Life insurance companies that "advertise one thing but deliver another product" will be severely punished.

The Department of Insurance Management and Supervision recommends that businesses strictly implement regulations on public disclosure of information on insurance business activities, especially public disclosure of information related to the content that customers need to pay attention to for each insurance product as prescribed in Section a, Clause 2, Article 119 of the Law on Insurance Business to help customers clearly understand the insurance products they have participated in;

Control the information stated in the sales illustration board and product introduction documents; strictly handle insurance agents who arbitrarily change the information stated in these documents, leading to customer confusion and expectations about insurance benefits that are inconsistent with reality;

Will strictly handle life insurance businesses advertising a product type, an anchor image 1 — Illustration photo. (Photo: MP)

The organization establishes and publicizes hotlines and permanent departments with competent staff to receive, answer, and promptly and thoroughly handle customer feedback/questions about insurance contracts and resolve insurance benefits to avoid prolongation. For customer petitions reflecting violations by insurance agents under the jurisdiction of prosecution and enforcement agencies, the enterprise is requested to transfer information to competent authorities for resolution;

Rectify the appraisal and issuance of insurance contracts; the appraisal and issuance of insurance contracts must be consistent with the financial capacity and level of insurance risk acceptance of customers.

The Department also requires insurance companies to review all insurance agent training to ensure compliance with the insurance agent training program registered with the Ministry of Finance ; provide additional training and update appropriate knowledge for insurance agents that the company has conducted online training in the recent period;

At the same time, strengthen and supplement sanctions against insurance agents in cases where insurance agents and employees directly operating insurance agents in agency organizations violate the principles of agency operations and obligations of insurance agents according to the provisions of law and signed insurance agency contracts; strictly handle agents and agency organizations when there are violations.

Regarding customer feedback through the media and press, the Department of Insurance Management and Supervision recommends that insurance companies be more proactive in providing relevant objective and honest information. Have appropriate and timely communication plans about insurance products and business operations.

Along with that, coordinate with the Vietnam Insurance Association to develop and implement a comprehensive communication plan on the life insurance market and insurance products.

At this meeting, the Department of Insurance Management and Supervision also requested the Vietnam Insurance Association to urgently review and complete the code of ethics for insurance agents and standard rules for common application to insurance companies. There are strict sanctions in case of violations.

Previously, Deputy Minister of Finance Cao Anh Tuan directed the Department of Insurance Management and Supervision to request life insurance companies to review the process of selling life insurance products. Have solutions to promptly handle problems arising in the process of providing life insurance services to customers. Limit the situation of employees and consultants being dishonest with customers participating in insurance.

The leaders of the Ministry of Finance also requested that life insurance companies also need to study, supplement and perfect regulations and processes, procedures to ensure clarity and transparency to protect the interests of customers. Manage the quality of agents in the process of consulting and signing insurance contracts in legal documents on insurance business.

For the group of issues related to requests, complaints and denunciations of customers when participating in life insurance, the Department of Insurance Management and Supervision needs to develop a process for handling information feedback related to insurance contracts. Coordinate with relevant units to develop regulations for coordination, exchange, provision and processing of information received through direct feedback channels, petitions, and hotlines. At the same time, organize inspections and checks according to assigned functions and tasks.

In addition, the management agency promotes multi-dimensional and objective communication, provides recommendations and notes on the contents stated in insurance contracts, analyzes insurance products, and promotes awareness, understanding and awareness of insurance participants.

Also in this document, the leaders of the Ministry of Finance requested the Vietnam Insurance Association to promote its role in supporting the sustainable development of the insurance market, promoting and improving the quality of insurance companies and the awareness and understanding of participants in the insurance market.

The Ministry of Finance also requested the Insurance Association to hold meetings with insurance companies to assess the situation, propose solutions to rectify the operations of insurance agents, and improve the quality of advice provided by insurance sales staff.

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