On Dec. 31, VIE GVT issued decree re insurance business violations.
VIE GVT issued decree no. 174/2024/ND-CP establishing comprehensive framework for administrative violations in insurance sector, including penalties, remedial measures.
The framework in the decree applies to domestic and foreign insurers, insurance brokers, branches of foreign insurers, and insurance agents operating in Vietnam.
Document dated Dec. 31, 2024, received from VIE GVT Jan. 3, summarized on Jan. 7.
Penalty Provisions
Fines range from VND 10mn to VND 200mn depending on violation type and severity.
Major violation categories include operating without proper licenses, failure to maintain minimum capital requirements, non-compliance with reporting obligations, violations of anti-money laundering regulations, improper insurance product sales and marketing.
Insurance and banking supervision agency officials authorized to impose penalties up to VND 100mn; provincial-level enforcement bodies can impose fines up to set limits.
In addition, the decree grants multiple authorities certain enforcement powers, including insurance regulators, banking supervisors, and market conduct supervisors.