EIOPA · 1631 - Practical guidance on applying requirements relating to inducements
Other
- Regulation
- (EU) No 2017/2359 - info requirements and conduct of business rules applicable
- Article
- 8
- Topic
- Other
- Submitted
- 2018-07-10
- Answered
- 2019-09-04
Question
Article 8(2)(c) Delegated Regulation 2017/2359: Can EIOPA provide some further practical guidance to understand how this criterion would apply?
Answer
The insurance intermediary or insurance undertaking is required to consider the amount of inducement being paid in comparison to the value of the product or service being provided. Insurance intermediaries and insurance undertakings need to consider inducements or inducement schemes and consider whether the customer is receiving value for the payment in relation to the services they have received. In any case, the amount of the inducement being paid should not be disproportionate and not excessive to the services being provided.
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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