Over the past time, in order to protect the legitimate rights and benefits of customers using financial and banking services, as well as to ensure the credit institutions’ strict compliance with the laws, the State Bank of Vietnam (SBV) has regularly issued guiding documents and warnings to the credit institutions about the provision of services related to insurance.
Accordingly, the SBV has requested the credit institutions to strictly comply with the applicable regulations as stipulated in the Law on Credit Institutions, the Law on Insurance Business, and other relevant legal documents; provide accurate and full information on the insurance products and the insurance companies to the insurance buyers; clearly and honestly explain the insurance benefits, provisions on the exclusion of liabilities, the rights and obligations of the insurance buyers. The credit institutions are not allowed to share any information about the potential insurance buyers without their permission, or coerce their customers into buying insurance products.
The SBV has also requested the credit institutions to enhance the inspection and internal supervision in order to promptly recognize and handle any violations in insurance agency activities.
On February 15, 2023, the SBV issued Document No. 506/NHNN-TTGSNH on the provision of services related to insurance. In this Document, the SBV continued to request the credit institutions to strictly comply with the applicable laws and the SBV’s guidance on insurance business and agency operations; urgently review and strictly address misconduct in the provision of services related to insurance; prevent all cases of coercing customers into buying insurance products in all forms; strictly handle any violations of the internal regulations and the laws related to insurance.
The SBV will impose strict penalties against all cases of coercing customers into buying insurance products, and the relevant credit institution may take full liability for the violations of their employees.
The Banking Supervision Agency under the SBV will coordinate closely with the Department of Insurance Management and Supervision (the Ministry of Finance) to establish hotlines to monitor and promptly handle any feedbacks and recommendations related to the provision of insurance products by the credit institutions (during working hours).
The SBV hotline is: (024) 3826 6344/ 3936 1017.
E-mail: duongdaynong.cqttgsnh@sbv.gov.vn.
Le Hang