Disclosing information important for consumers on insurance intermediaries’ websites: Bank of Russia recommendations
Insurers should control what information their intermediaries offering online insurance services disclose on their websites regarding themselves and their powers. This follows from the Bank of Russia information letter.
The regulator recommends that such information should include, among other things, the number of a civil contract concluded with the insurer. Using this number, a consumer will be able to check the intermediary’s powers on the website of the insurance company, where a register of all insurer’s agents and brokers is published.
The Bank of Russia has identified cases when insurance intermediaries operating online do not disclose the required information about themselves. As a result, consumers cannot check the reliability of a person offering insurance services and the risk of fraud increases.
The letter also stresses that the involvement of insurance intermediaries in the exchange of electronic information is inadmissible, unless they are authorised by insurers.