Lieutenant General To An Xo: More than 2,500 contracts in the SCB case are being resolved.

On the evening of June 3, speaking to the press on the sidelines of the Government press conference, Lieutenant General To An Xo, spokesman for the Ministry of Public Security, said that the agencies have received 579 complaints regarding the SCB and Manulife cases and have processed them.

Lieutenant General To An Xo said that according to Manulife's report, as of May 31, they had received 6,060 contracts. The number of complaints that Manulife had completed resolving was 3,553 contracts. Manulife had refunded more than VND800 billion and was resolving 2,507 contracts.

Lieutenant General To An Xo, spokesman of the Ministry of Public Security

"The Ministry of Public Security has requested the Ministry of Finance to request Manulife and related organizations to receive complaints from customers and not let customers gather in large groups. Customers with complaints should go directly to Manulife's reception points to submit their complaints. Do not gather in large groups to cause disorder. It is strictly forbidden for related individuals to gather and attract people to cause insecurity," said a spokesman for the Ministry of Public Security.

Currently, the authorities have assigned local authorities and police to coordinate with Manulife to ensure security and order at application receiving points.

During the discussion session at the National Assembly hall on socio-economic issues in the past few days, delegate Nguyen Thi Thuy ( Bac Kan delegation) reiterated the recent denunciations and public opinions on issues related to life insurance and recommended that the Ministry of Finance conduct a comprehensive inspection of life insurance activities, focusing on investment-linked insurance.

She also requested the Ministry of Public Security to verify and clarify whether there are signs of fraud and customer deception. If so, she requested to prosecute and investigate.

Responding to this issue, Finance Minister Ho Duc Phoc acknowledged that recently there have been problems such as the link channel between commercial banks and insurance companies, that is, commercial banks sign contracts with insurance companies to sell insurance to customers through introducing banks to receive commissions.

The Minister of Finance said that contracts are long and unclear, so buyers often do not read them carefully and this has led to losses when filing lawsuits.

Regarding this issue, the Ministry of Finance has also coordinated with the State Bank to inspect and strictly handle banks and insurance companies that violate the law.

"We are constantly consulting and coordinating with each other to carry out this task. The Ministry of Finance is also developing decrees and circulars to implement the law on insurance business," Minister Ho Duc Phoc informed.

In particular, focusing on the principle of providing clearer, shorter, more focused insurance products and insurance contracts, clarifying the rights, terms and obligations of the parties and regulating the maximum bonus package, regulating issues on agent fees, inspection, examination and handling of violations.

"So we are also focusing on the content to manage life insurance business," the Minister of Finance affirmed.

Source