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Thursday, June 20, 2024

Irregularities detected in bancassurance activities

The Saigon Times

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HCMC – The Ministry of Finance has uncovered certain irregularities during an inspection of the sale of insurance products through banks, heard a press conference yesterday, March 30.

As the inspection of bancassurance has been completed, the violations and coping measures will be announced soon.

The Ministry of Finance previously formed a team to inspect four insurance companies with their distribution of insurance products through banks and uncovered some alleged violations, said Nguyen Duc Chi, Deputy Minister of Finance.

A hotline has been set up for everyone to report cases of bank employees forcing customers to purchase insurance when making deposits or loan applications.

After one month, 178 phone calls and 218 emails reporting such cases were received. The department classified and verified the reports before forwarding them to the relevant authorities for further investigation.

Doan Thanh Tuan, deputy director of the Insurance Supervisory and Management Department, urged individuals victimized by banks or insurance salespeople who violated regulations in bancassurance activities to file reports to the police.

Bancassurance has rapidly developed and made a certain contribution to the total revenue of the Vietnamese insurance market in recent years. For example, it accounted for about 20% of the life insurance market’s total premium revenue and 14% of the non-life insurance market’s.

However, the rapid development has led to some drawbacks in managing the quality of insurance services through banks.

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