The Government and the Ministry of Finance are required to continue to increase inspection and supervision of the operations of insurance companies.
The insurance market, especially the bancassurance channel, has grown rapidly in recent years, but there are many negative aspects. For example, banks force borrowers to buy insurance or confuse this product with savings.
In the Resolution on questioning activities at the 31st session, the National Assembly Standing Committee requested the Government, the Prime Minister and the Ministry of Finance to continue to increase inspection and supervision of the activities of insurance companies. Violations are required to be strictly handled.
This year, the Ministry of Finance will inspect six insurance companies, including two that sell investment-linked insurance products with banks. Previously, 10 life insurance companies that sell investment-linked products were inspected in the past two years.
In addition to inspections, the National Assembly's standing body requested the Government to have comprehensive solutions to develop and diversify insurance distribution channels for convenient access by customers, especially low-income customers.
Insurance companies must publicize and be transparent about their products and insurance companies, and improve the quality of their advice. At the same time, they must strictly follow regulations and must not force the purchase of insurance in any form, especially selling insurance with bank products.
The National Assembly Standing Committee also requested the Government to complete the legal framework for the fields of lottery, betting, casino and games of chance . The agency must complete the amendment of Decree 06/2017 of the Government on betting business on horse racing, dog racing and international football in 2025.
The lottery market is required to be restructured towards modernity, transparency, and increased application of information technology. Revenues from these activities are used for investment and development, focusing on the fields of health, education, and social security.
In addition, the National Assembly's Trade Office requested the Government and the financial sector to adjust public service prices according to a roadmap for State-managed goods based on careful assessment and calculation to avoid major disruptions in price levels.
These agencies must proactively forecast and have plans to ensure balance in supply and demand of essential goods such as gasoline, construction materials, food, pork, and fresh food. "Do not allow shortages or disruptions in supply that cause sudden price increases," the Resolution stated.
Phuong Dung
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