Question ID: 1640
Regulation Reference: (EU) No 2017/2359 - info requirements and conduct of business rules applicable
Topic: Other
Status: Final
Date of submission: 10 Jul 2018
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provided by the customer of an insurance intermediary or an insurance undertaking would be considered “manifestly out of date” in the context of the suitability or appropriateness assessment?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?
EIOPA 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places the onus on the insurance distributor to assess whether information held is manifestly (i.e. is plainly) out of date, consistent with their obligation to ensure that the information on which they base any recommendations made is still relevant and remains accurate (for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.