The insurance policies can no longer be sold with mortgages or loans

The new measure Isvap (Institute for the Supervision of Private Insurance) approved also by consumer associations, entered into force on 2 April 2012. Prevents insurance intermediaries, including banks, to fill the role, both as sellers of beneficiaries of insurance policies (life and non-life), combined with mortgages or loans: may be concluded with any insurance agency and not with those suggested by the institute lender.

Banks or financial, for their part, they can sell insurance policies, but can no longer use them as beneficiaries and vice versa.

Although not mandatory, policies combined with mortgages or loans were offered and sold by lenders in the form of a single premium, to be paid in advance. With the apparent aim of ensuring that the consumer protection of the remaining principal of the loan and the speed in the collection, in case of accident. And they asked customers to be appointed as beneficiaries.

Instead, Isvap the outcome of an investigation, it was found that the policies in question were paying higher fees - with commissions from 44% to 79% - compared to those offered by other companies, with rates of 20%.

Isvap has set up a hotline for consumers concerning alleged violations of the standard regulations: 800 48661 from Monday to Friday from 9:00 to 13:30.

 

30/04/2012

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Translated via software

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Source:

Italian version of ReteArchitetti.it