tailieunhanh - Improvement of life insurance policyholders’ protection corporation with emphasis on consistency with the Vietnamese market
Improvement of life insurance policyholders’ protection corporation with emphasis on consistency with the Vietnamese market. What is needed for the Life Insurance Policyholders’ Protection Fund in Vietnam is to review and improve its system so that it is consistent with any anticipated changes of the insurance market in Vietnam, by taking advantage of the experience of the Life Insurance Policyholders’ Protection Corporation in Japan where large scale bankruptcies have occurred in series. | Journal of Economics and Development, , , August 2015, pp. 5-27 ISSN 1859 0020 Improvement of Life Insurance Policyholders’ Protection Corporation with Emphasis on Consistency with the Vietnamese Market Hideya Kubo Shiga University, Japan Email: hkubo@ Nguyen Nga Shiga University, Japan Email: hnga911@ Abstract What is needed for the Life Insurance Policyholders’ Protection Fund in Vietnam is to review and improve its system so that it is consistent with any anticipated changes of the insurance market in Vietnam, by taking advantage of the experience of the Life Insurance Policyholders’ Protection Corporation in Japan where large scale bankruptcies have occurred in series. More specifically, the key points are: (i) introducing a scheme where contract transfer is proceeded with even in the event that no savior insurance company steps forward, and placing emphasis on the indemnification of coverage-based insurance products in which the market is expected to grow, (ii) increasing the burden on policyholders of conventional deposit-based products, for example, a reduction of assumed interest rates, in an effort to increase necessary financial resources, (iii) developing professionals who are specialized in evaluating the values of bankrupt insurance companies and (iv) promoting thorough information disclosure and validating the soundness index. Keywords: Consistency with market; macro coverage rate; policyholders’ protection fund. Journal of Economics and Development 5 Vol. 17, , August 2015 1. Introduction large number of common people, who do not have as much information as that owned by insurance companies, purchase insurance policies and the Vietnamese life insurance market opens to the general public, the Life Insurance Policyholders’ Protection Corporation will play an important role. In the country, an insurance policy is regarded as one of saving products, and the Life Insurance Policyholders’ Protection .
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