Abstract:

The article presented the importance and role of internal control in life insurance enterprises. Through the qualitative research method, the research team synthesizes research results on internal control from domestic and foreign documents, reports and research articles. The result of the review show that there is no research in Vietnam to investigate the factors affecting the effectiveness of internal control in life insurance enterprises. Based on the Committee of European Insurance and occupational pensions supervisors' principles of internal control applied in insurance enterprises [CEIOPS] and the viewpoint of the Committee of Sponsoring Organizations of the Treadway Commission [COSO], the research team building a model to assess the impact of the factors Control environment, risk assessment, information and communication, control and supervision activities on the effectiveness of internal control at Vietnamese life insurance enterprises. Using quantitative research methods with Cronbach alpha reliability coefficient analysis, exploratory factor analysis and multivariate regression, 183 valid questionnaires were entered and analyzed data and analysis results. The analysis shows that 5 independent factors have a positive effect on the dependent factor. Based on the influence of each independent factor, the research team identified the remaining points that have reduced the effectiveness of the internal control system at the life insurance enterprise. This result is also the basis for businesses to have an orientation to amend and adjust the internal control system to match the development of the insurance market.

Keywords:

Efficiency, Impact factors, Internal control, Life insurance enterprises, Vietnam.

How to Cite:

Nguyen Zen Nguyen, Do Dung Pham and Minh Tu Pham. Factors Affecting the Effectiveness of Internal Control in Vietnamese Life Insurance Enterprises. [ref]: vol.21.2023. available at: https://refpress.org/ref-vol21-a199/