Legal News
Ministry of Finance asks insurers not to sell COVID-19-related products


The Ministry of Finance has asked insurers to stop introducing and selling insurance packages related to COVID-19.

This request, issued late on March 31, includes life and non-life insurance in compliance with the Prime Minister’s Directive No 16/CT-TTg on urgent measures to prevent and fight the disease.

The directive “requests insurance businesses not to introduce or launch products related to COVID-19”, the ministry said, and asked firms to strictly adhere to the directive throughout their networks, while refraining from the use of images of COVID-19 to offer insurance packages.

Many insurers had recently launched a number of insurance packages covering the deadly virus with attractive costs and benefits. Some business also teamed up with commercial banks to launch anti-COVID products.

However, there has also been public discontent because some people are not eligible to buy insurance.

After the request, VASS Assurance Corporation announced it was halting its Corona Care products from April 1 nationwide.

In a letter to customers on March 31, the company said for customers who had purchased insurance, it would fulfill all its responsibilities as specified in the contracts and create alternative products for customers.

Other providers such as PVI Insurance Corp, Posts and Telecommunications Insurance, and Military Insurance have also reportedly announced they will cancel sales of anti-COVID products, but pledged to fulfill their commitments to customers who have already purchased packages.

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