Regulatory Alerts2017-09-21
Added · Updated
Commission Delegated Regulation (EU) 2017/2358 on product oversight and governance for insurance undertakings and distributors
The European Commission adopted Delegated Regulation (EU) 2017/2358 to supplement Directive (EU) 2016/97 by establishing detailed product oversight and governance requirements for insurance undertakings and insurance distributors. The regulation mandates that manufacturers maintain a product approval process, identify target markets, conduct product testing, and monitor distribution channels to prevent customer detriment. It also requires insurance distributors to implement product distribution arrangements, obtain necessary product information from manufacturers, and report misalignment with target markets. These obligations apply to newly developed insurance products and significant adaptations of existing products, with application aligned with the transposition of the underlying Directive.