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Banks and insurers ask the Central Bank to delay the new standards of credit insurance

Bankers and insurers are asking the Central Bank for a transitional period after the new insurance requirements enter into force, as the policies are sold along with consumer loans, Vedomosti writes.
Banks and insurers ask the Central Bank to delay the new standards of credit insurance

Such letters to the regulator were sent by the Bankers’ Association of Russia (BAR) and the All-Russian Insurance Association (ARIA).

This refers to directive that provides for uniform requirements and standardization of the conditions for voluntary life and health insurance of the borrower when applying for a loan. Its draft was published a year ago, but the document approved by the Ministry of Justice has not yet appeared. According to players’ expectations, the decree should enter on October 1, but this is just an assumption of the Central Bank representatives at meetings, says an interlocutor in a large insurer.

The decree provides for a minimum list of insurance events (death, as well as disability of groups I and II), which can be additionally expanded by the insurer, for example, with job loss. The standard list of exclusions from insurance coverage established by civil law can be expanded by the insurer only by adding death of the insured person in a state of intoxication, as well as false information about the presence of socially significant diseases provided by the consumer when concluding the contract.

New requirements to the sale of credit insurance require both banks and insurers time and material resources to develop new documentation, reconfigure IT systems and establish workflow, information exchange, staff training and so on, the letter explains. This is possible only after the document is registered by the Ministry of Justice and received in the official and final version.

Source: https://www.asn-news.ru/news/80847

Photos are from open sources.

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