Vietnam's finance ministry exposes errant insurance firms

Hard times: Farmers planting rice on a paddy field at sunrise in Hanoi. The report showed that insurance distribution through banks accounted for 50% of the number of new life policies and revenue and that cancellations after the first year was up to 70%. — AFP

HANOI: The sale of insurance products through agency channels, including banks of some insurers, saw many violations, especially those regarding the consultation of bank staff and brokers, according to a Finance Ministry report.

The ministry inspected four life insurers, Prudential Vietnam, MB Ageas Life, BIDV MetLife and Sun Life Vietnam, with a focus on sales of insurance policies through banks.