On November 18, continuing the 10th session, the National Assembly discussed in the hall the draft Law amending and supplementing a number of articles of the Law on Insurance Business.
Delegate Ha Sy Huan participated in the discussion at the hall. Photo: Pham Thang
Participating in the discussion, delegate Ha Sy Huan ( Thai Nguyen delegation) was interested in the regulations on supervision of insurance business activities through banks. Circular 34 dated June 30, 2024 of the State Bank stipulates that commercial banks and foreign bank branches conduct insurance agency activities in accordance with the provisions of the Law on Insurance Business and guiding documents.
However, from practice, delegate Huan said that there is still a situation of "forcing" customers to buy insurance when borrowing money. Therefore, he recommended that when amending the law, it is necessary to put insurance business activities through banks within a strict legal framework, with strict supervision and sanctions, protecting the rights and legitimate interests of insurance participants.
The Thai Nguyen delegation proposed clear regulations on transparency between insurance consulting activities and lending and capital mobilization of banks, and an absolute ban on acts of forcing the purchase of insurance when borrowing capital. At the same time, sanctions against banks and insurance companies that violate consulting principles should be strengthened.
Speaking at the meeting, delegate Nguyen Huu Thong ( Lam Dong delegation) stated that the draft law is supplemented in the direction of allowing individuals who are insurance agents of life insurance companies to simultaneously act as agents distributing health insurance and non-life insurance products of other insurance companies and vice versa.
Mr. Nguyen Huu Thong acknowledged that the mechanism of cross-selling insurance products in the current supervision system of insurance agency activities still has many shortcomings, this regulation has potential risks and conflicts of interest. According to Mr. Thong, in reality, people still complain about being advised on the wrong products, being forced to buy insurance through banking channels and agency channels.
Therefore, he is concerned that if cross-selling is expanded without strengthening legal requirements and control mechanisms, it will be difficult to overcome this situation. The delegate from Lam Dong suggested that if the drafting agency still chooses to allow cross-selling, the draft law needs to have a tighter binding mechanism.
Minister Nguyen Van Thang participated in explaining and clarifying a number of issues raised by National Assembly deputies. Photo: Pham Thang
Participating in explaining and clarifying the issues raised by National Assembly delegates, Minister of Finance Nguyen Van Thang stated that recently, there has been a situation where bank employees have sold confusing products between insurance and banking products.
According to the Minister, the Law on Credit Institutions clearly prohibits credit institutions, foreign branches, managers, employees, credit officers, and foreign bank branches from linking the sale of non-compulsory insurance products with the provision of banking products and services in any form.
On the other hand, the Law on Insurance Business also strictly prohibits threats and coercion to enter into insurance business contracts. At the same time, the guiding documents also strictly regulate consulting and recording to improve the quality of agents.
Minister Nguyen Van Thang emphasized that the Ministry of Finance will continue to inspect and handle violations in insurance business activities and submit to competent authorities to issue regulations to limit this situation.
Source: https://nld.com.vn/nguoi-dan-bi-ep-mua-bao-hiem-khi-vay-von-bo-truong-bo-tai-chinh-noi-gi-196251118122518884.htm
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