Transparency of travel insurance contracts under Vietnamese law: Current status and solutions

This study analyzes Vietnamese legal provisions on transparency in travel insurance contracts, evaluates their practical implementation, and identifies shortcomings in standard contractual terms. Using analytical, synthetic, and comparative methods, the study finds that current regulations require insurers to provide information and explain contractual provisions, particularly liability exclusions. However, the legal framework lacks specific standards for clear language, presentation, font size, prominent disclosure, and standardized summaries of key terms. Enforcement mechanisms and sanctions for inaccurate advice by insurance agents also remain insufficient. The study recommends improving the Law on Insurance Business, standardizing contract formats and pre-contractual information, strengthening supervision and penalties, preserving evidence of advisory activities, and applying consumer-friendly interpretation principles. These measures would enhance protection for policyholders and support the transparent and sustainable development of Vietnam’s travel insurance market.