EIOPA launches public consultation on two good practices reports in the area of consumer protection

The European Insurance and Occupational Pensions Authority (EIOPA) has
launched today a public consultation on two Good Practices Reports on
comparison websites and knowledge & ability of distributors of insurance
products.

The Report on comparison websites outlines good practices concerning online
comparisons of insurance products. The good practices address primarily
the activities of commercial comparison websites; however, also
non-commercial websites' operators are equally encouraged to check
whether their practices are in line with the good practices identified,
and to adapt them accordingly, if needed. The good practices concern the
following areas:

i) Information about the website;
ii) Market coverage;
iii) Presentation of information;
iv) Criteria used to make the ranking;
v) Frequency of updating the information; and
vi) Dealing with potential conflicts of interest.

Furthermore, the Report also identifies main features and different
business models of comparison websites. The objective of the Report is to
promote transparency, simplicity and fairness for Internet users in the
market for online comparisons of insurance products.

The Report on knowledge & ability sets out good supervisory practices in
the form of high-level principles that competent authorities would apply
to all distributors of insurance products. These are supplemented by
indicative examples of what a competent authority could require a
distributor to demonstrate in terms of knowledge and ability, thus
allowing for flexibility to adopt a proportionate approach at national
level. For example, the report promotes not only appropriate knowledge and
ability for distributors, but also the demonstration of ethical and
professional conduct at all times and suggests a minimum level of
continuous professional development (CPD). The objective of the Report is
to promote common supervisory approaches in an area where diverse national
approaches have arisen out of the implementation of IMD1.

The period for providing comments on the two Good Practices reports will
end on 23 September 2013.

The Consultation Papers can be viewed on EIOPA website:
https://eiopa.europa.eu/consultations/consultation-papers/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

---

Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.