It is necessary to review the regulations allowing banks to act as insurance agents
Delegate Pham Van Thinh (Bac Giang Union) suggested that, in order to avoid conflicts of interest and protect borrowers, regulations for commercial banks to act as insurance agents, especially life insurance, should be considered.
At the discussion session in the hall about the revised Law on Credit Institutions project on the afternoon of June 10, delegate Pham Van Thinh (Doan Bac Giang) said, related to regulations on banks being allowed to act as insurance agents. According to current regulations, 2 popular types of life insurance are term insurance and mixed insurance with a maximum discount for the first year premium of 40%.
There is an opinion that, in 2021, 2022 and the first quarter of 2023, some commercial banks have the phenomenon of suggesting that borrowers buy life insurance with a fee of about 3-4% of the value of the loan. If you want to get a loan, there are places where you can buy a loan, you will quickly approve the loan application, in some places it is a condition to get a loan with a preferential interest rate. Some commercial banks also assign contract quotas and premium revenue to employees.
According to Mr. Thinh, commercial banks are a special institution, in the loan relationship with the bank, the borrower is basically the weakest. Therefore, in order to avoid conflicts of interest and protect borrowers, Mr. Thinh suggested that regulations for commercial banks to act as insurance agents should be considered, especially life insurance.
In addition, on the issue of dealing with bad debts and collateral in the Law on Credit Institutions, Pham Van Thinh said that Articles 185 and 189 related to the transfer of security assets with or without associated rights. land use as draft will not solve 2 situations that are happening in reality today.
Specifically, the security property is attached to the land use right but the guarantor is owed related tax. Or, after the credit institution receives the security property, after a new period of transfer, from the time of receipt of the security property on land, the financial obligation on the land shall fall under the responsibility of the credit institution. use or not? Is there a penalty for not putting the land to use under the Land Law during this period of holding the property?
In order to solve this situation, Mr. Thinh suggested, the debt buyer or the credit institution, when receiving the security property attached to the land use right, does not have to accept the tax, fee and late payment obligations. related to the land use rights of organizations and individuals that have security assets from the time of receiving the property or earlier.
At the same time, Mr. Thinh also suggested, it is necessary to further stipulate that while the credit institution receives the secured property but has not yet handled it, it is responsible for fulfilling the financial obligation on land for the land use right with the asset. secured property according to the provisions of law and shall not be charged a fine for late putting the land into use, if any.
Agribank sells wind turbine factory to recover debt of 1,600 billion dong
Vietnam Bank for Agriculture and Rural Development (Agribank) – Long Bien branch has just announced the auction of bad debts of Urban Business Infrastructure Investment Company Limited at this bank.
Accordingly, the debt with book value as of April 11, 2023 is nearly 1,413 billion VND and 10.04 million USD (equivalent to 240 billion VND). In which, the principal debt is more than 527 billion VND and more than 5.8 million USD; interest debt is nearly 886 billion VND and nearly 4.3 million USD.
Agribank said that the collateral for the debt is all assets attached to the land that have been and are being formed in the future, including: factory works, buildings, construction works and all other constructions built. , purchased, upgraded and/or permanently attached to or located in the present or future.
Along with that are all rights, benefits, reimbursements, insurances and other payments attached to two leased land plots with an area of 63,676 m2 and 418,686 m2 in Kim Xuyen commune, Kim Thanh district. , Hai Duong Province. This land is being used by Urban Business Infrastructure Investment One Member Limited Liability Company to build wind turbine production works.
In addition, the collateral for the debt includes the entire line of synchronous machinery and equipment and the collateral assets for the Vietnam Turbine Manufacturing Factory – Phase I to operate normally and all other real estate to be purchased. , upgraded and/or permanently attached to or located in the present or future. All rights, benefits, reimbursements, insurances and other payments. All of these assets are installed at the Vietnam Turbine Factory – Phase I located at the above 2 land plots.
The starting price is VND 1,649 billion and will be auctioned at 2pm on June 12 at the headquarters of Cong Minh Partnership Auction Company (address: 7/8B, Lane 8, Quang Trung Street, La Khe Ward). , Ha Dong district, Hanoi city).
It is known that Urban Business Infrastructure Investment One Member Limited Liability Company is led by Mr. Pham Van Minh as the general director and the legal representative of the company. This business was established on February 13, 2004 and has its address at 6th floor, building number 9, Lang Ha, Ba Dinh district, Hanoi city.
Urban Business Infrastructure Investment One Member Limited Liability Company mainly operates in the field of real estate business, land use rights belong to owners, users or leases.