The Ministry of Finance is drafting a Decree to amend and supplement certain provisions of Decree No. 174/2024 issued by the Government, which regulates administrative penalties in the insurance business sector.
Proposed amendments to administrative penalty regulations in the insurance business sector (Illustrative image)
Currently, some detailed provisions in Decree No. 174, which governs administrative penalties in the insurance business sector, have revealed certain inconsistencies that necessitate amendments and supplements.
Specifically, the regulations concerning the authority to impose administrative penalties on various positions within the insurance business sector no longer align with the current legal framework governing inspection activities, specialized inspections in the insurance business sector, and the entities authorized to handle administrative violations. Therefore, amending Decree 174 is essential.
The Ministry of Finance proposes amendments to the regulations related to the authority to impose administrative penalties on various positions within the insurance business sector. These positions include those involved in specialized inspection activities, specialized audits, positions within the State Bank of Vietnam, and the People’s Public Security forces, which have undergone changes due to organizational restructuring.
According to the draft, the head of an inspection team established by the Director of the Insurance Supervision and Management Department (Ministry of Finance) is authorized to: Issue warnings; impose fines up to 80 million VND; suspend operations for a specified period; and apply remedial measures as prescribed.
The Director of the Insurance Supervision and Management Department is authorized to: Issue warnings; impose fines up to 100 million VND; suspend operations for a specified period; and apply remedial measures as prescribed.
The Director of the Provincial Police Department is authorized to: Issue warnings; impose fines up to 100 million VND; and apply remedial measures as prescribed.
The Directors of the Economic Security Department, the Police Department for Investigating Corruption, Economic, and Smuggling Crimes, the Police Department for Administrative Management of Social Order, the Police Department for Investigating Social Order Crimes, and the Police Department for Fire Prevention, Fighting, and Rescue are authorized to: Issue warnings; impose fines up to 100 million VND; and apply remedial measures as prescribed.
Inspectors of the State Bank of Vietnam are authorized to: Issue warnings; impose fines up to 10 million VND; and apply remedial measures as prescribed.
The head of an inspection team of the State Bank’s regional branch is authorized to: Issue warnings; impose fines up to 50 million VND; and apply remedial measures as prescribed.
The Chief Inspector of the State Bank’s regional branch is authorized to: Issue warnings; impose fines up to 80 million VND; and apply remedial measures as prescribed.
The Chief Inspector of the State Bank of Vietnam and the head of an inspection team established by the Chief Inspector of the State Bank of Vietnam are authorized to: Issue warnings; impose fines up to 100 million VND; and apply remedial measures as prescribed.
The head of an inspection team established by the Minister of Finance is authorized to: Issue warnings; impose fines up to 100 million VND; suspend operations for a specified period; and apply remedial measures as prescribed.
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