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Monday, October 24, 2016

The Russians were able to return the money for imposed insurance

The citizens of Russia from 1 June had the opportunity to refuse the imposed insurance and return the money. Amendment of the Central Bank has developed in the end of last year, but insurance companies were given several months to restructure their operations.

Current legislation and earlier it was forbidden to force clients to conclude contracts of voluntary insurance for the provision of any service, however, to prove the fact of coercion was problematic.

As a rule, this problem faced the owners who could not acquire insurance policy, while not insuring their lives or property. In turn, some banks impose on customers insurance with the loan.

Now can refuse from almost all types of insurance, however, to terminate the contract the client will only be able within five working days from the date of its signing provided that during this period no insured event had occurred.

If within five days the contract is not in force, the client to return the full amount. If the contract has started to operate, the insurance company has the right to withhold part of the funds.

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