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Financial Supervision Office spoke about innovations in the consumer rights protection area

The Agency for Regulation and Development of the Financial Market informs that over the past three years, the ARDFM has done a lot and systematic work in the field of protecting the rights of consumers of insurance services. The issues of affordability of insurance services are covered, protection against low-quality services is provided, and responsibility of insurers for the proper fulfillment of obligations to customers is increased.
Financial Supervision Office spoke about innovations in the consumer rights protection area

The key areas were the expansion of the guarantee system to all mandatory and socially significant classes of insurance, creation of an institution of mandatory pre-trial settlement of disputes and digitalization of the insurance industry.

The purpose of these initiatives is to comprehensively protect the interests of consumers, simplify the access of the population and businesses to receive insurance services, as well as reduce the time and simplify procedures for obtaining insurance benefits.

In order to ensure maximum coverage by the population guarantee system, the list of guaranteed insurance classes has been expanded in 2022. Currently, ten (10) classes of insurance are guaranteed, including eight (8) mandatory classes and two (2) socially significant insurance classes, such as retirement annuity and life insurance contracts under the State Educational Savings System.

The waiting period of consumers to receive insurance payout in the event of liquidation of insurance organization has been reduced; consumers can receive payments immediately after the license of insurance organization is revoked without waiting for a court decision on its liquidation.

“A complete and uninterrupted process of insurance payouts is ensured, the process of liquidation of insurance company will not be sensitive for its clients, since the Insurance Payments Guarantee Fund JSC will continue to carry out the obligations to them,” emphasized Mariya Khadzhiyeva, the ARDFM Deputy Chairman.

The institution of the insurance ombudsman has been significantly strengthened. As of January 01, 2024, the insurance ombudsman will act as a full-fledged institution of mandatory pre-trial dispute resolution. Appeal to the ombudsman will be a necessary step before filing a lawsuit against the actions of insurance company.

The insurance ombudsman’s decision is binding on insurance organizations, and is controlled by the Agency. The expenses of consumers for dispute settlement will be significantly reduced, since the services of the insurance ombudsman are free for the client.

Photos are from open sources.

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