The survey looks at national measures on disclosure requirements and professional requirements regarding unit-linked life insurance products and also refers to relevant provisions of the MiFID Directive
The survey looks at national measures on disclosure requirements and professional requirements regarding unit-linked life insurance products. It should provide a useful baseline for further reflection on improvements to product disclosure requirements for unit-linked life insurance (ULLI) products.
It also refers to relevant provisions of the MiFID
Directive Level 1 text and the Implementing Directive at Level 2.
The report analyzes four sections:
- “Pre-contractual information” requirements, relating to (a) Disclosure about the person proposing and selling ULLI products,(b) Disclosure about the unit-linked life insurance product, including the conditions and content of such disclosure(c) Information about the customer buying the unit-linked life insurance product;
- Requirements relating to information to be provided to the customer during the contract;
- “Ongoing requirements” incumbent on the insurance undertaking, insurance intermediary, or other entity, before and during the contract; and
- “Professional requirements”, concerning fit and proper relating to the persons proposing and selling ULLI products.
Hover over the blue highlighted
text to view the acronym meaning
over these icons for more information
No Comments for this Article