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29 April, Saturday

Ufa   °

Russians can cancel policies they were forced to buy since June 1

Business

UFA, 1 June 2016. /Bashinform News Agency, Galina Bakhshieva/.

Since June 1, Russians will be able to cancel the insurance policies they were forced to buy. The Bank of Russia developed a corresponding instruction at the end of the last year, but insurance companies were given a delay period until the end of May in order to restructure their work.

The legislation previously prohibited to force customers to conclude voluntary insurance contracts for provision of any service. However, it was difficult to prove the fact of compulsion to a deal.

Now you can refuse from almost all popular types of insurance: life, accident and sickness, health insurance, motor own damage, financial risks insurance.

The customer can cancel the contract within five working days from the date of its conclusion, but only if no insured event occurred during this period.

If during five days the contract has not entered into force, the insurers will be required to return the money in full. If the document has started to operate, the company has the right to retain a part of the funds, according to RIA Novosti.

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