Basic standards for the protection of consumer rights in financial services: decisions of the Bank of Russia

The Bank of Russia has decided to approve the Basic Standard for the Protection of the Rights and Interests of Recipients of Financial Services provided by members of self-regulatory organizations that unite insurance organizations and foreign insurance organizations.

The document was developed by the All-Russian Union of Insurers— a self-regulatory organization in the financial market — and on September 19, 2024, it was approved by the Committee on Standards for the Activities of Insurance Organizations and Foreign Insurance Organizations at the Bank of Russia.

At the same time, the Bank of Russia decided not to approve the Basic Standard, which was agreed upon on August 21, 2024, by the Committee on Standards for the Activities of Insurance Organizations and Foreign Insurance Organizations. The decision was made due to the non-compliance of certain provisions of the standard with the requirements established by Article 6.2 of the Law of the Russian Federation dated November 27, 1992 No. 4015-I «On the Organization of Insurance in the Russian Federation.»