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Vietnam’s regulator calls for increase supervision of insurance firms

The Insurance Supervisory Authority, which regulates Vietnam's insurance industry under the Ministry of Finance, has called for increased supervision and inspection of insurance agencies. The Authority said that it had received numerous complaints from the public regarding poor insurance consultation, transparency, and presentation of products. It has asked insurance agencies to provide clients with complete and accurate information and to review the quality of their agents' consultation and sales techniques. The Ministry of Finance has also proposed that agencies review and improve customer service quality, business operations, internal regulations, and risk management to ensure compliance with current regulations. The call for tighter supervision comes after a Vietnamese actress raised concerns about her family's insurance policy and attracted public attention.

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