MNB sets standardized gauge for life insurance policy holders
The National Bank of Hungary (MNB) is establishing standardized minimum requirements for life insurance company questionnaires used to assess the needs of clients, the MNB said today.
The MNB already requires life insurance companies to make clients fill out written forms when signing up for insurance policies, but previously no minimum requirements were established for questionnaires, leading several firms to provide insufficient information to their clients, the central bank said.
The regulation which comes into effect on March 1, 2016, requires insurance companies to ask clients if they want to have life insurance policies for investment purposes in addition to the standard service, as well as how risk averse they are, how involved they want to be in managing assets, and what the clientʼs preferences are for fees, payment frequency and maturity.
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