On October 5, 2023, at the headquarters of the Ministry of Finance, there was a signing ceremony of the Coordination Regulations between the Banking Supervision Agency (BSA) of the State Bank of Vietnam (SBV) and the Insurance Supervisory Authority (ISA) of the Ministry of Finance (MOF).
Signing ceremony of the Coordination Regulations between the Banking Supervision Agency of the State Bank of Vietnam and the Insurance Supervisory Authority (ISA) of the Ministry of Finance
The Coordination Regulations have established the principles and methods of coordination between the two agencies, specifying the responsibilities of each side in the coordination on (i) formulating, improving, disseminating and communicating on, and providing guidance for the mechanisms, policies and legal documents; (ii) classifying feedbacks and recommendations regarding the insurance agency activities; and (iii) orienting and developing plans for, and conducting inspections, examination, supervision and handling of violations related to the insurance agency activities between the insurance companies and the credit institutions.
SBV Deputy Governor Doan Thai Son speaks at the ceremony
Speaking at the signing ceremony, SBV Deputy Governor Doan Thai Son acknowledged and complimented the proactiveness in initiating and developing the Coordination Regulations between the BSA and the ISA. The signing of the Coordination Regulations by the two sides would create a stronger legal basis for the two advisory bodies of the SBV and the MOF to coordinate for the goal of developing safe, healthy and sustainable financial and insurance markets.
The SBV Deputy Governor expressed his hope that the BSA and the ISA would further promote the effectiveness and efficiency in performing the tasks of counseling, formulating and improving the policies, as well as making prompt and timely recommendations during the implementation by the two agencies. In the coming time, the SBV would continue to direct the relevant entities, including the BSA, to coordinate closely with the ISA to implement the Regulations effectively and comprehensively.
Le Hang