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November 24, 2011updated 13 Apr 2017 8:46am

EIOPA aims to enhance variable annuity selling standards in the EU

Seemingly in preparation wider adoption of variable annuity (VA) products in the European Union, the European Insurance and Occupational Pensions Authority (EIOPA) has just published its Draft Report on Good Practices for Disclosure and Selling of Variable Annuities

By LII editorial

Seemingly in preparation wider adoption of variable annuity (VA) products in the European Union, the European Insurance and Occupational Pensions Authority (EIOPA) has just published its draft report on Good Practices for Disclosure and Selling of Variable Annuities.

The report was prepared by EIOPA’s Committee on Consumer Protection and Financial Innovation with the goal of establishing good disclosure and selling practices for VAs.

EIOPA chairman Gabriel Bernardino said: “This is EIOPA’s first consultation in the area of consumer protection and of great significance to us.”

Bernardino explained that the analysis underlying the report has a product-specific focus and that the result of the consultation will shape EIPOA’s approach to dealing with disclosures and selling arrangements for insurance contracts with an investment element.

The report is open for comment by market participants and consumers until 3 January 2012.

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