On 11 July 2018, the European Insurance and Occupational Pensions Authority (EIOPA) published the first set of Questions & Answers on the application of the Insurance Distribution Directive (IDD) and its implementing regulations.
These Q&As provide practical guidance on IDD in particular they address the requirements for the Product Oversight and Governance arrangements (see Delegated Regulation (EU) 2017/2358) […]
[Newsflash n. 46]
On 18 April 2018, IVASS published a Letter to the market extending to EU insurance undertakings conducting business in Italy the application of the Guidelines for the simplification of insurance contracts.
Based on the findings that the majority of customers’ claims were due to the dissatisfaction from ambiguity and lack of clearness of contractual […]
On 19 January 2018, EIOPA published the translations of the Guidelines under the Insurance Distribution Directive on insurance-based investment products (IBIPs) that incorporate a structure which makes it difficult for the customer to understand the risks involved into all official languages of the European Union indicating the start of a “comply or explain” reporting process. During a 2-month period […]
[Newsflash n. 36]
On 4 September 2017, IVASS – the Italian Insurance Authority – published a letter to the market (“Letter”) addressing the implementation in Italy of Directive 2016/97/EU on insurance distribution (“IDD”) and EIOPA preparatory guidelines on product oversight and governance (“POG”) arrangements for insurers and distributors (“EIOPA Guidelines”).
The main focus of […]
[Newsflash n. 25]
Following the rejection by the European Parliament (in September 2016) of the previous draft, on 8 March 2017 the European Commission published a revised version of its “level 2” Regulatory Technical Standards (“RTS”) under the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”).
In the revised RTS, the Commission has implemented most of […]
On 21 February 2017, IAIS (International Association on Insurance Supervisors) issued a report on “FinTech Developments in the Insurance Industry”, which contains a description of the emerging technologies and innovative business models that have the potential to transform the insurance business, also defined as “InsurTech”.
In addition to depicting the relevant innovations, the report considers […]
On 10 February 2017, the European Supervisory Authorities (ESAs) launched a consultation on a proposal to set minimum requirements, which manufacturers of packaged retail and insurance-based investment products with environmental or social objectives (EOS PRIIPs) should comply with to ensure that credible products are offered to retail investors. This consultation is in response to […]
On 7 February, IVASS published two regulations, as delegated by the Private Insurance Code:
On 2 February 2017 European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on Guidelines on complex Insurance-Based Investment Products (IBIPs) that incorporate a structure which makes it difficult for the customer to understand the risks involved. The Guidelines cover the assessment of all types of IBIPs. They include criteria to identify product […]
IVASS launches consultation on a “letter to the market” regarding the implementation of the EIOPA “Preparatory Guidelines on product oversight and governance (POG) arrangements by insurance undertakings and insurance distributors” .
On 13 April 2016 EIOPA published such guidelines with the aim of preparing the European insurance market to the implementation of the Insurance Distribution Directive 2016/97, which is […]