Regulatory Alerts2021-12-20
Added · Updated
EIOPA Document on Assessment of Value for Money of Unit-Linked Insurance Products Under Product Oversight and Governance
The European Insurance and Occupational Pensions Authority (EIOPA) issued a document establishing common principles for manufacturers and distributors to assess value for money risks in unit-linked insurance products under Product Oversight and Governance rules. The guidance specifies that product complexity must correlate with the granularity of target market identification, requires adequate testing of value for money, mandates regular reviews of costs, charges, performance, and services, and outlines supervision of the Product Oversight and Governance process in the unit-linked market.