EIOPA clarifies product expectations during Covid-19

EIOPA has clarified its expectations on product governance during Covid-19. It has asked manufacturers of insurance products to:

• identify which products are affected as a result of Covid-19;
• assess possible unfair treatment of customers for these products; and
• consider proportionate remedial mesaures.

EIOPA says it is vitally important that fair treatment of customers is paramount and that any products that no longer offer value to the target market may lead to unfair treatment.