Among other issues, the prospects for the introduction of equity life insurance in Russia were discussed in the meeting. As explained in the Central Bank, the voluntary life insurance, in contrast to the existing life insurance products with an investment component, contains a fixed insurance amount only for the risk of death. In all other cases, the insurance amount depends on the results of investment activities of the insurer.
The emergence of voluntary life insurance, on the one hand, will help expand the product line for consumers, and on the other, increase the amount of funds invested in the Russian stock market, explains the regulator.
The Expert Council Participants focused on the risks of implementing the voluntary life insurance, the key ones being insufficient level of financial literacy and trust of potential customers. To minimize them, it is planned to use the best international practices, the Central Bank said in a statement.
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The expert council also considered the regulator’s initiatives to improve the system of countering insurance fraud.
"The proposals of the Bank of Russia are based on the study of foreign experience of countries that are comparable with Russia in terms of socio-economic development, the volume of the insurance market and have successful experience in combating insurance fraud. They include measures to increase the level of organization of the system of countering insurance fraud directly within insurance organizations, improving legislation, developing information exchange within the insurance bureau ", the Central Bank said. - Among the important components of success in the fight against insurance fraud was the need to intensify the interaction between public authorities and insurers and increase the level of professional knowledge and skills of employees of insurance organizations. "
"Insurance fraud not only disturbs the insurance market development, but it is also a huge problem for the society as a whole," said Vladimir Chistyukhin, Deputy Chairman of the Bank of Russia. - There are often cases when citizens become victims of fraud. Bona fide consumers have to pay more for insurance, because insurers take into account the factor of fraud when calculating insurance tariffs. As a result, the loyalty and trust of citizens and enterprises to insurance is reduced. "
Source: https://news.rambler.ru/money/39461741/?utm_content=rnews&utm_medium=read_more&utm_source=copylink
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