The Ministry of Finance is seeking opinions on a draft Decree amending and supplementing a number of articles of Decree 174/2024 of the Government regulating administrative sanctions in the field of insurance business.
According to the drafting agency, some detailed contents in Decree 174 have arisen inadequacies in the implementation process, so they need to be amended and supplemented to suit management practices.
The draft focuses on adjusting the authority to impose penalties in the field of insurance business. Specifically, the head of the inspection team established by the Director of the Insurance Management and Supervision Department (Ministry of Finance) has the right to impose a warning penalty; a fine of up to 80 million VND; temporarily suspend operations; and apply remedial measures according to regulations.
The Director of the Insurance Management and Supervision Department has the right to impose a warning; a fine of up to 100 million VND; temporary suspension of operations; and apply remedial measures according to regulations.
The Director of the Provincial Police, the Director of the Department of Economic Security, the Director of the Department of Investigation Police on Corruption, Economic Crimes, Smuggling, the Director of the Department of Administrative Management Police on Social Order, the Director of the Department of Investigation Police on Social Order Crimes, the Director of the Department of Fire Prevention, Fire Fighting and Rescue Police are also regulated with the authority to issue warnings; fine up to 100 million VND; and apply remedial measures.
The draft also stipulates: State Bank inspectors have the right to impose a warning; a fine of up to 10 million VND; and apply remedial measures. The head of the inspection team of the State Bank of Vietnam in the region has the right to impose a warning; a fine of up to 50 million VND; and apply remedial measures. The Chief Inspector of the State Bank of Vietnam in the region has the right to impose a warning; a fine of up to 80 million VND; and apply remedial measures.
The Chief Inspector of the State Bank of Vietnam, the Head of the inspection team established by the Chief Inspector of the State Bank of Vietnam, the Head of the inspection team established by the Minister of Finance are regulated with the authority to impose a warning; fine up to 100 million VND; and apply remedial measures according to regulations.
