Insurers criticized the bill on testing citizens

by time news

The All-Russian Union of Insurers (ARIA) asks the deputies not to pass the bill on toughening the regulation of insurance products with an investment component without taking into account the comments of market participants. An assessment of the upcoming changes and market proposals were prepared by the union (available from Vedomosti) on behalf of its president, Igor Yurgens. ARIA has not yet sent its comments to the State Duma, in particular, because June 17 is the last meeting of the current convocation, says a representative of the organization.

The draft amendments to the law on the organization of insurance business were submitted to the State Duma in April by the chairman of the financial market committee Anatoly Aksakov and three senators. It is ready for first reading, but no date has been set. Under the project, insurers will be able to sell policies with an investment component only to qualified investors or to those who have successfully passed testing before buying. And if the insurer violates this procedure, the client may demand to return the premium even after 20 years. The changes will primarily affect the policies of investment and endowment life insurance (ILI and NSI). These insurances consist of a risk and investment component: part of the funds invested by the client goes to insurance coverage in case of death, and part is invested to generate additional income.

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