A life insurance company was fined 200 million VND

(NLDO) - This business is also forced to publicly correct information that causes confusion to customers about the business, products, and services.

The National Competition Commission - Ministry of Industry and Trade has just issued a decision to impose an administrative fine of VND 200 million on FWD Vietnam Life Insurance Company Limited for violations in the field of competition.

According to this decision, the information provided by the above company "FWD Vietnam Life Insurance is the No. 1 brand in customer experience for 4 consecutive years in the life insurance industry in Vietnam", "the least exclusion list in the market", "100% cashless payment and no paper documents", "the first insurance company to distribute via e-commerce channels", "the most diverse and widest distribution network in Vietnam" is inaccurate, causing confusion for customers.

In addition, through collected evidence, the authorities clearly stated that FWD Vietnam had illegally attracted customers by providing misleading information about the business, products, and services to attract customers of other businesses according to the provisions of the Competition Law.

FWD Vietnam Life Insurance Company Limited was fined VND200 million for illegally attracting customers. Source: National Competition Commission

For the above violations, FWD Vietnam Life Insurance was fined 200 million VND. At the same time, FWD Vietnam was forced to publicly correct misleading information for customers about the business, products, and services on the company's Facebook page.

FWD Vietnam was established in 2007, is a subsidiary of FWD Group, operating mainly in the fields of life insurance, health accident insurance and fund management.

FWD owns a multi-channel distribution system, including bancassurance (insurance distribution through banks) and cooperates with a number of major banks.

Source: https://nld.com.vn/mot-cong-ty-bao-hiem-nhan-tho-bi-phat-200-trieu-dong-196250204115646777.htm