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This type of key information document already exists for life insurance policy and other investment products under the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs).
The implementing rules adopted, in the form of an implementing technical standard (ITS), stem from the Insurance Distribution Directive (IDD) which must be applied in the EU Member States in February 2018.
The IDD aims to create a level playing field between insurance distributors across the European Union. It will guarantee that customers get the same standards of choice and service when buying insurance, regardless of the Member State in which the insurance was bought.
The Directive will ensure appropriate standards of transparency by setting out the necessary information to be provided to consumers before they sign up to an insurance contract.
Further implementing rules for the IDD will be adopted in the coming weeks. These will cover product oversight and governance (for all insurance products) and various conduct of business rules (for life insurance products).
These draft rules are currently under public consultation on the Commission's Better Regulation portal, until 17 August.