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Vietnam eyes fine for life insurers giving incorrect advice

The Ministry of Finance in Vietnam is proposing a decree that could see life insurance companies fined up to VND100m (USD4,000) for intentionally providing incorrect advice to consumers. This move is part of a broader effort to address violations in the insurance industry and enhance consumer protection. The decree, when implemented, will impose strict penalties for wrongful conduct, marking a significant shift from the current practice of issuing mere warnings for such offences. The focus of the proposed regulations is on the distribution of insurance products and services, particularly targeting practices like giving unclear or inaccurate product information, promising illegal benefits, advising clients to choose less competitive insurance terms, and employing unqualified brokers.


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