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They proposed to simplify the life insurance procedure in Russia

Nikolay Zhuravlev, Deputy Chairman of the Federation Council, and Anatoly Aksakov, head of the Duma Committee on the Financial Market, proposed to improve the procedure for identifying customers under the law on combating money laundering and financing of terrorism, the Insurance Today website reports.
They proposed to simplify the life insurance procedure in Russia

The document, in particular, proposes to raise the limits on insurance agreements from 15 to 40 thousand rubles, in respect of which it will not be necessary to identify the client. According to Anatoly Aksakov, this is due to the fact that the minimum sum of transactions that does not require personal identification has not been changed since the mid-2000s.

The amendments proposed by the bill will expand the capabilities of insurance companies. Insurers will be able to conclude certain types of contracts in electronic form, while maintaining a balance that provides the necessary and sufficient level of customer identification and security of transactions, including the recommendations of the Financial Action Task Force on Money Laundering, the deputy added. The FATF Recommendations, in particular, allow for exceptions to limits in countries with a low level of risk.

The bill, among other things, provides for the possibility of simplified identification in relation to a number of life insurance contracts, as well as pension insurance with an 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.

The amendments will make it possible to develop electronic interaction between citizens and insurers, increase the availability and convenience of obtaining insurance services, while maintaining the proper level of transaction security, Nikolay Zhuravlev believes.

Source: https://www.insur-info.ru/press/174226/

Photos are from open sources.

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