|
|
Through the review, EIOPA will assess potential sources of consumer detriment stemming from how travel insurance products are designed, distributed and sold within the European Union. In particular, EIOPA will consider the impact of emerging distribution and business models on consumers and, more broadly, on the insurance industry. Where the impact results in consumer detriment, EIOPA intends to identify the steps needed to ensure that consumers are treated fairly.
Given that travel insurance is frequently sold through cross-selling as an ancillary product, EIOPA will pay special attention to these distribution practices. The aim is to identify best practices to provide guidance to insurance undertakings in implementing national provisions of the Insurance Distribution Directive (IDD) for the distribution of travel insurance as well as other types of insurance products.
The thematic review will be conducted in close cooperation with national competent authorities (NCAs) that will identify and gather data from participating insurance companies. EIOPA plans to publish the key findings from the review in the first quarter of 2019