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ČAP member insurance companies to expand self-regulation

Czech Insurance Association (ČAP) member insurance companies are introducing four new self-regulatory measures as of January 1, 2015. ČAP executive director Tomáš Síkora said that effective self-regulation could be more efficient than directive regulation by the state which often focuses on the quantity of customer-oriented measures and not on their quality. The measures include an expansion of the scope of pre-contractual information, a simulation of the insurance development, a standardised cost indicator that will provide information about the key costs of investment life insurance, and an introduction of recapitulation of the insurance-policy status in annual letters.

Source: www.cianews.cz