Prior to the conclusion of insurance contracts, insurers, as well as their representatives, will be obliged to provide consumers with the basic parameters of insurance products in the form of a short standardised information document.
Specifically, it will contain information about insured events, grounds for refusing insurance payments, the procedure and deadlines for payments. All information shall be presented in simple language with no small print.
Consumers will thus be able to understand all the pros and cons of proposed policies and make informed decisions on their purchases.
Should the insurer violate the obligation to disclose information, the insurant will be able to terminate the insurance contract and get the refund of the paid insurance premium.
The requirements are scheduled to come into force in stages: from 1 October 2021 — for personal insurance, and from 1 April 2022 — for other types of voluntary insurance.
See PDF here: https://www.cbr.ru/StaticHtml/File/41186/210201-53-1.pdf
See PDF here: https://www.cbr.ru/StaticHtml/File/41186/210201-53-2.pdf
This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, see the Source Link.