The Superintendence of Banking, Insurance and AFP (S.B.S.) published a project that proposes changes to the market conduct regulations of the financial and insurance system, and proposes modifications regarding the credit life insurance.
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One of the SBS proposals is that financial entities have in their portfolio a product with credit life insurance and another without this insurance. This would apply to consumer loans, credit cards, among others.
However, for mortgage loans it is proposed that the acquisition of said insurance may be a condition in contracting the loan.
Likewise, the charging of the credit life insurance premium divided by currency on bi-currency credit cards will be considered an abusive practice. It is specified that the premium will be charged only in the currency of the line of credit granted by the financial institution to the client.
“In order to promote greater transparency in the collections and payments made between financial entities and insurance companies, it is proposed that financial entities, through their web portals, disseminate information about the credit relief premium and the component that corresponds to the marketing charge (made by the financial institution)”, stated the SBS.
Furthermore, it is proposed that financial entities may not transfer to their clients charges other than those that properly correspond to the charge for the credit life insurance marketing service. The transfer of these charges to the user will be considered an abusive practice.
It should be noted that the project will be available on the SBS portal (https://rebrand.ly/fpelu2b) for comments and suggestions from the industry and the general public until November 13.
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