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On an unspecified date, the Central Bank of the Russian Federation (Bank of Russia) published an information letter providing clarification on the application of Central Bank Instruction No. 6139-U and Central Bank Instruction No. 6109-U. The guidance addresses questions from insurance organizations, credit organizations, and microfinance organizations regarding the implementation of specific provisions governing voluntary insurance for borrowers. The Central Bank clarified that Instruction No. 6139-U applies to voluntary life and health insurance for borrowers under consumer credit agreements and does not apply to personal insurance unrelated to such credit arrangements. The guidance specifies that when both personal and property insurance are provided alongside consumer credit, borrowers must receive separate key information documents for each type of insurance, formatted according to the respective instructions. The Central Bank addressed several implementation matters, including: the provision of key information documents at the time of insurance contract conclusion; the requirement that insurance companies, credit organizations, and microfinance organizations disclose both primary and additional insurance risks; the placement of QR codes linking to applicable insurance rules on key information documents; and the obligation for creditors to provide key information documents when borrowers become insured parties through creditor actions or third parties acting on the creditor's behalf. The guidance also clarifies requirements for multi-borrower insurance arrangements, confirming that total insurance amounts across all borrowers cannot exceed the principal debt plus applicable interest. The Central Bank reaffirmed borrower rights to refuse insurance and receive premium refunds within seven business days of submitting a cancellation request, and specified that insurers must disclose insurance payout timeframes in key information documents. REFERENCES: Central Bank of the Russian Federation Information Letter on the Application of Certain Provisions of Central Bank Instruction No. 6139-U and Central Bank Instruction No. 6109-U

On June 16, 2026, the Central Bank of Russia (CBR) issued an information letter on the procedure for applying certain provisions of Directive No. 6139-U and Directive No. 6109-U, applicable to banks and lending providers. Key points include: The requirements of Directive No. 6139-U apply only to voluntary personal insurance policies that a borrower enters into in connection with obtaining a consumer credit or loan. They do not apply to personal insurance arrangements that are unrelated to the granting of a consumer credit or loan. Under Russian law, personal insurance includes life insurance, accident and sickness insurance, and health insurance. Accordingly, the requirements of Directive No. 6139-U apply to these types of insurance contracts when they are concluded by borrowers as part of the process of obtaining a consumer credit or loan. Where a borrower obtains both personal insurance and property insurance in connection with a consumer credit or loan, separate key information documents must be provided for each type of insurance. The key information document for personal insurance must follow the form prescribed by Directive No. 6139-U, while the document for property insurance must follow the form prescribed by Directive No. 6109-U. Under Directive No. 6139-U, the key information document for a voluntary insurance contract must be provided when the insurance contract is concluded. However, if the contract provides for automatic renewal and no new insurance contract is entered into upon renewal, a new key information document is not required.

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Russia's Central Bank Publishes Guidance on Voluntary Insurance Requirements for Consumer Loan Borrowers

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Central Bank of Russia Issues Information Letter on Applying Certain Provisions of Directive No. 6139-U