The Department of Insurance Management and Supervision ( Ministry of Finance ) has just announced the inspection conclusion on the thematic inspection at the United Insurance Company (UIC).
UIC was granted a license to establish and operate by the Ministry of Finance from April 29, 2010 and 8 adjusted licenses. As of December 31, 2023, this company has a charter capital of VND 300 billion; equity of more than VND 628.3 billion.
The company's fields of operation are non-life insurance business, reinsurance business, loss assessment agency, compensation settlement review, fund management, capital investment...
According to UIC's report, in 2023, the company generated revenue from compulsory civil liability insurance premiums for motor vehicle owners of more than VND 1.3 billion. Of which, the revenue from compulsory civil liability insurance premiums for motorbike owners was more than VND 35.6 million, and that for car owners was more than VND 1.3 billion.
The inspector found that 17 insurance certificates did not contain full information about the license plate number as prescribed.
In 2023, the company did not incur any compulsory civil liability insurance claims for motorbike owners, only incurring compensation for automobiles. The total number of compulsory civil liability insurance claims for automobiles resolved in 2023 was 12, with a compensation amount of VND 550 million.
The total number of motor vehicle physical damage insurance claims settled in 2023 was 946 with compensation amount of more than 7.7 billion VND.
Notably, the inspection showed that the company applied a deduction for compensation for property damage in compulsory civil liability insurance for motor vehicle owners that was not in accordance with regulations.
Specifically, there is a compulsory civil liability insurance file for motor vehicle owners (compensation file number MOT220324HYDCTP-006.CL01), the company applied a 50% deduction for property damage compensation on the grounds that there was no traffic police record. The amount of compensation deducted was more than 19.8 million VND.
There is a compulsory civil liability insurance file for motor vehicle owners (compensation file number MOT220010DRDCTP.CL01), the company applied a 15% deduction on the compensation amount due to asset depreciation. The amount of compensation deducted is more than 2.3 million VND.
The company also applied compensation deductions that were not in accordance with regulations.
Specifically, there is 1 compensation file (No. 0024836MOT52315.CL01.BT.6), the company applied a 30% deduction on the amount of compensation for car physical damage insurance, the reason for fault allocation is not yet grounded. The amount of compensation deducted is more than 22.5 million VND.
There is a compensation file (No. 0025745MOT52315.CL01.BT.2), the company applies a compensation deduction of 30% of the compensation amount (corresponding to the compensation amount deducted of more than 18.2 million VND) higher than the deduction according to the regulations in the Automobile Physical Insurance Rules approved by the Ministry of Finance (the deduction is 10% of the compensation amount).
Along with that, there are 2 compensation records (No. 0024508MOT52315.CL06.BT.2 and 0025198MOT52161.CL02.BT.6), UIC applied a 30% deduction on the car physical damage insurance compensation amount but without any reason. The total amount of compensation deducted is more than 45.2 million VND.
Regarding fire and explosion insurance business, according to the audited financial report, Lien Hiep Insurance will not incur any compensation for compulsory fire and explosion insurance in 2023.
However, through sample inspection, based on the results of review and classification at the company, 19 compulsory fire and explosion insurance compensation records were recorded, with a total compensation amount of more than 130.4 million VND; 153 voluntary fire and explosion compensation records with a total compensation amount of more than 34.4 million VND.
From the inspection results, the Department of Insurance Management and Supervision requires UIC to review and rectify the recording of information on insurance certificates for violations. Resolve compensation fully and accurately, ensuring customer rights according to the law.
UIC must ensure compliance with mandatory fire/explosion reporting regulations, as well as complete records and documents, as required by law.
Source: https://vietnamnet.vn/ban-bao-hiem-bat-buoc-xe-may-o-to-doanh-nghiep-cat-giam-tien-boi-thuong-2394538.html
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