EIOPA publishes a Consultation Paper on the Guidelines on product oversight & governance arrangements by insurance under

The European Insurance and Occupational Pensions Authority (EIOPA) has
issued today a public consultation (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ) on
Product Oversight & Governance (POG) arrangements by insurers. The
consultation is on proposed Guidelines to better protect consumers during
the early stages of product development to prevent miss-selling of
insurance products due to poor product design. The Guidelines will also
bring more consistent national supervisory practices. EIOPA wants to
ensure that:


Insurance products are always designed with specific consumer needs in
mind;Insurance products are always tested before being brought to the
market; Insurers only use distribution channels for products with the
knowledge and expertise needed to inform and advise the consumer about the
products; and Insurers consider how too many product variants can be bad
for the consumer.

The Guidelines are addressed to national authorities. They make clear that
full responsibility for compliance sits with insurers, even for products
designed by third parties.

The product oversight and governance arrangements are part of the system of
governance for insurers under Solvency II, and should be proportionate to
the level of complexity of the products as well as the scale of the
business of the insurer.

The consultation ends on 23 January 2015.


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