EIOPA to Review Consumer Protection Issues in Travel Insurance in EU
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.
Related Links
Keywords: Europe, EU, Insurance, Travel Insurance, IDD, Consumer Protection, Thematic Review, EIOPA
Previous Article
ESMA Chair on Response to Developments on Crypto-AssetsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
