Protecting the rights of insurance consumers: requirements for base standard

The Bank of Russia plans to set requirements for the base standard for protecting the rights of insurance consumers. The draft Ordinance 'On Establishing Requirements for the Base Standard for Protecting the Rights and Interests of Legal Entities and Private Individuals — Recipients of Insurance Services Provided by Members of Self-regulatory Organisations of Insurance Companies' is published on the Bank fo Russia website to be discussed with market participants.

The document is being developed, in particular, to establish requirements for information to be provided to customers and insurers' code of conduct when performing professional activity and working with customers' appeals.

The base standard is to be developed by the self-regulatory organisation of insurance companies.

The Ordinance approval is scheduled for the first quarter of 2016.