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12.10.2023
THE CENTRAL BANK OF THE RUSSIAN FEDERATION REMINDED BANKS OF THE NEED TO INFORM BORROWERS ABOUT THE POSSIBILITY OF INSURING THEMSELVES WITH ANY COMPANY
The Bank of Russia and the Federal Antimonopoly Service draw the attention of credit institutions to the need to bring internal documents regulating the procedure for insuring the risks of borrowers of a credit institution, including potential borrowers who are legal entities or individuals, in accordance with Decision of the Government of the Russian Federation No. 39 of January 18, 2023 on the Cases When Agreements Between Credit Institutions and Insurance Agencies Are Admissible, As Well As Foreign Insurance Organisations ..., entered into force on September 1, 2023, and also to place the necessary information on the websites.
It is noted that when applying for a loan, an individual has the right to purchase insurance from any company that meets the bank’s requirements. The lender is obliged to inform the client about this possibility and cannot impose the services of a specific organisation.
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