Insurance COVID-19 shall not contain conditions that cancel the withdrawal: the behavioral supervision of the Bank of Russia

Insurance companies offering consumers insurance against disease coronavirus infection, should not be included in the treaties and the rules of insurance conditions, which in fact cancel or delay payments under the policy. The Bank of Russia sent the insurers an information letter about the inadmissibility of such practices.

During a pandemic coronavirus infection (COVID-19), many insurance companies began to offer policies covering the risk of this disease. The Bank of Russia has conducted monitoring and analysis of such policies and found that often the rules of insurance were given the opportunity to refuse a sick policyholder to pay the insurance indemnity or to withhold the payment in the presence of force majeure, which includes an epidemic or pandemic.

However, neither the contract nor the rules of the insurance was not written that in case of infection COVID-19 conditions of force majeure are canceled.

The insurance companies with which the Bank of Russia collaborated in the framework of the behavioural surveillance, has made adjustments to its business processes and changed the terms of insurance contracts and rules. However, because this insurance policy is gaining popularity, the regulator considers it important to proactively reduce risks, which are not mutually exclusive conditions insurance from a new coronavirus infection.

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