On 1 August, EIOPA published a consultation paper concerning draft Implementing Technical Standards which standardise the presentation layout of the Insurance Product Information Document (IPID). The Insurance Distribution Directive stipulates that the IPID is to be provided to non-life insurance customers prior to the conclusion of a contract in order to ensure that they are provided with and understand certain information concerning the product that they are purchasing. The aim of this consultation is to allow for public feedback about the format of the IPID. The consultation period extends until 24 October 2016 after which feedback submitted will not be taken into account.
On 2 August, Insurance Europe commented on the publication of the IPID Consultation Paper. The importance of adopting the correct format of the IPID was reiterated while a proposed format has been developed by Insurance Europe to provide input to the work already carried out by EIOPA.