ANTD.VN - The State Bank strictly prohibits bank employees from influencing or inciting customers to replace or cancel their current insurance contracts to participate in investment-linked insurance contracts.
In a recent document sent to credit institutions and foreign bank branches, the State Bank requested that credit institutions strictly comply with regulations related to insurance agency activities.
Accordingly, the State Bank requires credit institutions to strictly comply with the regulations on insurance agency activities in the Law on Insurance Business 2022, Decree No. 46/2023/ND-CP dated July 1, 2023 of the Government detailing the implementation of a number of articles of the Law on Insurance Business, Circular No. 135/2012/TT-BTC dated August 15, 2012 of the Minister of Finance guiding the implementation of unit-linked insurance products, Circular No. 52/2016/TT-BTC dated March 21, 2016 of the Minister of Finance guiding the implementation of joint-linked insurance products and other relevant documents.
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State Bank requires banks to strengthen control over insurance agency activities |
Credit institutions are also required to consider conducting insurance agency activities with more than one life insurance company to diversify life insurance products distributed to customers, meeting customer needs.
Strengthen inspection, control, and internal audit of insurance agency activities, paying attention to insurance agency activities for investment-linked insurance products. Proactively implement preventive measures, stop and strictly handle violations of the law in accordance with regulations to ensure deterrence.
For investment-linked insurance products, ensure proper consultation according to the guided procedures and other procedures issued by the insurance company.
In the process of consulting customers, it is necessary to analyze customer information including: Customer's needs and financial capacity, conduct a survey on customer's risk tolerance level, and then provide appropriate product advice for customers.
Ensure that all customers are clearly explained about the benefits of the product, aware of the specific risks of the selected product before signing the insurance application; have written proof that the customer has been fully advised, understands the selected insurance product and that this insurance product is suitable for the customer's needs and financial capacity.
The State Bank also requires credit institutions to consider implementing insurance agency activities in the form of insurance company employees directly consulting on insurance products for customers instead of credit institution employees.
It is strictly forbidden to influence or incite customers to replace or cancel their current insurance contract to participate in an investment-linked insurance contract.
The document clearly states that the Chairman of the Board of Directors, Chairman of the Board of Members, General Director (Director) and Head of the Supervisory Board of the credit institution are responsible for directing and organizing the implementation of the above contents.
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