A proposed decree from Vietnam’s Ministry of Finance could see life insurance providers that mislead customers fined up to US$4,000, Vietnam News is reporting.
This comes on the back of reports throughout 2023 of banks misleading or coercing customers into purchasing insurance products in order to draw commissions from insurance firms. This has led to a huge volume of bad press for the sector over the last twelve months and may be responsible for the first drop in total insurance premium revenues in two decades.