Bank of Russia to simplify verification of information about insurance intermediaries on insurers’ websites
The regulator will set uniform requirements for the procedure to disclose information about intermediaries and oblige insurance companies to post respective information on their websites in the form of a separate file. This draft ordinance was prepared by the Bank of Russia.
As stipulated by law, insurers are to publish on their websites information on the agents and brokers they work with. However, the verification of information about a particular intermediary can be difficult, as it often requires the number of an agency agreement that may be unknown to the consumer.
According to the draft document, insurers will have to enable the search for information about an insurance agent or broker on their websites using any available data: intermediary’s full name, company name, taxpayer identification number, agreement number, domain name or website. This approach will make it easier for consumers to check the legality of the insurance intermediary.