EC Regulation on Format for Insurance Product Information Document
EC published the Commission Implementing Regulation CIR 2017/1469 laying down a standardized presentation format for the insurance product information document (IPID). EC also laid down rules for an IPID, which will have to accompany all non-life insurance policies from 2018. The regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This regulation is based on the draft implementing technical standards submitted by EIOPA to the EC. The new rules laid down by the EC will allow consumers to have the information necessary to make an informed decision when buying insurance products such as car, travel, or house insurance. This type of Key Information Document (KID) already exists for life insurance policy and other investment products under the regulation on KIDs for Packaged Retail and Insurance-based Investment Products (PRIIPs). The implementing rules, which have been adopted in the form of an implementing technical standard, 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 EU. 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. These draft rules are under public consultation on the EC's Better Regulation portal, until August 17.
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Effective Date: September 01, 2017
Keywords: Europe, EU, Insurance, IPID, CIR 2017/1469, PRIIPs, IDD, EC
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