Credit institutions and foreign bank branches in Vietnam that sell insurance products will be required to record information on the consultancy provided for at least five years under a draft circular from the Ministry of Finance.

The circular guides the implementation of the new 2022 Law on Insurance Business.

It requires that insurance businesses conduct independent inspections to ensure the quality of information and consultancy provided by staff at credit institutions and foreign bank branches before deciding to issue policies. In particular, inspections must make sure that customers are taking out insurance policies voluntarily.

Insurance businesses will also have to carry out periodic inspections and coordinate with credit institutions and foreign banks’ branches to review, check and handle complaints from customers relating to consultancy from banking staff and strictly punish any violations.