Regulatory Alerts2023-07-06
Notice Relating to Individual Variable Insurance Contracts Entered Into Before June 1, 2023
The Autorité des marchés financiers (AMF) issued this notice to clarify fair treatment expectations for authorized insurers managing individual variable insurance contracts with deferred sales charges entered into before June 1, 2023. Insurers must implement diversified purchase options beyond standard chargebacks, ensure intermediaries receive adequate training and tools to recommend suitable alternatives, and maintain clear client communications regarding periodic need assessments. By applying robust controls and reporting indicators, insurers must demonstrate diligence in adjusting these existing contracts to align with current fair treatment standards.
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