ANTD.VN - The Ministry of Finance has just issued Circular 67/2023/TT-BTC guiding a number of articles of the Law on Insurance Business, Decree No. 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business.
Circular 67 has many new additions, especially the improvement of regulations on insurance agents, which is expected to support the healthy and right-oriented development of the bancassurance channel.
Specifically, the Circular amends and supplements a number of regulations such as: Increasing insurance agent commissions for life insurance, periodic payment insurance, and mixed insurance; at the same time changing the first year commission rate of general insurance, unit-linked insurance; regulating the bonus level, support for insurance agents and other benefits as agreed in the insurance agency contract.
Thus, together with the Law on Insurance Business and Decree 46/2023/ND-CP, Circular 67 has added a step to complete the regulations related to insurance agency activities, thereby supporting agency channels; including agents that are credit institutions to operate more systematically, healthily and safely.
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Vague advice has made many people upset when buying investment-linked insurance recently. |
Must record investment-linked insurance consulting process
Circular 67 clearly stipulates that, during the process of consulting on insurance products, insurance agents or employees in the agency organization directly performing insurance agency activities must provide complete and accurate information about insurance products to the insurance buyer, using documents provided by the insurance company or branch of a foreign non-life insurance company.
For complex insurance products such as investment-linked insurance products, Circular No. 67 has added a regulation requiring insurance agents to record the insurance consultation process.
In addition, the circular adds requirements for documents in insurance contracts. For long-term life insurance products with a cash value, the insurance company is responsible for providing a paper summary document to the insurance buyer and must have the insurance buyer's confirmation to help the insurance buyer more easily access information, better understand the product, rights and obligations when participating in a life insurance contract before deciding to enter into a contract.
The 21-day consideration period for insurance participation is determined from the time the policyholder confirms receipt of the above documents.
Not for sale before and after 60 days of loan disbursement
To improve the level of protection of customers' right to proactive participation, Circular No. 67 has added a provision that credit institutions are not allowed to advise, introduce, offer, or arrange the conclusion of investment-linked insurance contracts for customers within 60 days before and after 60 days from the date of disbursement of the entire loan.
In addition, Circular No. 67 also adds a number of provisions to further strengthen the responsibility of enterprises in monitoring and controlling the quality of bancasurance activities. Accordingly, insurance enterprises must conduct periodic monitoring and inspection to ensure the quality of insurance product introduction and consultation activities of employees of agency organizations, promptly coordinate with agency organizations to inspect, review, and handle complaints of insurance buyers related to the consultation of employees of agency organizations and handle violations (if any).
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