The Central Bank updated the obligations of insurers to disclose the terms of contracts
The Bank of Russia has updated the requirements for disclosure of information when concluding certain types of voluntary insurance contracts. Insurance companies will have to provide customers with a single key information document (KID) of no more than three pages, in which it is necessary to specify insurance risks, exclusions from coverage, procedure for receiving payment and conditions for refunding the insurance premium. The relevant instruction of the Central Bank published on November 11, it comes into force in 10 days.
The Bank of Russia has updated the requirements for disclosure of information when concluding certain types of voluntary insurance contracts. Insurance companies will have to provide customers with a single key information document (KID) of no more than three pages, in which it is necessary to specify insurance risks, exclusions from coverage, procedure for receiving payment and conditions for refunding the insurance premium. The relevant instruction of the Central Bank published on November 11, it comes into force in 10 days.
