Regulatory Alerts2023-08-15
Ordinance No. 66 of 16.05.2019 on Additional Requirements for Classifying Investment Insurance Products as Non-Complex
The Financial Supervision Commission issued Ordinance No. 66 to establish additional requirements for classifying investment insurance products as non-complex under Article 342 of the Insurance Code. The regulation mandates that insurers and intermediaries assess whether contracts contain structures that obscure risks, specifically examining features related to contract changes, surrender values, costs, and beneficiary definitions. Compliance with these criteria ensures adherence to EIOPA guidelines and subjects violations to administrative penalties under the Insurance Code.
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