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03 July 2015

EIOPA delivers technical advice on product intervention powers regarding insurance-based investment products

The PRIIPs Regulation foresees that national supervisors and EIOPA have the power to prohibit or restrict the marketing or distribution of certain insurance-based investment products or a type of financial activity or practice of a (re)insurer.

The European Insurance and Occupational Pensions Authority (EIOPA) published today its technical advice to the European Commission on product intervention powers regarding insurance-based investment products. In its technical advice, EIOPA specifies the criteria and factors that should be taken into account in order to determine the situations in which supervisory intervention is required.

EIOPA's technical advice takes into account the work that has already been undertaken by ESMA and EBA on product intervention powers in respect to financial instruments and structured deposits respectively, under the Regulation on markets in financial instruments (MiFIR).

The Final Report contains the resolution of comments of stakeholders and, in particular, the Opinion of EIOPA's Insurance and Reinsurance Stakeholder Group. In addition, EIOPA elaborates on possible costs and benefits of the advice proposed.

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