Investment - Articles - Insurers and asset managers call for expiry date on PRIIPs


Insurance Europe and the European Fund and Asset Management Association (EFAMA) have written a joint letter to the European Commission and the European Insurance and Occupational Pensions Authority (EIOPA) saying that current rules allowing the use of information documents prepared under the UCITS Directive for multi-option products (MOPs) under the PRIIPs Regulation must be urgently extended in order to ensure consumers can continue to receive pre-contractual information about these products.

 Currently, where the underlying funds of an insurance-based product are UCITS funds or other funds where a UCITS key investor information document (KIID) is produced rather than a PRIIPs KID, the PRIIPs rules allow insurers and asset managers to produce a generic PRIIPs KID for the overall product and to provide investors with the existing UCITS KIID for each of the underlying funds.

 This rule was linked to the temporary exemption of UCITS from the PRIIPs Regulation, which was due to expire in December 2019.

 However, a recent agreement between the EU institutions has extended this exemption – but, the rules on disclosure will still expire in December 2019.

 This will create a significant compliance burden for insurers and asset managers, who will need to produce entirely new data to populate the PRIIPs KID. In addition, where the data can simply not be produced, the range of products offered to consumers will ultimately decrease.

 Therefore, Insurance Europe and EFAMA called for the necessary legislation to extend these rules to be adopted prior to the European elections in May.
  

 Joint Letter from Insurance Europe and EFAMA

Back to Index


Similar News to this Story

Just Group completes buyin for Welcome Break Pension Plan
Buy-in insures the benefits of all 348 members of the defined benefit section of the Scheme, sponsored by Welcome Break Group Ltd. Just Group has comp
GDP growth grinding to a halt as Budget uncertainty looms
Comment from Lindsay James, investment strategist at Quilter the latest UK GDP statistics: “After a positive first half of the year, UK economic growt
4 percent may be the neutral case for rates in the near term
Commenting ahead of the Bank of England’s Monetary Policy Committee (MPC) meeting on Thursday 18th September, Steve Matthews, Investment Director, Liq

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.