Six life insurance companies will be inspected from now until the end of the year.

At the regular press conference for the third quarter of 2023 on the afternoon of October 5, Mr. Doan Thanh Tuan, Deputy Director of the Department of Insurance Management and Supervision ( Ministry of Finance ) said: The Department has completed the inspection conclusion of 2 life insurance companies AIA, Dai-ichi and is inspecting Manulife. From now until the end of 2023, the Department will continue to inspect 6 insurance companies as planned.

Mr. Doan Thanh Tuan, Deputy Director of the Department of Insurance Management and Supervision (Ministry of Finance).

Regarding the implementation of the inspection conclusion of 4 life insurance companies recently announced by the Ministry of Finance, Mr. Doan Thanh Tuan said: The inspection conclusion consists of 2 parts: professional recommendations and financial recommendations. With the professional recommendations, the life insurance companies have complied. With the financial recommendations, up to now, the insurance companies are coordinating with the tax authorities to implement.

In the conclusion of the inspection of four insurance companies, Prudential, Sun Life, BIDV Metlife, MB Ageas, 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 report in writing to the Ministry of Finance.

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 not following the regulations on using insurance agent codes.

The Ministry of Finance has asked four life insurance companies to add hundreds of billions of dong to their revenue to calculate corporate income tax. This amount is due to the companies' incorrect cost accounting.

The amount of money that businesses must add to their 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.

In the first 6 months of 2023, total insurance premium revenue is estimated at VND 117,000 billion, down 1.6% over the same period last year. Insurance companies have total assets of VND 868,700 billion, reinvested in the economy at VND 725,100 billion, and paid insurance benefits at an estimated VND 35,700 billion.

According to Tin Tuc Newspaper

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