Open AccessINSURANCE REGULATION PECULIARITIES IN THE BANK INSURANCE PRACTICE IN THE EUROPEAN UNION
Author(s) -
Alexander Tsyganov,
Sergey V. Maslennikov
Publication year - 2020
Publication title -
bankovskoe pravo
Language(s) - English
Resource type - Journals
ISSN - 1812-3945
DOI - 10.18572/1812-3945-2020-6-44-57
Subject(s) - business , commission , bancassurance , insurance law , insurance policy , deposit insurance , general insurance , financial system , finance , accounting
In the Russian Federation, bancassurance has already become a relatively common type of interactions between banks and their customers in selling insurance, with banks being the main channels for distributing insurance services in exchange for commission. Borrowers are known to be the weaker side of a contract, which leads to banks impose insurance services and commission, which the banks may capitalize on. This indicates a significant issue for the local antitrust and banking regulations. The article describes the expertise in managing these activities in the member countries of the European Union and provides recommendations for a possible legal regulation of insurance and banking activities in Russia.