Ministry of Finance inspects 10 insurance companies affiliated with commercial banks

On the afternoon of July 4, at the Government press conference, a representative of the Ministry of Finance received a request to clarify issues related to a comprehensive inspection of the life insurance market.

Specifically, in the Resolution of the 5th session of the 15th National Assembly , the National Assembly requested the Government to conduct a comprehensive inspection of the life insurance market, focusing on investment-linked insurance.

"Please tell us about the plan to carry out a comprehensive inspection of the life insurance market as requested by the National Assembly?", the press asked a representative of the Ministry of Finance.

Deputy Minister of Finance Nguyen Duc Chi. (Photo: Nhat Bac)

Responding to the above question, Deputy Minister of Finance Nguyen Duc Chi said that the resolution issued by the National Assembly has been seriously and effectively implemented by the Government and the Ministry of Finance, and will have a plan to comprehensively inspect life insurance, focusing on investment-linked insurance.

“This is not something that can be done only when there is a resolution from the National Assembly, but it is a function and duty. In the recent past, through monitoring and feedback from the market and the press, the Ministry of Finance has carried out inspection work,” said Mr. Chi.

According to Mr. Chi, on June 30, the Ministry of Finance announced the results of the inspection of 4 life insurance companies and implemented activities through cooperation with banks to conduct life insurance business. In which, a lot of detailed information was publicly announced by the Ministry of Finance.

“We are also implementing the inspection process, and after a short time we will strictly handle the violations of these companies and continue to announce them,” said Mr. Chi.

Deputy Minister Nguyen Duc Chi said that the Ministry of Finance's plan is to inspect and examine insurance companies from the beginning of 2023.

By the end of 2023, according to the plan, the Ministry of Finance will inspect 10 enterprises, including 5 insurance enterprises, 3 life insurance enterprises, and 2 non-life insurance enterprises.

“We focus on the business links between these enterprises and credit institutions and commercial banks. The Ministry of Finance also directs the inspection contents according to the direction of the Government and the resolution passed by the National Assembly.”

Mr. Chi said that the Ministry of Finance has coordinated with the State Bank to direct inspection and supervision so that the insurance market operates in accordance with the law, ensuring the legitimate and legal rights of individuals and organizations participating in insurance as well as insurance businesses.

“In the last 6 months of the year, we will continue to develop a plan to inspect insurance companies in 2024,” Mr. Nguyen Duc Chi added.

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