New Text Notification

Before November 15, 2020, foreign credit institutions must send reports on insurance business contracts to the State Bank of Vietnam

Nguyễn Trinh

11:58, 06/11/2020

This is a notable content of the Official Dispatch No. 7928/NHNN-TTGSNH of the State Bank of Vietnam to credit institutions and foreign bank branches about insurance business and insurance agents.

Specifically, according to the Official Dispatch No. 7928/NHNN-TTGSNH, the State Bank of Vietnam (SBV) requests credit institutions and foreign bank branches to perform the following contents:

- Review and strengthen internal inspection and control over insurance agency activities throughout the credit institution's system and strictly handle cases of forcing customers to buy life insurance and other types of insurance when granting credit to customers;

- Making offers, explaining terms and conditions of insurance products as well as other insurance agency activities to customers wishing to buy insurance ensuring compliance with legal regulations in order to help customers understand properly/fully their legal rights and interests, payment terms/conditions of insurance contracts;

- Report on the implementation of the SBV's instructions on insurance business/agent activities, and send it to the Banking Inspection and Supervision Agency (25 Ly Thuong Kiet Street, Hoan Kiem, Hanoi) before November 15, 2020;

- …

View more details at the Official Dispatch No. 7928/NHNN-TTGSNH, the State Bank of Vietnam, issued on October 30, 2020.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

44 lượt xem

- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn