The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation on its advice to the European Commission in respect of certain aspects relating to retail investor protection. The Commission ran a public consultation in 2021 on retail investor protection and fair treatment of customers. As part of this ongoing initiative the Commission sent … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the application of the Insurance Distribution Directive ((EU) 2016/97) throughout the European market. The executive summary of the report notes that there has been insufficient time to assess the effectiveness of the Insurance Distribution Directive (IDD) as a combination of late implementation … Continue Reading
Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union. The … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report called ‘Artificial intelligence governance principles: towards ethical and trustworthy artificial intelligence in the European insurance sector’. The report has been written in the context of the proliferation in the use of artificial intelligence (AI) in insurance and the use of Big Data in … Continue Reading
With a view to a revision of the Insurance Distribution Directive (IDD), which is expected to be undertaken by 2023 (the European Insurance and Occupational Pensions Authority (EIOPA) is due to submit its report by the end of 2021, and the European Commission in 2022), discussions and work have already begun at a European level … Continue Reading
The European Commission has adopted a series of delegated regulations that help to drive investors towards more sustainable economic activities. The measures are part of the European Green Deal. The adopted delegated regulations are part of a suite of sustainability measures adopted at the same time including the EU Taxonomy Climate Delegated Act and the … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on value for money risk in the European unit-linked insurance market. EIOPA has previously expressed concern that while unit-linked products can offer important benefits for policyholders, costs for some products remain too high. The low interest rate environment, in addition to market shocks … Continue Reading
On 8 April 2021, the European Insurance and Occupational Pension Authority (EIOPA) published a single rulebook online containing requirements under the Insurance Distribution Directive ((EU) 2016/97). The single rulebook covers the Insurance Distribution Directive, the Delegated Regulation (EU) 2017/2358) (on product governance and oversight), Delegated Regulation (EU) 2019/1935 (requirements relating to insurance-based investment products) and … Continue Reading
On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on what is known as ‘open insurance’, namely the access to, and sharing of, insurance-related data. EIOPA has also published a discussion paper in which it considers whether and the extent to which insurance value chains can be opened up … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published its first annual report on administrative sanctions and other measures imposed under the Insurance Distribution Directive ((EU) 2016/97 (IDD)) by national competent authorities. Between the implementation in October 2018 and the end of 2019 1,923 administrative sanctions or other measures were imposed on firms. The … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published ‘EIOPA’s approach to the supervision of product oversight and governance’. The Insurance Distribution Directive ((EU) 2016/97) (IDD) contains requirements on product oversight and governance for insurance distributors. These requirements aim to ensure that customers’ interests are taken into account throughout the product lifecycle. The latest … Continue Reading
The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance. The paper is the outcome of two roundtables including a number of participants from across the financial services industries, … Continue Reading
Insurers and other insurance distributors faced significant challenges while implementing the requirements of the German law transposing the Insurance Distribution Directive (IDD). Even though the IDD was transposed into German law as of 23 February 2018, several details were not yet available due to outstanding regulations. The new German regulation, i.e. the German Insurance Distribution … Continue Reading
Insurers and other insurance distributors will face significant challenges while implementing the requirements of the German law transposing IDD. Impacts on distribution models, training requirements and increased duties and obligations in distribution will need to be considered. In addition, there are a number of compliance issues, such as conflicts of interest, cross-selling and considerations regarding … Continue Reading
The legislation transposing the IDD into German law has been passed (as resolved by the German Parliament on 28 June 2017 and by the Federal Council of Germany on 7 July 2017). One of many changes will be that the transposed IDD will be applicable to all insurance distributors (Versicherungsvertreiber), including insurers. In addition to … Continue Reading
