MoF urgently orders inspections at four life insurance companies

Upon request, the Insurance Supervisory Authority will collaborate with the Government Office to provide explanations and gather the opinions of government members regarding the decree detailing certain provisions of the Law on Insurance Business.

Additionally, they are seeking an assessment from the Legal Department to finalise the draft circular guiding certain articles and measures for the enforcement of the Insurance Business Law.

Furthermore, the MoF has instructed the Insurance Supervisory Authority to continue conducting inspections at insurance companies included in the approved inspection plan for 2023. Simultaneously, they are urgently coordinating with the State Bank Inspection and Supervision Agency to finalise and implement the coordination regulations.

Of particular importance among these tasks, the Insurance Supervisory Authority must promptly report to the MoF the results of a specialised examination on insurance sales through banks and credit institutions conducted at Manulife Vietnam.

This comes after Manulife Vietnam announced in a press release on June 5 that it has prioritised addressing numerous customer complaints related to the Tam An Dau Tu insurance product offered in collaboration with the troubled lender Saigon Commercial Bank (SCB).

According to the announcement, since the initiation of direct dialogue to resolve SCB customer complaints on April 26, Manulife Vietnam has successfully resolved nearly 60 per cent of the complaints and is currently addressing the remaining 40 per cent. Manulife Vietnam is committed to closely cooperating with the relevant authorities to swiftly resolve these issues.

Previously, Lieutenant General To An Xo, official spokesperson for Vietnam’s Ministry of Public Security, noted that Manulife has demonstrated its commitment to resolving this problem by refunding a large sum of over VND800 billion ($34 million) as of May 31.

Manulife Vietnam is currently working towards resolving 2,507 contracts that are subject to a complaint.

Manulife Vietnam repays over $34 million in light of accusations Manulife Vietnam has received 6,060 complaints, resolving 3,553 and refunding over VND800 billion ($34.79 million) regarding allegations against it and SCB of insurance contract deception.

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