Regulatory Alerts2022-10-18
Added · Updated
EIOPA Warning on Credit Protection Insurance Sold via Banks
The European Insurance and Occupational Pensions Authority issued a warning to insurers and banks acting as insurance distributors of credit protection insurance products to address consumer protection issues identified in a thematic review. Regulated entities are expected to update internal policies and procedures to ensure fair value, comply with the Insurance Distribution Directive, and mitigate risks arising from poor underwriting, high remuneration, and conflicts of interest. The Authority may conduct further supervisory work in this area, and a public event was organized for stakeholders to discuss the findings.