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27 October 2011

EIOPA launches consultation on good practices for disclosure and selling of variable annuities


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This is EIOPA's first consultation in the area of consumer protection. The consultation links EIOPA's work in consumer protection with financial innovation. The results of this consultation will shape the view on how to deal with disclosures and selling arrangements for insurance contracts.


This report summarises the findings of EIOPA’s Committee on Consumer Protection and Financial Innovation with the goal of establishing good disclosure and selling practices for variable annuities.

The main findings of the Report are that good practices:

  • in relation to disclosures:

should provide general information on the insurance undertaking and the legal and supervisory regime it operates under to take account of the cross-border nature of this business;

should also include product specific information to address product complexity;

  • and in relation to selling practices:

should ensure that variable annuities are always sold on an advised basis, even when they are sold directly by the company;

should focus on the customer’s objectives to determine his demands and needs.

Today, EIOPA invites market participants and consumers to participate in a consultation on consumer-related issues. EIOPA welcomes comments from all interested parties on the “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities”. Currently, EIOPA is seeking input on two sets of questions relating to disclosures and selling practices. These questions and the Draft Report can be accessed via our web site.

This consultation will start on Thursday 27 October, 2011 and end on 3 January, 2012.

Consultation



© EIOPA


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