PRAVEX BANK Became a Partner of the Information Campaign to Protect the Rights of Consumers of Insurance Services "Know Your Rights: Insurance"
The all-Ukrainian information campaign to protect the rights of insurance consumers "Know Your Rights: Insurance", organized by the National Bank of Ukraine, has been launched.
The topic of insurance and insurance services remains poorly covered for consumers. Most Ukrainians use only insurance that is mandatory by law or that is chosen by other organizations for the consumer.
The key objective and goal of the Know Your Rights: Insurance campaign is to protect the rights of policyholders and improve consumer knowledge of insurance services. As part of the campaign, consumers will receive explanations on the following issues:
- how to choose an insurance company;
- what to look for when concluding an insurance contract;
- where to look for and how to obtain comprehensive information about insurance products;
- what to do when an insured event occurs to avoid problems with insurance payments from the insurer;
- what is a deductible in insurance and why you should pay attention to its presence and the amount specified in the contract;
- how to act when faced with the imposition of an insurance contract or violation of consumer rights.
The NBU, together with its partners, will also talk about the changes that insurance consumers expect in connection with the legislative update.
One of the priorities of the NBU as an insurance market regulator is to update outdated legislation that did not meet the needs of market participants and the demands of insurance consumers. On January 1, 2024, the new Law of Ukraine "On Insurance" was enacted, with a transitional period for the adaptation of its provisions ending on July 1, 2024. At the same time, on June 17, 2024, a new version of the Law of Ukraine "On Compulsory Insurance of Civil Liability of Owners of Motor Vehicles" was adopted. The new legislation not only increases the stability of the insurance market, but also provides for an extensive list of requirements for insurers to disclose comprehensive information to consumers about the terms of insurance contracts.
"The NBU protects the rights of financial services consumers and carries out systematic work aimed at improving service standards and ensuring the transparency and sustainability of financial institutions. This year, our awareness-raising campaign "Know Your Rights" is dedicated to insurance and aims to remind consumers of the importance of preventing violations of their rights when using financial services. The NBU has become an insurance market regulator relatively recently, so consumers sometimes do not know that they can turn to us to protect their rights. Adoption and improvement of legislation and development of new regulations that strengthen the protection of insurance consumers' rights help prevent violations. Updating legislation helps insurers provide transparent and high-quality information about insurance products and services. Informed consumers are more protected, as they can make informed decisions about entering insurance contracts," said Kateryna Rozhkova, First Deputy Governor of the National Bank of Ukraine.
The "Know Your Rights: Insurance" campaign is supported by an international partner, the USAID Business Resilience Investment Project.
PRAVEX BANK supported the campaign aimed at improving the financial literacy of Ukrainians.
"Protection of the rights of insurance consumers is key to increasing financial literacy and trust in financial institutions. Such initiatives not only inform consumers about their rights, but also help to avoid possible problems and misunderstandings in the future. Participation in this campaign gives us the opportunity to support our customers by providing them with the necessary information to make informed financial decisions and strengthen their confidence in choosing insurance services," said Semion Babaev, Deputy Chairman of the Management Board, Head of the Main Business Department of PRAVEX BANK.
The information campaign will run until the end of September 2024 in all regions of Ukraine. The NBU's educational website on financial literacy, Garazd, will serve as an online platform for the campaign. One of the website's sections is dedicated to insurance and insurance services. On this online platform, users can also test their knowledge by taking a thematic test on insurance.
This is the third such educational initiative aimed at ensuring that as many Ukrainians as possible are aware of their rights when using financial services and know how to protect them in case of violation. The first Know Your Rights campaign, dedicated to the rights and obligations of financial services consumers, was implemented in 2021. The second, "Know Your Rights: Loans," which told about the rights and obligations of borrowers, was launched in 2022.
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