Events listed in Insurance Distribution Directive (IDD)
Stanowisko KNF dotyczące jednolitych zasad stosowania punktu 20. rekomendacji U
ID 26318
In June 2023, KNF has released good practices within Recommendation U (see eventid=21895). This article is an explanation on KNF’s stand for point 20 from Recommendation U, which states that KNF expects the insurance products sold to the client to be adequate to their needs, while the service price will be dependent on the actual interest of the client and the value of the ...
Circular 1/2023, de 30 de agosto, de la Dirección General de Seguros y Fondos de ...
ID 24984
Circular 1/2023 issued by the Directorate General of Insurance and Pension Funds, introduces a new requirement for insurance intermediaries, including individuals, to use electronic means for their communications and notifications with the authorities. While legal entities (legal persons) in the insurance sector were already obligated to communicate electronically with the supervisory authority, this circular extends the same requirement to individual insurance intermediaries ...
Asset Management
report / study
Supervisors across Europe continue to strengthen POG supervision
ID 24294
EIOPA has conducted a peer review to assess how national supervisors in the EEA are overseeing the implementation of POG requirements by insurance manufacturers. The focus of the review is on the supervision of complex insurance products known as IBIPs within the context of the IDD and POG Delegated Regulation. Key Findings: – Most NCAs have adapted their supervisory approaches and processes to POG ...
Asset Management
draft
EIOPA publishes changes to the minimum amount of professional indemnity insurance ...
ID 24008
EIOPA has released draft RTS related to the minimum amounts of PII cover and financial capacity required for insurance intermediaries under the IDD. These standards aim to adjust the base euro amounts based on the rate of inflation. According to the IDD, the minimum amounts for PII cover and financial capacity should be reviewed every five years. EIOPA conducted a review of these amounts ...
Nowa Rekomendacja U
ID 23888
On June 26, 2023, the Polish Financial Supervision Authority (KNF) adopted revised Recommendation U on good bancassurance practices. The main objective of Recommendation U is to set out a common standard for financial institutions that are engaged in the distribution of insurance products (bancassurance) and to develop a corresponding „best practices“ framework. The document thereby covers numerous issues in this context, ranging from the ...
Asset Management
procedure
EIOPA supervisory statement takes aim at unfair ‘price walking’ practices
ID 22308
The European Insurance and Occupational Pensions Authority (EIOPA) has published a “Supervisory statement on differential pricing practices in non-life insurance lines of business“. The statement is focused on differential pricing practices, where some insurance manufacturers adjust prices based on characteristics that are unrelated to the underlying risks or the cost of service. Examples of such practices include repeated premium increases based on a customerR ...
Asset Management
consultation
EIOPA consults on changes to the minimum amount of professional indemnity insurance ...
ID 21795
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on its draft amendments to the Regulatory Technical Standards (RTS) adapting the base euro amounts for the professional indemnity insurance (PII) cover and financial capacity of insurance intermediaries under the Insurance Distribution Directive (IDD). According to Article 10(7) of the IDD, „EIOPA shall regularly review“ the minimum amounts every five years, ...