Request to announce a hotline to receive and handle the situation of forcing borrowers to buy insurance

(BP Portal) - The Finance Minister is requested to announce the hotline in order to receive the information reflecting the situation of the banker forcing the borrower to buy insurance. At the same time, to assign officers 24/7 and promptly to inspect and verify information so as to take measures for inspection, to coordinate with the police and superviserial inspectors of the State Bank in preventing and strictly handling according to the provisions of law.

Still the situation of bank employees forcing borrowers to buy insurance.

On 20/2, the Ministry of Finance said, that the Minnistry has requested the strengthening of inspections, inspection and monitoring of closely related activities of insurance enterprises and insurance brokerage firms in order to minimize fraud and insurance benefits and to ensure the maximum interests of policyholders.

However, some banks do recommend, offer invitations, and force customers to buy life insurance, associate insurance investments when coming in to deposit or borrow capital.

As a result, Minister Ho Duc Phoc has repeatedly expressed opinions on the issue, particularly at a 9/2022 Finance Ministry meeting where Minister Ho Duc Phoc assigned the Department of Management and Supervision of insurance market to actively monitor, without allowing bank staff to pull, imply, compel customers to buy insurance together with other financial products for borrowing, inspect, inspect and handle strictly violations.

However, news reports show that some banks' staff recommend, offer invitations, force customers to buy life insurance, associate insurance investments when coming in to deposit or borrow capital.

There must be no further pressure on customers to buy insurance to provide capital.

Therefore, in official letter No.1544/BTC-VP on the strengthening of inspection and supervision of operations on the insurance market issued on 20/2, Minister Ho Duc Phoc continued to request the Department of Management and Supervision of insurance, stepping up the management and supervision of insurance market activities.

Along with that, inspecting and inspecting insurance companies, including insurance agents and insurance brokers; In order not to continue, a situation in which insurance enterprises associated with banks shall force their customers to purchase new insurance premiums for capital lending or in forms to introduce depositors to invest in insurance products linked with relevant legislation.

The Finance Minister requested: Announce the hotline (phone number, email) to receive information reflecting the citizens and enterprises on the above-mentioned telecom products.

At the same time, to assign officers 24/7 and promptly to inspect and verify information for the manner of inspection, to coordinate with the police and superviserial inspections of the State Bank in preventing and strictly handling according to the provisions of law.

The Ministry of Finance also requested the review and evaluation of the risk of the Vietnam insurance market.

There is an assessment of the quantity, operation of insurance enterprises, insurance agents, reinsurance compared to the market size and especially compliance with regulations on capital mobilization and investment (if any) of insurance enterprises in some areas with risk coefficients.

Translator: Ms.Thao