CEIOPS report on Unit-Linked Insurance Products
06 July 2009
The survey looks at national measures on disclosure requirements and professional requirements regarding unit-linked life insurance products and also refers to relevant provisions of the MiFID Directive
The survey looks at national measures on disclosure requirements and professional requirements regarding unit-linked life insurance products. It should provide a useful baseline for further reflection on improvements to product disclosure requirements for unit-linked life insurance (ULLI) products.
It also refers to relevant provisions of the MiFID Directive Level 1 text and the Implementing Directive at Level 2.
The report analyzes four sections:
- “Pre-contractual information” requirements, relating to (a) Disclosure about the person proposing and selling ULLI products,(b) Disclosure about the unit-linked life insurance product, including the conditions and content of such disclosure(c) Information about the customer buying the unit-linked life insurance product;
- Requirements relating to information to be provided to the customer during the contract;
- “Ongoing requirements” incumbent on the insurance undertaking, insurance intermediary, or other entity, before and during the contract; and
- “Professional requirements”, concerning fit and proper relating to the persons proposing and selling ULLI products.
© CEIOPS
