SAR: to abandon voluntary insurance purchased with CTP, will be available in 5 days

MOSCOW, October 7. The Presidium of the Russian Union of motor insurers (RAMI) has approved the introduction of a “cooling period” for voluntary insurance products sold together with CTP. About it on Wednesday reports a press-service of the PCA.

Under the new rules, in the case of simultaneous sale of the policy of voluntary insurance at the conclusion of the contract CTP client will have the right within five days to terminate the contract on voluntary insurance and get your money back, says the President of the Russian Union of insurers (BCC) and the Russian Union of insurers Igor Yurgens, quoted by the press service.

“After a long period of discussion on various sites, decided to stop on the 5-day period. This time is sufficient to determine the solution, in this case a longer period may create additional opportunities for fraudsters,” says Jurgens.

He also explained that a “cooling period” is valid for contracts with a validity of not less than 30 calendar days, and to terminate the contract of voluntary insurance is possible, if it did not have any insurance cases. If these conditions are met, the premium will be returned in full within ten days from the date of refusal of the owner of voluntary insurance.

“The very same possibility of failure will now be prescribed in the agreements on voluntary types of insurance, prepare when buying insurance policy. Appropriate changes have been made to the Rules of professional activity of the Union,” says Jurgens.

Annex to the rules of professional conduct will soon be sent for approval to the Central Bank of the Russian Federation and will come into force after approval by the regulator.