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Preventing the situation that insurance enterprises link up with banks to force customers to buy insurance for loans. Photo: Internet

In 2022, Minister Ho Duc Phoc repeatedly requested to strengthen the inspection and supervision of operation of insurance enterprises and insurance brokerage companies to minimize insurance fraud and ensure buyers' interests.

At the Ministry of Finance meeting in September 2022, Minister Ho Duc Phoc assigned the Insurance Management and Supervision Department to strictly control the market and prevent the situation that banking staff have forced customers to buy the insurance and other financial products when borrowing capital, conduct inspection and handling violations.

However, through the media's feedback, there has been a situation in which some staff of banks had forced customers to buy life insurance and investment-linked insurance when they came to deposit or borrow money.

The Minister requested the Department to expedite the control of insurance market; check insurance companies, including insurance agents and brokers, to prevent the situation.

In addition, the Minister has also asked the Department to notify the hotline to receive information from people and enterprises about these insurance products.

The Department is required to arrange for officer to work 24/7 and verify the information to coordinate with the police and the State Bank to prevent and handle strictly according to the provisions of the law. Collaborate with the banking inspection and supervision agency of the State Bank to inspect and strictly handle credit institutions with staff requesting customers to buy insurance.

The Department must also review and report on the risk assessment of Vietnam's insurance market and assess the actual number and operation of insurance companies and agents and the reinsurance market size. Especially review the compliance with regulations in capital mobilization and investment activities (if any) by insurance enterprises in some high-risk sectors.