Ministry of Finance is inspecting Manulife, 6 other businesses are waiting for their turn

At the regular press conference of the Ministry of Finance, answering questions from the press about the inspection of life insurance companies, Mr. Doan Thanh Tuan - Deputy Director of the Department of Insurance Management and Supervision (Ministry of Finance) - said that this unit has completed the inspection of two life insurance companies, AIA and Dai-ichi.

The Ministry of Finance is currently inspecting Manulife and one other company. From now until the end of 2023, the Ministry of Finance will continue to inspect six insurance companies as planned.

The Ministry of Finance continues to inspect a series of life insurance companies. Photo: Duc Manh

On June 30, the Ministry of Finance also announced the conclusion of the inspection of four life insurance companies after the "controversy" over insurance issues in recent times. Regarding the law compliance of these companies after the inspection conclusion, Mr. Tuan said that "basically the companies complied".

At the conclusion of the inspection of four insurance companies Prudential, Sun Life, BIDV Metlife, MB Ageas, the Insurance Supervision and Management Department identified a series of violations by the insurance companies, including not properly implementing procedures for selling insurance products.

There are also violations such as: Not ensuring the quality of insurance product consultation, not accurately collecting customer information during the product consultation process.

In particular, bank employees - insurance agents have not properly implemented regulations on the use of insurance agent codes.

The Ministry of Finance also required four life insurance companies to add hundreds of billions of dong to their revenue to calculate corporate income tax. This amount was due to the companies' incorrect cost accounting.

Accordingly, the amount that Prudential must add to taxable income is 700 billion VND, Sun Life is more than 600 billion VND, BIDV Metlife is 174 billion VND.

Source