Fines for violations of regulations on insurance compensation and insurance payments in Vietnam from February 15, 2025

Fines for violations of regulations on insurance compensation and insurance payments in Vietnam from February 15, 2025

Penalties for violations of regulations regarding insurance compensation and payment in Vietnam are as follows:

(1) Acts of collusion with the beneficiary of insurance benefits to unlawfully resolve insurance compensation and payments; acts of forging documents or intentionally falsifying information to deny insurance compensation or payment when the insurance event has occurred; acts of forging documents or intentionally falsifying information in compensation or payment claim files; acts of self-inflicting damage on one's property or health to claim insurance benefits, except for cases regulated otherwise by law and not reaching a level of criminal prosecution shall incur fines as follows:

- A fine ranging from 20,000,000 VND to 40,000,000 VND for any one of the violations where the misappropriated amount is below 10,000,000 VND or causes damage below 20,000,000 VND;

- A fine ranging from 40,000,000 VND to 60,000,000 VND for any one of the violations where the misappropriated amount is from 10,000,000 VND to less than 15,000,000 VND or causes damage from 20,000,000 VND to less than 30,000,000 VND;

- A fine ranging from 80,000,000 VND to 100,000,000 VND for any one of the violations where the misappropriated amount is from 15,000,000 VND to less than 20,000,000 VND or causes damage from 30,000,000 VND to less than 50,000,000 VND.

(2) A fine ranging from 160,000,000 VND to 200,000,000 VND for any violation of fraud in insurance business by a commercial entity engaging in any acts specified in Clause 1, Article 213 of the Criminal Code 2015 (amended and supplemented in 2017), where the misappropriated amount is less than 200,000,000 VND or causes damage less than 400,000,000 VND, or not reaching a level of criminal prosecution.

(3) Measures to remedy consequences:

Compulsory return of the misappropriated amounts for violations mentioned in (1) and (2) above.

More details can be found in Decree 174/2024/ND-CP, which takes effect from February 15, 2025.

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