Responding to questions from the press regarding the plan to comprehensively inspect the life insurance market, Mr. Chi affirmed that the National Assembly's resolution has been issued, and the Government and the Ministry of Finance will seriously and effectively implement it. In the coming time, there will be a plan to comprehensively inspect the life insurance market, focusing on investment-linked insurance.
Deputy Minister of Finance Nguyen Duc Chi said that he will conduct a comprehensive inspection of the life insurance market.
According to Mr. Chi, inspections are not only carried out when there is a resolution of the National Assembly , but this is the function and task of the Ministry of Finance. Recently, through monitoring and information reflected from the market and the press, the Ministry of Finance has implemented inspections.
On June 30, the Ministry of Finance announced the results of an inspection of four life insurance companies and their operations through partnerships with banks to conduct life insurance business.
According to Mr. Chi, the Ministry of Finance is also implementing the inspection process, and after a short time will strictly handle the violations of these companies and continue to announce.
"Our plan is to inspect and examine insurance companies from the beginning of the year. By the end of the year, according to the plan, we will inspect 10 companies, including 3 life insurance companies and 2 non-life insurance companies. We focus on the content of the links in business activities between these companies and credit institutions, commercial banks and direct the inspection content according to the direction of the Government and the resolution passed by the National Assembly," said Mr. Chi.
At the same time, according to Deputy Minister Chi, 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, the Ministry of Finance will continue to develop a plan to inspect insurance companies in 2024.
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