EIOPA launches consultation on draft ITS in relation to the presentation of IPIDs
News    ·   04-08-2016

AUTHOR: Diane Bugeja

On 1 August 2016, EIOPA launched a consultation on draft Implementing Technical Standards (ITS) standardizing 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, Directive (EU) 2016/97). Its objective is to ensure that the customer has the relevant information about a non-life insurance product to allow him to easily compare between different product offerings, thereby making an informed purchase decision. The content of the IPID is already determined by Article 20 of the IDD and this consultation now aims to solicit 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, and so on. 

The consultation will end on 24 October 2016.

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