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The limit on insurance transactions without identification will be increased in Russia

The State Duma adopted a bill providing for an increase in limits on transactions that were not identified under insurance contracts from 15,000 rubles (90,000 tenge) to 40,000 rubles (240,000 tenge) in the second reading.
The limit on insurance transactions without identification will be increased in Russia

“The minimum sum of transactions for which identification is not needed has not been changed for a while. 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.

The draft document also provides for the possibility of simplified identification in relation to certain life insurance contracts, as well as retirement insurance contracts with insurance premium of up to 40 thousand rubles.

Identification of the person in whose favor the insurance contract is concluded will be carried out when the insurance indemnity is paid. In the current wording of the law, a simplified identification of a client - an individual was not allowed for such types of life insurance contracts, regardless of the amount of the insurance contract. This ban limits the possibility of remote sale of insurance products, which is not in line with the strategy for the development of knowledge society given the need to expand remote financial services, the bill’s authors believe.

Source: https://www.insur-info.ru/press/183406/

Photos are from open sources.

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