Regulatory Alerts2019-05-16
Regulation No. 66 of 16.05.2019 on Additional Requirements for Classifying Investment Insurance Products as Non-Complex
The Commission for Financial Supervision issued Regulation No. 66 to establish additional requirements for classifying investment insurance products as non-complex under Article 342(5) of the Insurance Code. The regulation mandates that insurers and intermediaries assess contracts against specific criteria regarding financial instrument complexity, surrender options, value determination mechanisms, costs, and beneficiary clauses to ensure risks are understandable to consumers. It further defines administrative penalties for violations and provides precise definitions for terms such as voluntary bonuses and standard versus non-standard beneficiary clauses.
Share