Regulatory Alerts2013-01-08
Added · Updated
Recommendation 2013-R-01 of January 8, 2013 on the collection of information regarding client knowledge for the exercise of the duty of advice and the provision of personalized recommendation services in life insurance, modified on February 21, 2020
The ACPR modifies Recommendation 2013-R-01 to update the framework for life insurance intermediaries and companies regarding the collection of client information for advice and personalized recommendation services. The updated text incorporates legislative changes from the Insurance Distribution Directive (DDA) and Delegated Regulation (EU) 2017/2359, specifically detailing obligations for gathering financial situation, knowledge, experience, and investment objective data. It establishes specific requirements for the reliability, conservation, and traceability of this information, while also addressing data protection compliance under the GDPR and the specific advice obligations for individual retirement savings plans (PERI).