The European Insurance and Occupational Pensions Authority (EIOPA) launched today a public consultation on its draft Supervisory Statement regarding a more outcomes-focused supervision of the sales process and pre-contractual disclosures of insurance-based investment products (IBIPs), within the existing regulatory framework. The objective of EIOPA’s Supervisory Statement is to help supervisors calibrate their engagement with insurance manufacturers and distributors by complementing compliance-based supervision – which continues to be the foundation for protecting consumers – with aspects related to the effective and proportionate application of requirements in practice.
EIOPA’s market monitoring and oversight work have identified several areas where existing consumer protection safeguards may not always operate as effectively as intended. These include:
- sales processes that focus on mechanically completing procedural steps,
- lengthy or complex disclosures, which make key information difficult to identify and understand, and
- sales assessments that do not always meaningfully inform the outcome of the sales process.
The draft Statement issued for consultation today aims to support a more proportionate and risk-based supervisory approach to IBIP sales requirements by asking national supervisors to consider whether sales processes and disclosures operate effectively and support informed consumer decision-making.
The proposed approach aims to reduce burden and supports a simpler customer journey. It recognises that additional information, more extensive documentation or additional process steps do not necessarily improve consumer outcomes when sufficient and relevant information has already been obtained or provided. Instead, supervisory attention should focus on weaknesses that materially affect consumer understanding, decision-making or the effectiveness of the applicable safeguards.
Consultation
Stakeholders are invited to submit their feedback via the online survey no later than 4 January 2027. Responses will be published on EIOPA’s website unless confidentiality is requested.
EIOPA is seeking concrete examples of unnecessary complexity or duplication, together with stakeholders’ views on priorities for simplification and the safeguards and trade-offs that need to be considered.
Notes
The draft Statement seeks to promote greater consistency in the supervision of IBIP sales without introducing new regulatory requirements, additional reporting obligations or a prescribed supervisory methodology. EIOPA expects to finalise the Statement in the first quarter of 2027.
Feedback received may also inform future EIOPA work related to the Retail Investment Strategy, including on simple advice and suitability and appropriateness. Early feedback – i.e., by the end of November 2026 – would be particularly welcome to inform EIOPA’s ongoing work on the Commission’s Call for Advice. The Statement itself remains focused on the supervision of existing requirements.
EIOPA will also hold an online public hearing during the consultation period to present the proposed approach and discuss its practical application with stakeholders. Further information and registration details will be communicated separately and in due time.
- Publication date
- 8 October 2026