On meeting of Expert Board on Protection of Financial Services Consumers and Minority Shareholders

The Expert Board on Protection of Financial Services Consumers and Minority Shareholders addressed at its 12 March meeting current issues on user protection on the insurance market.

The meeting participants considered, among others, problems associated with the reluctance of insurers to enter into CMTPL insurance agreements and the hard selling of additional insurance products along with mandatory policies, as well as the selling of insurance products when extending loans.

The meeting participants deemed it expedient to introduce a period during which a user can cancel a voluntary insurance agreement concluded simultaneously with a CMTPL insurance agreement without loss of premium.

Expert Board members also recommended the Bank of Russia to address the issue of returning insurance premium under a voluntary insurance agreement concluded by a borrower when receiving a loan in proportion to an unexpired term of this agreement.

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13.03.2015 00.00.00