Selling insurance through banks: 4 more businesses revealed to continue to be inspected and examined

10/05/2023 18:34 Ha Loan Print article

ANTD.VN - In addition to the four enterprises that have announced inspection conclusions, the Ministry of Finance has been inspecting four other enterprises related to insurance sales activities through banks.

At the regular press conference for the third quarter of 2023, on the afternoon of October 5, a representative of the Ministry of Finance responded to information related to the inspection of life insurance companies regarding insurance sales activities through banks.

In particular, regarding the implementation of the inspection conclusion for 4 enterprises (Prudential, Sun Life, BIDV Metlife, MB Ageas), the Ministry of Finance said that the inspection conclusion includes 2 parts: Professional recommendations and financial recommendations.

Regarding the professional recommendations, the Ministry of Finance has assigned people to directly supervise the enterprise to ensure strict implementation of the inspection conclusion. "Up to now, it can be affirmed that the enterprise has seriously implemented, basically meeting the requirements of the inspection conclusion to better serve customers as well as minimize errors" - Mr. Doan Thanh Tuan - Deputy Director of Insurance Supervision and Management, Ministry of Finance said.

Mr. Doan Thanh Tuan

Regarding financial handling recommendations, a representative of the Ministry of Finance said that businesses are working with local tax authorities to review and adjust accounting and re-declaration.

"However, the number of financial conclusions is very large, businesses cannot implement all of them, hopefully it will be completed in a short time" - Mr. Tuan said.

Regarding the inspection plan in 2023, Mr. Doan Thanh Tuan said that according to the plan, this year, 10 enterprises will continue to be inspected. So far, 2 enterprises have been inspected, Dai-ichi Life, AIA; 2 enterprises are being inspected, Manulife and FWD.

Previously, in the conclusion of the inspection of 4 insurance companies, the Ministry of Finance pointed out a series of violations by insurance consulting agents and requested the General Director of the insurance company to strictly handle them and submit a written report.

Common violations of insurance companies include: Not implementing the correct procedures for selling insurance products; not ensuring the quality of insurance product consultation; not accurately collecting customer information during the product consultation process. Bank employees have not properly implemented regulations on the use of insurance agent codes.

Regarding the Financial recommendations, the Ministry of Finance requested 4 life insurance companies to add hundreds of billions of VND to their revenue to calculate corporate income tax. This amount is due to the companies' incorrect cost accounting.

Accordingly, the amount of money that businesses must add to taxable income includes: Prudential adds 700 billion VND, Sun Life adds more than 600 billion VND, BIDV Metlife adds 174 billion VND and MB Ageas adds 2.5 billion VND.

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