Question ID: 1616
Regulation Reference: (EU) No 2017/2358 - product oversight and governance requirements for insurance
Topic: Other
Status: Final
Date of submission: 10 Jul 2018
Question
Are manufacturers of insurance products expected to identify the target market where insurance products are targeted to legal persons?
EIOPA 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.