EIOPA · 1640 - Information being "manifestly out of date" in suitability/appropriateness assessment
Other
- Regulation
- (EU) No 2017/2359 - info requirements and conduct of business rules applicable
- Topic
- Other
- Submitted
- 2018-07-10
- Answered
- 2019-09-04
Question
Can EIOPA provide guidance on when information provided by the customer of an insurance intermediary or an insurance undertaking would be considered “manifestly out of date” in the context of the suitability or appropriateness assessment? Is there an appropriate time period for this?
Answer
Article 17(4) of Delegated Regulation 2017/2359 places the onus on the insurance distributor to assess whether information held is manifestly (i.e. is plainly) out of date, consistent with their obligation to ensure that the information on which they base any recommendations made is still relevant and remains accurate (for example, in relation to a customer’s short-term or long-term investment objectives). There is no set time period as this may vary on a case-by-case basis.
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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