On Wednesday 3 February, the European Insurance and Occupational Pensions Authority (EIOPA) approved the draft regulatory technical standards (RTS) on the Key Information Document or KID) for packaged retail and insurance-based investment products (‘PRIIPs’). The text has been sent to the European Commission for adoption.
After rejecting the draft text last July, the EIOPA, at the request of the Commission, had another look at the text and this time was able to adopt it by qualified majority.
While some competent national authorities continued to express reservations about the draft RTS, they supported the proposal on the basis of the additional details provided by the European Commission on the approach it intends to follow for the revision of the PRIIPs Regulation, explains EIOPA.
In a press release published on Thursday 4 February, Insurance Europe criticised this decision and asked EIOPA the reasons for its change of position compared to July. According to the organisation, regulatory technical standards will make the Key Information Document for PRIIPs much more complex and may confuse consumers.
European insurers are therefore asking the Council of the EU and the European Parliament to oppose the adoption of these RTS. They also reiterate their call to first revise the PRIIPs Regulation (see EUROPE 12649/28). (Original version in French by Marion Fontana)