Ministry of Finance will inspect 6 insurance companies in 2024

At the regular press conference of the Ministry of Finance on the afternoon of January 19, answering Thanh Nien Newspaper's question about the specific situation of inspection of insurance enterprises in 2023 and the inspection plan for 2024, Deputy Director of the Department of Insurance Management and Supervision (Ministry of Finance) Doan Thanh Tuan said that, regarding the inspection of insurance enterprises in 2023, up to now, 8/10 enterprises have been inspected.

Bộ Tài chính sẽ thanh tra 6 doanh nghiệp bảo hiểm trong năm 2024- Ảnh 1. — Overview of the press conference

It is expected that the inspection of enterprises will end before the Lunar New Year of Giap Thin 2024. "After issuing the inspection conclusion, the Department of Insurance Management and Supervision will publish full information," said Mr. Tuan.

Regarding the 2024 inspection plan, Mr. Tuan informed that on November 27, 2023, the leaders of the Ministry of Finance announced the inspection plan. Specifically, the Ministry of Finance will conduct inspections of 6 insurance companies. Of which, 4 are non-life insurance companies and 2 are life insurance companies. The inspection team will conduct inspections according to the approved plan.

In response to the rather brief answer from the leader of the Insurance Management and Supervision Department, Deputy Minister of Finance Nguyen Duc Chi requested the leader of the Insurance Management and Supervision Department to arrange time to exchange more detailed information with Thanh Nien about the story of insurance business inspection.

Previously, at the regular press conference of the Ministry of Finance for the third quarter of 2023 on the afternoon of October 5, 2023, answering Thanh Nien 's question about the inspection of insurance companies, Mr. Tuan said that by that time, the Ministry of Finance had completed the inspection of 2 life insurance companies, AIA and Dai-ichi; and was inspecting Manulife and 1 other company. From that time until the end of the year, the Ministry of Finance continued to inspect 6 more insurance companies.

Regarding the implementation of the inspection conclusions of 4 life insurance companies including Prudential, Sun Life, BIDV Metlife, MB Ageas announced by the Ministry of Finance on June 30, 2023, Mr. Tuan added that the companies basically complied.

The Ministry of Finance's inspection conclusion consists of two parts: professional and financial recommendations. The life insurance company has complied with the professional recommendations. The insurance company is currently working with the tax authorities to implement the financial recommendations.

Previously, according to the inspection conclusion of the Ministry of Finance, there were many violations in selling insurance through banks. Among them, the consulting stage of bank employees and brokers had the most violations.

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 enterprise's regulations.

The bank did not ensure the quality of insurance product consultation, leading to customers not understanding the insurance products; allowed others (other personal agents, bank employees) to use tablets and agent codes to guide customers to enter information and did not properly implement the insurance fee schedule approved by the Ministry of Finance...

Based on the inspection results, the Ministry of Finance requested the four insurance companies to implement measures such as: strengthening management, supervision, and comprehensive rectification of insurance product sales activities through credit institutions and foreign bank branches; ensuring strict management of agents, preventing and early detecting violations by insurance agents and individuals belonging to insurance agents...

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