The Ministry of Finance said it has concluded its inspection of four life insurance companies, and is expected to make it public in June.
At a regular press conference on the afternoon of June 16, Mr. Doan Thanh Tuan, Deputy Director of the Department of Insurance Management and Supervision (Ministry of Finance), said that he is finalizing the inspection conclusion and reporting to the authorities on 4 life insurance companies that sell products through banks. In June, there will be an official conclusion and public information.
At the end of March, in the first quarter press conference, the agency said it had discovered a number of violations in the sale of insurance through banks by businesses.
Regarding the case of deposits at SCB Bank being converted into Manulife life insurance, the representative of the Ministry of Finance said that there are no updated figures yet. The latest information provided by the representative of the Ministry of Public Security earlier this month was that 579 complaints had been received, and Manulife had returned VND800 billion to customers.
Recently, many customers have complained about Manulife's "Investment Security" product distributed through SCB. The common point of the complaints is that customers said that when they came to deposit money at the bank, they were lured into "saving for investment to get more interest" but it turned out to be life insurance.
In the context of a crisis of confidence in the insurance market (customers are forced to buy insurance when borrowing from banks, savings books are transformed into life insurance), Finance Minister Ho Duc Phoc said that he will rectify and strictly handle violating businesses.
In addition to the issue of buying and selling insurance through banks, the Ministry of Finance also shared solutions for the bond market . Mr. Nguyen Hoang Duong, Deputy Director of Finance for Banks and Financial Institutions, said that businesses are having difficulty paying off maturing bonds.
"Market sentiment after the cases of wrongful handling make it difficult for businesses to issue new bonds for production, business and bond payment," he said.
With Decree 08 issued in March, businesses are allowed to extend the term and pay principal and interest in assets other than cash. "Many businesses have been able to issue bonds after this temporary solution," said Mr. Duong.
In addition, authorities are also looking for ways to ease difficulties for the real estate market, offering a credit package of 120,000 billion VND.
Duc Minh
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