Reader N.B.D.T shared on the Ministry of Finance's Information Portal as follows: I participated in buying a life insurance contract from Manulife in mid-2024.
At the end of 2024, I had a sudden fire accident and under the condition that the company would compensate for this accident of mine. After being discharged from the hospital, I applied for full documents as required by Manulife company.
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.
The deadline has passed but Manulife company did not give me a satisfactory answer and there is no specific time frame.
I would like to ask the Department of Insurance Management and Supervision (Ministry of Finance) if Manulife company is allowed to arbitrarily extend the deadline without the consent of the insurance buyer?
I am very concerned about this issue. I hope the Department's leaders will tell me how many days the state's regulations limit the time for insurance settlement. And is it right for Manulife to give itself more time?
I would like to help complain about this incident to the Department's leaders to get the most accurate opinion.
Responding to this issue on August 22, the Ministry of Finance said as follows:
Clause 16, Article 4 of the Law on Insurance Business No. 08/202/QH15 stipulates the settlement of insurance benefits under insurance contracts as follows: In insurance contracts are agreements between insurance buyers and insurance companies, branches of foreign non-life insurance companies, and mutual organizations providing micro-insurance, accordingly, insurance buyers must pay insurance premiums, foreign insurance companies, and branches of non-life insurance companies, and mutual organizations providing micro-insurance must compensate and pay insurance according to the agreement in the contract.
Clause 2, Article 20 of the Law on Insurance Business No. 08/202/QH15 stipulates the obligations of insurance companies: "compensation and payment of insurance when an insurance event occurs; Explaining in writing the reasons for refusing to compensate and pay insurance".
Clause 2, Article 21 of the Law on Insurance Business No. 08/202/QH15 stipulates the obligations of the Insurance Purchaser: "Notify insurance companies and branches of foreign non-life insurance companies about the occurrence of insurance events according to the agreement in the insurance contract; coordinate with insurance companies and branches of foreign non-life insurance companies in assessing losses".
Clause 1, Article 31 of the Law on Insurance Business No. 08/202/QH15 stipulates the period of compensation and insurance payment: "When an insurance event occurs, the insurance company or a branch of a foreign non-life insurance company 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 the insurance within 15 days from the date of receipt of complete valid documents on the compensation and insurance payment request".
The settlement of insurance benefits is carried out according to the agreement in the insurance contract between Manulife Company and the customer, and according to relevant legal regulations, under the jurisdiction of the insurance company.
