On the morning of November 3, continuing the program of the 10th Session, the National Assembly discussed in groups the Draft Law amending and supplementing a number of articles of the Law on Insurance Business.
The regulation "having insurance subjects" is still general
The draft Law amends and supplements a number of articles of the Law on Insurance Business to stipulate conditions and standards for directors or general directors, and legal representatives of insurance companies.
Specifically, the person holding the above position must have a university degree or higher in insurance. In case there is no university degree or higher in insurance, there must be a university degree or higher in another major, including insurance major or a university degree or higher in another major and have an insurance certificate issued by insurance training institutions established and operating legally in the country or abroad.
Have at least 5 years of experience working in the insurance, finance, and banking sectors, including at least 3 years as a manager or controller of an organization operating directly in the insurance, finance, and banking sectors. Residing in Vietnam during his term.
Participating in giving opinions on the standards of the director and general director, Delegate Do Duc Hong Ha (Hanoi delegation) said that this is one of the most important management and operation positions of insurance companies, directly affecting the financial safety of the business and the rights of customers.
According to the delegate, the draft law stipulates the conditions for qualifications for directors and general directors, but the regulation "having insurance subjects" is still general, unclear and not Qualitative.
"A single subject cannot provide basic knowledge to operate a complex financial institution like an insurance company. Moreover, the regulation on insurance certificates is fully assigned to the Minister of Finance to specify in detail without a basic legal framework in this law. This could lead to a lowering of risk management and senior management standards" - the delegate stated.
Therefore, he proposed to stipulate in Point a, Clause 3, Article 81: "Having a university degree or higher in insurance. In case there is no degree in insurance major, there must be a university degree or higher in one of the majors of economics, finance, banking, law, business administration and a certificate in insurance risk management. Or the insurance business management management certificate issued by a training institution recognized as legal in the country or internationally".
Digital transformation improves operational efficiency, optimizes costs
Delegate Ta Dinh Thi (Hanoi delegation) said that it is necessary to apply science and technology and digital transformation in the insurance business field.
Digital transformation in the insurance industry, according to the delegate, will help insurance companies not only improve operational efficiency and optimize costs but also open up opportunities to develop new products, enhance customer experience, ensure transparency and safety of the insurance system.
According to him, the current Law has a number of regulations related to reporting information regimes and the use of electronic documents, but not enough.
Therefore, he proposed that there should be specialized provisions to directly regulate and encourage digital transformation in the insurance business sector.
Along with that, it is necessary to specify the use and protection of big data and artificial intelligence in insurance business because technology allows businesses to analyze risks more accurately and develop personalized products and detect scams.
However, according to the delegate, the draft law needs to clarify the principles in data use and especially ensure full compliance with the provisions of the Law on Personal Data Protection. At the same time, combating discrimination in insurance rates based on AI technologies, requiring transparency in algorithms when used for analysis and evaluation.
Along with that, it is necessary to institutionalize the application of technology in governance, management and supervision of enterprises and management agencies; it is necessary to have regulations on pilot implementation for insurance products and business models applying new technologies.
Therefore, he suggested that the drafting committee study the addition of a new clause in the draft law, specifically regulating the application of science and technology and digital transformation in insurance business. Assign the Government to specify related contents.
