Announcing the inspection conclusion of 2 businesses selling life insurance through banks

(NLDO) - The Ministry of Finance has announced the conclusion of the inspection of two businesses selling life insurance through banks: Cathay Vietnam Insurance and Mirae Asset Prévoir Insurance.

On March 5, the Department of Insurance Management and Supervision (Ministry of Finance) announced that it had publicly announced the inspection conclusions of Mirae Asset Prévoir Life Insurance Company Limited and Cathay Vietnam Life Insurance Company Limited.

Previously, the Department of Insurance Management and Supervision conducted a specialized inspection of the sale of insurance products through credit institutions and foreign bank branches at Mirae Asset Prévoir Life Insurance Company Limited.

The Ministry of Finance announced the inspection conclusion of Cathay Life Insurance Company Limited Vietnam (Website screenshot)

The inspection conclusions clearly state the implementation results and shortcomings of the two companies in the activities of selling insurance products through credit institutions and foreign bank branches regarding compliance with legal regulations on the implementation of selling insurance products, compliance with legal regulations on insurance agency activities and costs for insurance agents related to the activities of selling insurance products through credit institutions.

Based on the inspection results, the inspection team recommended handling measures for each company. Accordingly, the Department of Insurance Management and Supervision requested Mirae Asset Prévoir Life Insurance Company Limited to review and strengthen the management of the implementation of insurance product sales through credit institutions and foreign bank branches; review and complete the development, implementation and supervision of the implementation of procedures and regulations, and regularly conduct inspections to ensure compliance with the law, business processes and internal regulations of the company.

At the same time, review and rectify the management of insurance agents and individuals belonging to organized insurance agents. Mirae Asset Prévoir Life Insurance Company Limited must review insurance agency operating expenses, ensure insurance business operating expenses are in accordance with the law and review and adjust accounting and bookkeeping work in accordance with the law.

Regarding Cathay Life Insurance Company Limited Vietnam, the inspection agency proposed to review and complete the construction, implementation and supervision of the implementation of the company's internal business processes and regulations to deploy the provision of joint insurance products through credit institutions.

At the same time, review and strengthen the implementation of supervision of insurance agency activities. In addition, review insurance agency operating expenses, ensure compliance with legal regulations on insurance business and other relevant laws; review and adjust the accounting of expenses that are not in accordance with legal regulations on insurance business, and be responsible for compliance with tax laws.

Source: https://nld.com.vn/cong-bo-ket-luan-thanh-tra-2-doanh-nghiep-ban-bao-hiem-nhan-tho-qua-ngan-hang-196250305191214796.htm