Vietnam: Officially sanctioning acts of forcing entities to buy life and health insurance

Thuy Phu

12:02, 23/03/2018

This is a new point of Decree No. 48/2018/NĐ-CP of Vietnam’s Government on amendments to Decree No. 98/2013/NĐ-CP on penalties for administrative violations in insurance business and lottery business.

From May 10, 2018, a fine of between VND 40,000,000 and 50,000,000 for forcing entities to buy insurance in any manner.

In addition to the above fine, suspension of operation for 02 - 03 months, for a part of content and scope directly related to administrative violations, in license of establishment and operation is also applied to the offender.

Regarding violations of regulations on insurance products, Decree No. 48/2018/NĐ-CP of Vietnam’s Government specifies as follows:

- A fine of from VND 10,000,000 to VND 20,000,000 shall be imposed for announcing inadequate contents of insurance products obtaining approval as per the law (new content);

- A fine of from VND 60,000,000 to VND 70,000,000 shall be imposed for initiating life insurance products before the Ministry of Finance grants an approval (from VND 10,000,000 to VND 20,000,000 according to current regulations).

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