Vietnam eyes $4,000 fine for life insurers giving incorrect advice

Vietnam

The Ministry of Finance in Vietnam is proposing a decree that could see life insurance companies fined up to VNĐ100 million (about $4,000) for intentionally providing incorrect advice to consumers. This move is part of a broader effort to address violations in the insurance industry and enhance consumer protection. The decree, when implemented, will impose … Read more

Philippine government urged to prioritize agricultural insurance

Senate Majority Leader Joel Villanueva has urged the government to address the agricultural insurance problems of Filipino farmers and include them in the plan to mitigate the impacts of El Nino. According to a Philippine Statistics Authority (PSA) Labor Force Survey, 10.5 million employed Filipinos or 22.2% depend on agriculture as a source of income. … Read more

Philippine lawmakers file bill requiring veterinarians to get malpractice insurance

A new bill has been filed at the House of Representatives requiring veterinarians in the Philippines to obtain veterinary malpractice insurance worth at least ₱50,000 (about $1,000) to cover claims of damages resulting from malpractice leading to injury or death of animal patients. The Anti-Veterinary Malpractice Act of 2023, or House Bill No. 7896, was … Read more