the consulting stage of bank staff and brokers.
Some typical violations include: Not directly consulting customers or not fully guiding the procedures during the implementation of the process, required documents and procedures according to the company's regulations.
Along with that is the failure to ensure the quality of insurance product consultation, leading to customers not understanding the insurance products. In addition, allowing others (other personal agents, bank employees) to use iPads, agent codes to guide customers to enter information. Failure to properly implement the insurance fee schedule approved by the Ministry of Finance.
“These are violations that will be considered by the Ministry of Finance for administrative sanctions in accordance with legal regulations, ensuring strictness and creating deterrence for businesses operating in the market,” the Ministry of Finance affirmed.
"If any violations are detected, they will be strictly handled according to the provisions of the law," the Ministry of Finance emphasized.
Based on the inspection results, the Ministry of Finance requested four insurance companies to strengthen management, supervision, and comprehensively rectify the sale of insurance products through credit institutions and foreign bank branches.
At the same time, urgently develop a process to closely inspect and monitor the implementation of legal regulations in the insurance sector; proactively detect and handle shortcomings and violations in the implementation of insurance services at enterprises, minimizing the impact on customers' rights.
Ensure strict management of agents; prevent and promptly detect violations by insurance agents and individuals belonging to insurance agents.
In addition, insurance companies need to take measures to improve the training, management and supervision of insurance agent quality. Accordingly, agents must fully meet the operating conditions and properly implement the contents and principles of insurance agency operations as prescribed by law.
Insurance companies need to review insurance agency operating expenses, ensure that expenses must serve insurance business activities, have full documents and evidence, and comply with legal regulations.
In 2023, in addition to urgently completing the legal framework in the insurance sector, the Ministry of Finance will continue to conduct specialized inspections and examinations of insurance sales through credit institutions and foreign bank branches for 10 insurance enterprises.
At the same time, closely coordinate with the Banking inspection and supervision agency - State Bank of Vietnam in inspecting, examining and supervising the provision of insurance services through banks.
"In case of detecting violations, they will be strictly handled according to the provisions of the law," the Ministry of Finance emphasized .
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