Sun Life Insurance proposed to handle more than 600 billion VND

The Department of Insurance Management and Supervision ( Ministry of Finance ) has just issued conclusions on the thematic inspection at Sun Life Vietnam Insurance Company Limited.

44 agents and employees did not comply with regulations

Through sample inspection, 44 cases of insurance agents and bank employees were discovered that did not comply with regulations during the insurance sales process.

Bảo hiểm Sun Life bị đề nghị xử lý hơn 600 tỉ đồng - Ảnh 1. — Illustration photo

Specifically, there were 6 cases (involving 4 individual insurance agents and 2 bank employees) that did not comply with the company's regulations, allowing others to sign on behalf of the insurance buyer, sign on behalf of the insurance buyer on the insurance request form prepared via the SunSmart application; sign on behalf of the insurance buyer on the insurance contract handover receipt...

There were 11 cases (involving 7 individual agents and 2 bank employees) that did not comply with the company's regulations on handing over insurance contracts.

7 cases are individual agents who have not complied with the company's regulations in using agent codes, equipment, supplies and machinery assigned by the company.

9 cases (involving 7 individual agents and 1 bank employee) did not comply with the company's regulations on meeting customers when consulting and preparing insurance application files.

5 cases (involving 3 personal agents, 1 bank employee) did not comply with the company's regulations on supervising customers signing insurance application files and related documents.

6 cases (involving 3 personal insurance agents and 3 bank employees) did not comply with the company's internal regulations in the process of serving and supporting customers.

Notably, the inspection determined that the company accounted for expenses and revenues related to life insurance distribution activities through the banking channel (bancass) as deductible expenses when determining taxable income for corporate income tax in 2021, which was not in accordance with the law on insurance business and tax law with a total amount of more than VND 600.4 billion.

Specifically, revenue accounting for refund contracts for customers canceling insurance contracts is more than 622.9 million VND.

Paying initial support costs and cooperation fees to banks and accounting for deductible expenses when determining taxable income for corporate income tax in 2021, the amount is more than 343.2 billion VND .

Payments and accounting support for banks that are not in accordance with the law on insurance business and tax law total more than 247.8 billion VND.

The implementation of the emulation program was inconsistent with the original proposal, unrelated to the production and business activities of the insurance company, and accounted for in deductible expenses when determining taxable income for corporate income tax with an amount of more than VND 8.6 billion.

Proposal to handle more than 600 billion VND

The Ministry of Finance proposed the General Director of Life Insurance Company Limited Sun Life Vietnam made a financial settlement recommendation for the 2021 accounting period: accounting for a reduction in deductible expenses when determining taxable income for corporate income tax in 2021, an amount of more than VND 600.4 billion.

For expenses with similar content, name, payment method, documents and related documents as the expenses stated in the inspection conclusion of the related accounting periods, the company is requested to adjust the accounting, determine, recalculate, and declare additional corporate income tax accordingly; not allocate expenses paid by the insurance company, and not account for them in accordance with the law into the contract owner funds.

The Ministry of Finance also requested the General Director of Sun Life Vietnam Insurance Company Limited to review and rectify the training of agents and management of insurance agents, ensuring that insurance agents comply with the provisions of the law and the company.

In the process of receiving and processing information, recommendations and feedback from insurance customers, if any violation with signs of crime is detected, the records and documents must be immediately transferred to the competent investigation agency or People's Procuracy for handling in accordance with the law.

The General Department of Taxation (Ministry of Finance) is assigned to direct the Ho Chi Minh City Tax Department and relevant units to urge and review the declaration and compliance of Sun Life Vietnam Insurance Company Limited with tax and invoice laws for the expenses stated in the inspection conclusion; thereby handling tax and invoice administrative violations (if any) and guiding and handling similar cases.

Source link