HCMC – The Ministry of Finance will conduct inspections of bancassurance activities at 10 more insurance companies until the end of the year, according to the Vietnam News Agency.
Those 10 companies comprise six life insurance companies and four non-life insurance entities. The inspections will primarily focus on the linkages in business activities between insurance companies and credit institutions, particularly commercial banks.
Deputy Minister of Finance Nguyen Duc Chi said that the ministry has already completed inspections of four insurance companies, namely BIDV Metlife, Sun Life, MB Ageas Life, and Prudential.
The inspections found irregularities primarily in the consulting services provided by bank tellers and insurance brokers.
The Ministry of Finance has been coordinating with the State Bank of Vietnam to provide guidance and ensure that the insurance market operates in line with the current laws, as well as protect the rights of individuals, organizations participating in insurance, as well as insurance businesses.
In the second half of this year, the Ministry of Finance will continue developing inspection plans for insurance companies in 2024.
