EIOPA launched an EU-wide thematic review that is intended to identify consumer protection issues in travel insurance and possible actions to ensure better consumer protection. As part of the thematic review, national competent authorities issued questionnaire to a representative sample of insurance undertakings. EIOPA plans to publish the key findings from the review in the first quarter of 2019.
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. Through this review, EIOPA will assess potential sources of consumer detriment stemming from how travel insurance products are designed, distributed, and sold within the EU. EIOPA will consider the impact of emerging distribution and business models on consumers and, more broadly, on the insurance industry. In case 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 thematic review will be conducted in close cooperation with national competent authorities, which will identify and gather data from the participating insurance companies.
Keywords: Europe, EU, Insurance, Travel Insurance, IDD, Consumer Protection, Thematic Review, EIOPA
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