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Draft law on simplified identification of LIC clients is developed in Russia

Draft law on simplified identification of LIC clients is developed in Russia

“The minimum number of transactions for which identification is not needed, has not changed for a long time. Taking into account the inflationary factor, the adoption of the draft law will allow setting a threshold corresponding to the current level of inflation,” the explanatory note says.

Person identification in whose favor the insurance contract is concluded will be carried out when the insurance benefit is paid. In the current wording of the law, a simplified identification of a client, individual, was not allowed for such types of life insurance contracts, regardless of the insurance agreement amount. According to authors of the bill, this ban limits the possibility of remote sale of insurance products, which is not in line with the strategy for the development of the information society, given the need to expand remote financial services.

Source: https://tass.ru/ekonomika/15882861

Photos are from open sources.

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