The life insurance market was in the news recently for having duped an actor. Now much needs to be done, according to Mr. Tran Nguyen Dan, a lawyer and a lecturer at the University of Economics in Ho Chi Minh City.
Insurance companies must tighten the supervision and inspection of insurance agencies, quality of consultation, and sales, said the Insurance Supervisory Authority, the country's insurance industry regulator under the Ministry of Finance.
Commercial Banks with limited credit room have agreed to work for insurance companies and are now forcing customers to buy compulsory insurance before they can receive loans.
Because commercial banks have tightened control over real estate loans, property firms and developers have to seek alternative ways to raise their capital, and many of them have decided to issue bonds to fund their business.
