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The insurer is obliged to inform the insured when concluding a life insurance contract of the amount of the surrender value (payment associated with the early termination of life insurance contracts) and the amount in which it is guaranteed.
This norm is enshrined in the registered Ministry of Justice of Ukraine dated January 24, 2018, in the order of the National Committee of Financial Services No. 4258 "On Approval of Requirements for the Methodology for Calculating the Surrender Value under a Life Insurance Contract", the agency "Interfax-Ukraine" member of the National Committee of Financial Services Oleksandr Zaletov.
At the same time, specifying that the specified order of the National Committee of Financial Services comes into force on April 17, 2018.
He also noted that if the life insurance contract does not contain a clear definition of the guaranteed amount of the redemption amount for each year of insurance, its amount cannot be less than the amount of the mathematical reserve minus the costs of conducting the case.
According to him, the expected result of adopting this act is to strengthen the protection of the property rights of policyholders - individuals under life insurance contracts, reduce the number of complaints against insurers who provide life insurance, increase the level of public confidence in the life insurance market and create conditions for the sustainable development of the insurance market.
A. Zaletov also noted that in 2015-2017 the amount of redemption payments amounted to over 800 million UAH, which is over 60% of the total amount of life insurance payments. At the same time, a situation has developed on the financial services market in which consumers of life insurance services, in the event of termination of contractual relations with the insurer, often remain dissatisfied with the amount of the redemption amount and file lawsuits in court.
The analysis of the problem shows that regulation should oblige the insurer to provide the consumer with clear transparent information about the guaranteed amount of the redemption amount when concluding a contract, including information about its zero amount in the first years of insurance. If under such conditions the consumer consciously agrees to conclude a contract, regulation of contractual relations in this part is not advisable.
When working on the issue, the National Financial Services Commission received advice from insurance market participants (insurers and actuaries), and also studied the experience of developed countries in regulating this area. For example, German legislation provides for the establishment of a minimum limit for the size of the redemption amount, below which the redemption amount cannot be set if the terms of the contract do not clearly provide for the determination of the redemption amount. This approach, according to the National Financial Services Commission, ensures a balance of interests of the parties in the field of life insurance.
Source: Interfax-UkraineInterfax-Ukraine
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