Administrative violations in the insurance business can be fined up to VND 200 million.

The government issued Decree No. 174/2024/ND-CP on December 30, 2024, regulating administrative penalties in the insurance business sector, which will take effect from February 15, 2025.

This decree stipulates administrative violations, both completed and ongoing violations; types of penalties, fine levels, and remedial measures for each violation; entities subject to penalties; the authority to impose penalties, specific fine amounts according to each official's position, and the authority to issue violation records in the insurance business sector.

For each administrative violation in the insurance business sector, the primary penalty for organizations and individuals is a monetary fine.

The fine imposed on organizations is twice the amount imposed on individuals for the same violation. The maximum fine for individuals is VND 100 million, while for organizations, it is VND 200 million.