FIN. TeamFurther to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved.
These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of IDD to determine whether an IBIP can be distributed on a execution-only basis relates to the complexity of the IBIP and the guidelines include criteria to identify product features difficult for the customer to understand.
The guidelines cover the assessment of all types of IBIPs and EIOPA has taken into account the PRIIPs regulation. National competent authorities will need to confirm to EIOPA whether they comply or intend to comply with the guidelines within two months after the issuance of the translated versions into all EU official languages.
