EIOPA has launched an online survey on the development of guidelines under Article 30(7) of the Insurance Distribution Directive ((EU) 2016/97) (IDD), on which we reported in last week’s bulletin1 . Under Article 30(7), EIOPA is required to develop guidelines for the assessment of insurance-based investment products (IBIPs), the structure of which makes it difficult for customers to understand the risks involved. EIOPA has a deadline of 23 August 2017 for publication of such guidelines.
EIOPA is seeking the views and input of stakeholders on the scope of the guidelines and the type of IBIPs that may be relevant.
In our 15 July 2016 bulletin2 we reported on EIOPA’s consultation on its draft technical advice to the European Commission on IDD delegated acts. In launching the online guidelines survey, EIOPA has acknowledged that the final technical advice it submits to the European Commission may influence the content of the guidelines. However, EIOPA has nonetheless decided to initiate a fact-finding exercise on the guidelines now, in view of the August 2017 deadline.
The online survey can be found at: https://ec.europa.eu/eusurvey/runner/ IDD_Guidelines_Survey and is open until 25 September 2016.
EIOPA has indicated that, once draft policy proposals have been prepared, it will launch a public consultation on those proposals.