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The European Insurance and Occupational Pensions Authority (EIOPA) has issued an Opinion on sales via the Internet of insurance and pension products.
The digital insurance market of the future may create specific consumer detriment.
With this in mind, EIOPA recommends that National Competent Authorities (NCAs) take the necessary and proportionate supervisory actions to ensure that online distributors comply with a duty of advice, if such a duty exists in national law or when sales are so promoted.
NCAs should also make sure that customers are provided with appropriate information on the selling process of the online distributor with a view to avoiding unsolicited, or mistakenly concluded, contracts.
In general EIOPA recommends that NCAs, where relevant, prevent consumer detriment by taking a more proactive approach to how they collect information on online distribution activities used by distributors; and identify challenges and address issues with newly established online distribution channels at national level.
Within six months of the publication of this Opinion, NCAs are requested to provide feedback and, where investigations or regulatory/supervisory actions are undertaken in view of the recommendations, provide details of those investigations/actions.