The recently published recommendations on “Best practices in relation to relief measures offered to consumers and business in the context of the COVID-19 crisis” is the outcome of two workshops hosted by the European Commission with participation of representatives from the European financial sector, consumer organizations and other business groups. The purpose of the workshops was to clarify how the financial sector in Europa already has helped and will continue to support consumers and businesses during the COVID-19 crisis.
The European Commission emphasizes that the European insurance sector especially during the COVID-19 crisis shall exercise greater flexibility and continuously have the best interest of consumers and businesses in mind. This is relevant in terms of reducing the time spend on handling and paying out claims and in terms of temporarily postponing or splitting up the payment of insurance premiums if possible in order to help consumers and businesses.
- We are very pleased with the recommendations from the European Com-mission, which we to a great extent already comply with and have done so even before the COVID-19 crisis started. Consumer protection is essential for the Danish insurance industry and we appreciate that the European Commission acknowledges the flexibility and goodwill initiatives exercised during the COVID-19 crisis, says deputy director in Insurance & Pension Denmark, Jan V. Hansen.
The recommendations are not legally binding. However, the European Commission encourages the financial sector to follow the recommendations to the greatest extent possible.