CEIOPS report on Unit-Linked Insurance Products

06 July 2009

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:
  1. “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;
  2. Requirements relating to information to be provided to the customer during the contract; 
  3. “Ongoing requirements” incumbent on the insurance undertaking, insurance intermediary, or other entity, before and during the contract; and
  4. “Professional requirements”, concerning fit and proper relating to the persons proposing and selling ULLI products. 
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