In September last year, Phoc told the Insurance Supervisory Authority to strengthen supervision over insurers’ operations and insurance brokering services and clamp down on forced purchases of insurance policies.

Despite the ministry’s move, staff at certain banks still required borrowers to buy insurance policies before offering them a loan regardless of their actual needs, the local media reported.

He thus urged the agency to step up efforts to monitor the insurance market.

Phoc proposed setting up a hotline number to hear individuals and businesses about irregularities.

The minister also called for cooperation between the Insurance Supervisory Authority, the police and the central bank’s inspectors to prevent such actions from going on.

Source: Saigon Times