The Commission for the Financial Market (CMF) reported this Friday that its Council resolved to prohibit the commercialization of 39 insurance policies intended to provide clients with coverage against fraud risks due to misuse of credit or debit cards and electronic transfers.
The new Law 21,234, of May of this year, establishes that financial institutions will be prevented from offering insurance to cover the misuse of cards in cases of theft, theft or loss, or for fraud in electronic transactions. These hedges must now be assumed by the financial entities themselves.
Commission Resolution 3715 indicates that as of today the marketing of insurance policies “that offer clients the possibility of contracting coverage for risks that, according to Law No. 21,234, must be assumed by the issuer or provider of the financial service of electronic payments “. This means that companies will not be able to use these model policies.
Regarding the insurance marketed prior to the entry into force of Law 21,234 that included these covers, according to the provisions of the Commercial Code, the risks covered by them have been extinguished or reduced.
This has implied the termination of the policies -in case they only considered the coverage that today correspond to the issuer-, or the reduction of the premium charged, in those cases in which the policy also included other risks different from those that the Law resides in. the sender. For example, cases of theft at the exit of ATMs or the misuse of checks.
To date, contracts have been terminated or the value of insurance for more than 3.7 million people has been reduced.
The CMF has instructed issuers, brokers and insurance companies to clearly inform policyholders, through personalized communication, about this situation and also of the right they have to terminate said contracts if they deem it convenient.
The Commission is monitoring compliance with regulations by insurance companies and intermediaries, especially in the information provided to clients.
However, it is considered important to make present with respect to the insurance that remains in force, the relevance that each insured review the coverage that maintains and evaluates whether it requires maintaining or ending the insurance, taking care of the coverage and the associated price, for which it may require the advice of the broker who brokered the insurance.
They can also verify if they have this type of insurance, consulting the CMF Portal Know your insurance.
–
