European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to allow the customer to make an informed decision.

The regulation is based on the draft implementing technical standards submitted by EIOPA to the Commission and includes requirements in respect of the following areas:

  • Article 1 – name and company logo of the manufacturer
  • Article 2 – reference to complete pre-contractual and contractual information
  • Article 3 – length
  • Article 4 – presentation and order of content
  • Article 5 – plain language
  • Article 6 – headings and information thereunder
  • Article 7 – use of icons