EIOPA · 1616 - Identification of the target market in case of legal persons
Other
- Regulation
- (EU) No 2017/2358 - product oversight and governance requirements for insurance
- Topic
- Other
- Submitted
- 2018-07-10
- Answered
- 2019-09-03
Question
Are manufacturers of insurance products expected to identify the target market where insurance products are targeted to legal persons?
Answer
Any insurance product that is for sale to customers is within scope of the POG requirements, except for insurance products, which insure large risks (Article 25(4), IDD). The product approval process should identify the target market and the group of compatible customers, for each insurance product (Article 5(1), Delegated Regulation 2017/2358). No distinction is made between customers that are legal persons and customers that are not legal persons.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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