MoF Requires Probes Into Insurers and Brokers 

On February 21, the Ministry of Finance issued a press release on intensified insurance market management and supervision.
Reportedly, borrowers were forced to buy insurance policies for the passage of bank loans or provided with insufficient instructions and advice that left some borrowers mistaken about insurance products and banking products, or being requested to buy insurance policies in exchange for loans accepted. This activity violated the so-called “voluntary” principle stipulated in legal documents on insurance business.
The Ministry of Finance will continue to intensify probes; coordinate with the State Bank of Vietnam to conduct inspections into insurance distribution via banks. Scrutiny will be carried out in insurers and partner banks that distribute insurance products. Violations will be strictly handled by law.

By LH, Vietnam Business Forum