EIOPA clarifies supervisory expectations on product oversight and governance requirements in the context of COVID-19

It is vitally important that insurance companies place the fair treatment of customers at the heart of their response to the COVID-19 pandemic.

Metadata
Provider: 
ECEC
URL: 
https://www.eiopa.europa.eu/content/eiopa-clarifies-supervisory-expectations-product-oversight-and-governance-requirements_enhttps://www.eiopa.europa.eu/content/eiopa-clarifies-supervisory-expectations-product-oversight-and-governance-requirements_en
Retrieved on: 
Thursday, July 9, 2020
Information
Tags: 
Economy, Finance, Money, Insurance, Insurance industry, Types of insurance, 111th United States Congress
Summary
Key Points: 
  • It is vitally important that insurance companies place the fair treatment of customers at the heart of their response to the COVID-19 pandemic.
  • Insurance manufacturers are asked to identify products whose main features, risk coverage or guarantees have been materially affected by the COVID-19 pandemic.
  • If such products no longer offer value to the target market, insurers should assess whether there is the risk of possible unfair treatment.
  • These measures should be proportionate to potential unfair treatment and take account of legal requirements in national civil and insurance law.
Copyright: 
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