Vartotojų teisių apsauga draudimo sektoriuje sujungus finansų rinkų priežiūrą

Translated title of the contribution: Consumer’s protection in insurance sector after consolidation of financial markets’ supervision

Vytautas Senavicius, Tomas Talutis

    Research output: Contribution to journalArticle

    Abstract

    The crisis and its impacts have underscored yet again how important to fulfill consumer protection requirement in this specific field. Therefore, in this article we analyze the insurance sector related consumer protection. We emphasize that as of 1 January 2012 Lithuania made the significant financial markets supervision reform. Therefore, Bank of Lithuania (central bank of the Republic of Lithuania) is now the centralized financial market supervisor that is responsible for the consumer’s protection in this sector. After reform the Bank of Lithuania acts as independent “referee” who looks at both sides of the insurance dispute, makes enquiries, asks questions and comes up with a solution (recommendation) that he believes is fair. It is worth to stress that the out-of-court settlement procedure is not binding, therefore in some cases out-of-court settlement procedure is not efficient enough. In the article we also rise the public administration problem – in some cases State Consumer Rights Protection Authority that is the main institution in the field of consumer protection, may revise the standard insurance contract terms. Such public administration functions are also delegated to the Bank of Lithuania. Therefore, where the insurance-related consumer dispute rises, it is not clear which public institution is responsible to provide the competent opinion on insurance contract standard terms fulfillment with consumer protection laws.
    Original languageLithuanian
    Pages (from-to)514-525
    JournalViešoji politika ir administravimas
    Volume11
    Issue number3
    Publication statusPublished - 2012

    Fingerprint

    consumer protection
    Lithuania
    financial market
    consolidation
    insurance
    supervision
    bank
    public administration
    contract terms
    referee
    reform
    central bank
    public institution
    republic
    Law

    Keywords

    • Financial market supervisory authorities
    • Insured protection
    • Standard contractual provisions

    Cite this

    Vartotojų teisių apsauga draudimo sektoriuje sujungus finansų rinkų priežiūrą. / Senavicius, Vytautas; Talutis, Tomas.

    In: Viešoji politika ir administravimas, Vol. 11, No. 3, 2012, p. 514-525.

    Research output: Contribution to journalArticle

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    abstract = "The crisis and its impacts have underscored yet again how important to fulfill consumer protection requirement in this specific field. Therefore, in this article we analyze the insurance sector related consumer protection. We emphasize that as of 1 January 2012 Lithuania made the significant financial markets supervision reform. Therefore, Bank of Lithuania (central bank of the Republic of Lithuania) is now the centralized financial market supervisor that is responsible for the consumer’s protection in this sector. After reform the Bank of Lithuania acts as independent “referee” who looks at both sides of the insurance dispute, makes enquiries, asks questions and comes up with a solution (recommendation) that he believes is fair. It is worth to stress that the out-of-court settlement procedure is not binding, therefore in some cases out-of-court settlement procedure is not efficient enough. In the article we also rise the public administration problem – in some cases State Consumer Rights Protection Authority that is the main institution in the field of consumer protection, may revise the standard insurance contract terms. Such public administration functions are also delegated to the Bank of Lithuania. Therefore, where the insurance-related consumer dispute rises, it is not clear which public institution is responsible to provide the competent opinion on insurance contract standard terms fulfillment with consumer protection laws.",
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    AB - The crisis and its impacts have underscored yet again how important to fulfill consumer protection requirement in this specific field. Therefore, in this article we analyze the insurance sector related consumer protection. We emphasize that as of 1 January 2012 Lithuania made the significant financial markets supervision reform. Therefore, Bank of Lithuania (central bank of the Republic of Lithuania) is now the centralized financial market supervisor that is responsible for the consumer’s protection in this sector. After reform the Bank of Lithuania acts as independent “referee” who looks at both sides of the insurance dispute, makes enquiries, asks questions and comes up with a solution (recommendation) that he believes is fair. It is worth to stress that the out-of-court settlement procedure is not binding, therefore in some cases out-of-court settlement procedure is not efficient enough. In the article we also rise the public administration problem – in some cases State Consumer Rights Protection Authority that is the main institution in the field of consumer protection, may revise the standard insurance contract terms. Such public administration functions are also delegated to the Bank of Lithuania. Therefore, where the insurance-related consumer dispute rises, it is not clear which public institution is responsible to provide the competent opinion on insurance contract standard terms fulfillment with consumer protection laws.

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    KW - Standard contractual provisions

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