Financial Analytics: Science and Experience

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New algorithms of bank assurance transactions and the infringement of borrowers' rights

Vol. 12, Iss. 1, MARCH 2019

Received: 27 August 2018

Received in revised form: 18 September 2018

Accepted: 5 October 2018

Available online: 28 February 2019


JEL Classification: G21, G22, Н31

Pages: 107–124

Yusupova O.A. Russian University of Transport (RUT), Moscow, Russian Federation

ORCID id: not available

Subject The article considers commission for the sale of insurance products as a new source of income.
Objectives The purpose of the article is to investigate the mechanisms of receiving commission income from sales of bank insurance products, analyze their legality and determine measures to prevent violations against borrowers' rights.
Methods The research uses the methods of logical and economic analyses.
Results The article analyzes the current state of the market of banking insurance, reveals its key tendencies, as well as the algorithms of banks' actions, preventing repayment of insurance policies bought by borrowers. The article also presents proposals to improve the provisions of the current legislation in the area of borrower protection.
Conclusions The analysis conducted in the article helps diagnose systemic problems in the relations between the participants of the insurance market and borrowers. Their non-settlement can lead to mass lawsuits, loss of trust from the population to financial institutions, undermining the authority of the mega-regulator.

Keywords: bancassurance, commission income, free look period


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