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Inspection rise in face of insurance hustle 08:00 | 19/05/2021
Inspection rise in face of insurance hustle, illustration photo
Cross-selling of third-party products, particularly insurance services, was allegedly made mandatory in a few banks as part of conditions of their loans. Last week, the Ministry of Finance (MoF) sent a document requesting insurers to review and strengthen their inspection and supervision on bancassurance activities, thus co-ordinate with banks to promptly handle cases in which customers are being coerced into buying insurance, and to take measures to increase the rate of insurance contract maintenance.
âThe MoF will closely cooperate with the State Bank of Vietnam (SBV) to revise policy mechanisms, and strengthen management and supervision of insurance sale activities of credit institutionsâ agents,â the ministry said. âAt the same time, the MoF will continue to strengthen inspection and supervision of