20 July 2012

AILO（国際生命保険協会）がPRIPS（パッケージ型リテール投資商品）に関する規則とIMD 2（第2次保険仲介指令）の最新の草案に対してコメント

IMD2

In relation to IMD2, AILO is pleased to comment that the latest draft clarifies a number of points of concern to its Members on which representations have been made. These include extending the scope to cover all distribution channels and clarifying the responsibilities of host state regulators and networks operating across borders. The creation by EIOPA of a central registry of intermediaries who passport on either a Freedom of Services or Establishment basis is also to be welcomed, as this will enhance the development of the Single Market.  

The IMD2 draft also amends the definition of a tied intermediary by including ties to insurers and to other insurance intermediaries, i.e. networks. AILO further welcomes the proposal that tied intermediaries may in future offer competing products from other insurers. This may contribute to product competition and thus benefit the consumer. 

However, AILO has deep concerns in relation to the Commission’s proposal to ban commission payments for independent advice. AILO presumes this is to maintain consistency with the MiFID proposals, although MiFID will not be voted on until later in 2012. Research undertaken by AILO has revealed that a commission ban can practically eliminate the independent intermediary channel and thus lead to market concentration in tied channels. This is clearly to the detriment of consumers, as they lose access to independent advice and cannot benefit from the product competition that results from a strong independent channel. Given the negative competitive impact of such a ban AILO will urge policy-makers to reconsider whether other measures, such as high qualification standards and appropriate suitability and disclosure rules, present a better alternative to address conflict of interest concerns in relation to commission.

PRIPS

In AILO’s view it is important that the detailed information rules to be developed under PRIPS properly reflect the unique value of an insurance promise. Insurers provide benefits such as the security of a lifelong annuity and they back such promises by significant capital. AILO plans to engage in the relevant consultation process on the detailed information rules to ensure that these advantages, as well as the products’ costs, will be clearly understood by the consumer.

The draft also deals with the complicated issue of so called portfolio products where the value of the insurance policy is linked to a number of internal or external investment funds selected by the policyholder or their adviser. AILO also intends to contribute to the discussion on how disclosure can most efficiently be achieved where there is a wide investment choice and there is a risk that unnecessary information could confuse the consumer.

AILO will continue to make submissions to the Commission and the European Parliament on both IMD2 and PRIPS. AILO wishes to ensure that the final legislative outcome benefits consumers by providing them with clear product information and access to well-regulated advisors, including a healthy independent intermediary channel. AILO supports the independent intermediary channel as the most effective in developing a competitive cross border life industry in Europe.

Press release

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