Regarding agency management activities, it is recommended that insurers

strengthen inspection and supervision over insurance agency activities of

credit institutions and other agency agents to ensure compliance with legal
regulations, detect timely cases of violations, cases of forcing customers to
buy insurance or introducing people to deposit money to invest in investment-
linked insurance products contrary to the law. Strictly handle cases where
bank employees and company consultants violate the principles and
obligations of insurance agents. If there are signs of a crime, immediately
transfer the files and documents to the investigating agency or the competent
Procuracy for handling according to the provisions of Clause 2, Article 5 of the
Law on Criminal Procedure No. 101/2015/QH13 dated November 27, 2015
and Article 27 of the Law on Denunciations No. 25/2018/QH14 dated June 12,
2018. The document of the Insurance Management and Supervision
Department clearly states that insurance businesses are requested to actively
review and synchronously implement the above solutions to ensure
compliance with legal regulations. In case a violation is detected (if any), the
insurance enterprise shall have a plan and immediately take remedial
measures and report it to the Ministry of Finance. In 2023, the Ministry of
Finance will continue to strengthen inspection and examination; coordinate
with the State Bank (SBV) in inspecting and examining insurance distribution
activities through banks. The inspection and examination is expected to be
carried out at both insurers and partner banks that distribute insurance
products. In case of detecting violations, the competent authorities will strictly
handle according to the provisions of law.