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 scheduled to take place no later than 23 February 2018.

The proposed letter to the market prompts market players to start as soon as possible the preparatory activities for the assessment, analysis and mapping of existing products and processes, in order to determine the necessary operational restructuring to achieve the ultimate objective to minimise the risks of consumer detriment and mis-selling of insurance products set out in the POG.

Responses to the consultation may be submitted before 15 February 2017.