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10 April 2012

EIOPA publishes a report on good practices for disclosure and selling of variable annuities


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EIOPAは本日、変額年金(VA)の情報開示と販売に関する最善慣行について報告書を発表した。この報告書は、消費者保護と金融イノベーションに関するEIOPA独自の取り組みの一環を成し、共通した監督方法と市場慣行の推進を目的としている。


The publication identifies which type of information customers should receive in order to be able to take informed decisions when considering buying a variable annuity, and refers to good practices regarding advice to be given to customers in this context.

In relation to good disclosure practices, the report states that customers need to be informed how the product works under different market conditions, what they are charged, and which options they can exercise during the life of the contract. In addition, they should have some general information on the product provider, the law governing the contract, and details on the relevant supervisory authorities. For this purpose, the report provides an indicative list of frequently asked questions that companies may use in order to ensure that potential customers will have a good understanding of the product, the charges and any specific risks that they should be aware of.

In terms of the good selling practices, the report concludes that selling should always be based on advice by suitably qualified salespersons. The publication suggests an indicative list of questions that should be addressed to ensure that the offered product meets the customer’s needs and demands, and consequently prevents the risk of mis-selling.

The report also emphasises that insurance companies should ensure adequate sales by, inter alia, carrying out a due diligence on the intermediary firms as well as reviewing the clients they have taken on.

Press release

Full report



© EIOPA


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