The State Bank of Vietnam (SBV) has issued documents guiding and warning credit institutions about the provision of services relating to insurance.

The SBV has asked credit institutions to strictly abide by the Law on Credit Institutions, the Law on Insurance Business, and other relevant legal documents.

They are also required to provide accurate and full information about insurance products and insurance companies to buyers of insurance, and to clearly and honestly explain insurance benefits and the rights and obligations of policyholders.

Credit institutions are not allowed to share any information about potential insurance buyers without their permission, or to coerce customers into buying insurance products.

The SBV asked credit institutions to enhance inspections and internal supervision in order to promptly recognize and handle any violations in insurance agency activities.

Strict penalties will be imposed in all cases of customers being coerced into buying insurance, and credit institutions will be fully liable for the violations of their employees.

The central bank has worked with the Ministry of Finance to open hotlines to monitor and promptly handle any feedback and recommendations relating to the provision of insurance products by credit institutions.

The hotlines are (024) 3826 6344 / 3936 1017.