CAUSING DAMAGE TO CLAIM COMPENSATION SHALL BE FINED UP TO VND 100 MILLION
Some penalties for administrative violations in insurance business and lottery business in Decree No. 98/2013/ND-CP are amended on March 21, 2018 by the Government in the Decree No. 48/2018/ND-CP.
This Decree prescribed: A fine of from VND 90 million to VND 100 million shall be imposed for these violations: Collaborating with beneficiary of insurance benefits to pay indemnities or insurance payout against the law; Causing damage to assets and health for the purpose of claiming insurance benefit unless otherwise prescribed by law; Forging documents, deliberately falsifying information to refuse indemnities or insurance payout upon occurrence of insured events… in which the appropriated amount of under VND 20 million or causing damage of under VND 50 million or not to a degree subject to criminal prosecution.
Especially, forcing entities to buy insurance in any manner shall be fined from 40 million to VN 50 million. Particularly, a fine for initiating life insurance products and health insurance before the Ministry of Finance grants an approval shall be much higher, from VND 60 million to VND 70 million, instead of VND 10 million to VND 20 million as before.
A fine from VND 60 million to VND 70 million also be imposed for these violations: Initiating principles, terms, and schedule of premiums of insurance products of motor vehicles lines before registration approved by the Ministry of Finance; Failing to comply with principles, terms and schedule approved by the Ministry of Finance…
This Decree takes effect on May 10, 2018.
