Aggregated News From Investment Management Regulators

Bank of Russia to establish requirements for disclosing information on insurance products

Report/Flag

Please complete the required fields.



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.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×