I completed my documents on May 29, 2025. Since then, I have requested the company to compensate according to the contract, but only received the answer of waiting a little longer because the company is waiting for the relevant agency to respond. I would like to ask the Department of Insurance Management and Supervision (Ministry of Finance) if: can the insurance company arbitrarily extend the period without the consent of the insurance buyer?
Sharing about this issue, the Ministry of Finance said: Clause 1, Article 31 of the Law on Insurance Business No. 08/2022/QH15 stipulates the period of compensation and insurance payment: "When an insurance event occurs, insurance companies and branches of foreign non-life insurance companies must compensate and pay insurance according to the period agreed in the insurance contract. In case there is no agreement on the term, the insurance company or a branch of a foreign non-life insurance company must compensate and pay insurance within 15 days from the date of receipt of a complete valid dossier on the compensation and insurance payment request." The settlement of insurance benefits shall be carried out according to the agreement in the insurance contract between the insurance company and the customer, and according to relevant legal provisions, under the authority of the insurance company.
Responding to customer's feedback, the insurance company representative said: This case has unusual signs related to the insurance event, which is a fire accident of the insured. To ensure the payment decision is correct and fair, and comply with all relevant legal regulations, the company is in the process of working with the authorities to collect more information and need more time to verify the authenticity of this case. While waiting for the verification results, the company cannot make a final decision at the present time. According to the agreement in the insurance contract signed with the customer, in case the insurance benefits are approved but not paid within 30 days from the date of receipt of complete and valid documents, the company will pay the interest for the late payment period based on the interest rate equal to the advance interest rate announced on the company's website, with the goal of ensuring maximum legal benefits of the customer.
Insurance companies said that recently, the situation of insurance fraud is showing signs of increasing again, with diverse scenarios. In which, the main focus was on two situations: burns and broken bones. Most recently, a customer in Nha Trang asked 2 insurance companies to pay for a fire accident with an amount of more than 11 billion VND. According to the Vietnam Insurance Association, the subjects who take advantage of this are medical records for different groups of diseases, commonly: groups of diseases with high benefits payment rates such as burns (Yen Bai, Thai Nguyen), bone fractures (Nghe An), abscess/dysentery (Hanoi, Thai Nguyen); endoscopy of the thanh/gavender (Ca Mau, Hanoi); groups of diseases commonly treated for long-term inpatient treatment such as poisoning, enteritis, pain/stomach ulcers (Thanh Hoa, Phu Tho) ...
