Right before the discussion session on the revised Law on Credit Institutions on the afternoon of June 10, State Bank Governor Nguyen Thi Hong reported on the initial acceptance and explanation of opinions of National Assembly deputies in the group on this draft law.
Governor of the State Bank presents the draft law on amended Credit Institutions
Previously, at the group discussion on the afternoon of June 5, the report of the Secretary General of the National Assembly Bui Van Cuong said that many opinions suggested that the draft law add prohibited acts such as illegal corporate bond brokerage; enticing and forcing customers to buy insurance products before being able to borrow capital; cross-selling life insurance products... are acts that have caused public outrage recently.
There are suggestions to clarify the responsibility of banks in selling life insurance and corporate bonds at bank headquarters to avoid risks for millions of customers currently transacting with banks.
There are also suggestions to consider adding regulations that are strong enough to deter the practice of forcing borrowers to buy insurance when accessing loan sources...
Explaining this issue, Governor Nguyen Thi Hong said that regarding the act of corporate bond brokerage that is not in accordance with regulations: currently, according to the provisions of the draft law, credit institutions are not allowed to conduct bond brokerage activities.
Regarding the act of enticing and forcing customers to buy insurance products before being able to borrow capital, and cross-selling life insurance products, Ms. Hong said that the current law on insurance business has stipulated the principles, rights and obligations of the parties involved in insurance business and exploitation, to ensure that participation in insurance is voluntary, based on the needs and financial capacity of customers.
According to Governor Nguyen Thi Hong, Decree 98 of 2013 also stipulates penalties for administrative violations in the insurance business sector, and also stipulates penalties for forcing organizations and individuals to buy insurance in any form.
"Thus, the law on insurance business has provisions to deal with acts of forcing insurance purchases. When credit institutions sign insurance agency services and provide insurance products, they must ensure compliance with the law on insurance business," Ms. Hong emphasized in the report.
The Governor of the State Bank also informed that the draft law submitted to the National Assembly this time also stipulates the responsibility of credit institutions to publicly announce the rights and obligations of customers for each type of product and service being provided.
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