Sunday, June 23, 2024
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The Ministry of Finance in Vietnam has unveiled its initiative to scrutinize the sales of insurance products through credit institutions and foreign bank branches within the country.

The inspections will specifically target two life insurance companies: Mirae Asset Prévoir Life Insurance Company Limited and Cathay Life Vietnam Insurance Company Limited, as disclosed by Minister of Finance Ho duc phoc.

Life insurance companies are directed to establish dedicated departments and hotlines to promptly address customer feedback and inquiries. Reports concerning forced insurance purchases during loan disbursement are forwarded to the State Bank’s inspection and supervision agency for appropriate action.

Minister Phớc highlighted the remarkable growth of the insurance market in Vietnam, with insurance companies reinvesting approximately VNĐ762.6 trillion in the economy by the end of 2023. He further revealed that insurance benefits paid out amounted to VNĐ86.4 trillion, with total assets of insurance companies reaching about VNĐ913.3 trillion.

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