The draft Law on Amending and Supplementing a Number of Articles of the Law on Insurance Business has just been announced by the Ministry of Finance .
One of the notable amendments is the removal of the inspection function of the Ministry of Finance. Instead, the Ministry of Finance will only conduct specialized inspections of insurance companies.
“The Ministry of Finance shall coordinate with State management agencies on foreign insurance in managing, supervising, and conducting specialized inspections of foreign branches in Vietnam according to regulations,” the draft Law states.
In addition, the Ministry establishes a mechanism for sharing management and supervision information with the State Bank, other ministries, sectors and socio-professional organizations in insurance business activities; coordinates with relevant parties to implement linkage and cooperation between insurance business activities and social insurance and health insurance implemented by the State.
The Ministry of Finance only conducts specialized inspections, no longer inspects insurance (Illustration: IT).
During the process of specialized inspection and handling of administrative violations in the insurance sector, in addition to the powers under current laws, the Ministry of Finance also has a number of additional rights such as the right to request shareholders, capital contributors, managers, controllers, employees of insurance enterprises, reinsurance enterprises, foreign branches in Vietnam, and insurance brokerage enterprises to provide information, documents and data for specialized inspection.
In addition, another right is to request agencies, organizations and individuals related to insurance business activities to provide information, documents and data to serve the content of specialized inspection; at the same time, it is possible to request organizations and individuals to explain or come directly to work when necessary.
The Ministry of Finance may also request credit institutions and foreign bank branches to provide information related to the accounts of insurance enterprises, reinsurance enterprises, foreign branches in Vietnam, insurance agents, insurance brokerage enterprises, organizations providing insurance auxiliary services, fund management companies of insurance enterprises, and foreign representative offices in Vietnam.
At the same time, units must provide information related to organizations and individuals showing signs of committing prohibited acts under the provisions of this law or violating regulations on capital safety ratios, investment activities, financial safety, and solvency of insurance enterprises, reinsurance enterprises, and foreign branches in Vietnam.
When deemed necessary, to conduct specialized inspections of insurance business, the State management agency has the right to hire an independent auditing organization, consulting company or expert to evaluate and provide professional opinions on certain contents that show signs of affecting the safety and health of the specialized inspection subject.
The contents include: operational reserves; solvency; reinsurance; investment; separation of equity and premium sources, surplus division; rules, terms, and insurance premium schedules.
It is expected that the draft Law will be submitted to the National Assembly for comments and approval at the 10th session.
Source: https://dantri.com.vn/kinh-doanh/bo-tai-chinh-bo-thanh-tra-doanh-nghiep-bao-hiem-chi-kiem-tra-chuyen-nganh-20250825180902075.htm
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