On the afternoon of June 30, the Ministry of Finance informed about the results of the inspection of insurance sales through banks for 4 insurance companies.
Accordingly, the Department of Insurance Management and Supervision ( Ministry of Finance ) has inspected insurance sales activities through banks at 4 insurance companies: Prudential, MB Ageas, Sun Life and BIDV Metlife.
The inspection results show that there are many violations in selling insurance through banks as agents, especially in the consulting stage of bank staff and brokers.
Some typical violations include: Not directly advising customers or not fully guiding them through the procedures during the implementation of the process and required documents according to the company's regulations; Not ensuring the quality of advice on insurance products, leading to customers not understanding the insurance products; Allowing others (other personal agents, bank employees) to use Ipads, agent codes to guide customers to enter information and not following the insurance fee schedule approved by the Ministry of Finance...
The Ministry of Finance will consider administrative sanctions for these violations in accordance with legal regulations, ensuring strictness and creating deterrence for businesses operating in the market, the Ministry of Finance said.
Penalty decisions, once issued, will be made public to the press and public opinion to ensure objectivity and transparency.
Based on the inspection results, the Ministry of Finance requested the four insurance companies to strengthen management, supervision, and comprehensively rectify the activities of selling insurance products through credit institutions and foreign bank branches; urgently develop a process to closely inspect and supervise the implementation of legal regulations in the insurance sector; proactively detect and handle shortcomings and violations in the implementation of insurance operations at the company, minimizing the impact on customers' rights.
Enterprises must ensure that the management of agents is strictly implemented; prevent and promptly detect violations by insurance agents and individuals belonging to insurance agents; and take measures to rectify the training, management and supervision of the quality of insurance agents.
Accordingly, agents must fully meet the operating conditions and properly implement the contents and principles of insurance agency operations as prescribed by law.
Enterprises must review insurance agency operating expenses, ensure that expenses must serve insurance business activities, have full documents and evidence, and comply with legal regulations; Strengthen supervision of risk management, ensure financial safety criteria, capital safety of enterprises in accordance with legal regulations.
In 2023, the Ministry of Finance will continue to conduct inspections and examinations of insurance sales through credit institutions and foreign bank branches for 10 insurance companies.
At the same time, closely coordinate with the Banking Inspection and Supervision Agency - the State Bank - in inspecting, examining and supervising the provision of insurance services through banks.
In case of violation, it will be strictly handled according to the provisions of law.
Source
Comment (0)