The European Insurance and Occupational Pensions Authority (EIOPA) published today a Consultation Paper on draft Implementing Technical Standards (ITS) standardising the presentation format of the Insurance Product Information Document (IPID). The IPID will be provided to the customer prior to the conclusion of a non-life insurance contract in accordance with the provisions of the Insurance Distribution Directive (IDD).
The purpose of the IPID is to ensure that key information about non-life insurance products is presented to the customer in a standardised format they can use to understand the product offered, and compare between different products.
The key information to be included in the IPID is already determined by the IDD. The goal of this consultation is to collect public feedback about the presentation of the IPID, including on such features as its length, the use of icons and symbols, possible advantages of digital and paper formats, etc.
EIOPA's proposals for the IPID are based on two phases of consumer testing that were conducted among more than 3000 consumers in a representative sample of Member States.
The consultation will end on 24 October 2016. Comments submitted after the deadline or not submitted on the provided template cannot be processed.
The consultation paper and the template for comments, together with the consumer testing report can be viewed here.
The purpose of Implementing Technical Standards (ITS) is to determine the conditions of application of EU legislative acts, such as EU Directives – in this case, the IDD. ITS should not imply strategic decisions or policy choices. EIOPA is exercising the power to draft the ITS according to its Founding Regulation (Regulation 1094/2010), in conjunction with a specific empowerment under Article 20(9) of the IDD.
EIOPA is required to submit the draft ITS to the European Commission by 23 February 2017 for endorsement as a Commission Implementing Regulation, which will be available in all EU official languages and legally binding in all EU Member States. The date on which the Commission Implementing Regulation would enter into force has not yet been decided, but the IDD has to be transposed by Member States into national law by 23 February 2018.