Article 54. Gross Violation
On insurance activities (LRU-730-son) · Date: 23.11.2021 · In force
One-time gross violations of the license requirements and conditions, which are grounds for termination of the license, shall include:
a) for insurers (reinsurers):
carrying out of other activities prohibited for the licensee by the legislation;
disclosure, without the permission of the insurant, of confidential information obtained during the carrying out of insurance activities, except for the cases provided for by the legislation;
b) for insurance brokers:
conclusion and execution of an insurance contract that is known to be unprofitable for the client;
disclosure, without the permission of the client, of confidential information obtained during the carrying out of intermediary insurance activities, except for the cases provided for by the legislation;