I would be grateful if you would be able to assist on a matter which is not clear to us as a trustee of a retirement scheme registered with the MFSA in Malta.
1. Can an appropriately licensed entity under the IDD sell or recommend insurance products which are registered outside of the EU?
2. Does an IBIP need to have a controlled or limited list of investment classes in order to qualify as an PRIIP or could such have an ‘open-architecture’ approach as long as a KID document is provided.
3. Can a non EU registered insurance offering qualify as a PRIIP under any circumstances?
Many thanks for your questions which you have submitted via EIOPA’s website concerning the distribution of non EU products.
I would like to inform you that EIOPA Q&A process is not supposed to provide legal advice or to process questions where the answers to the questions can be found in the regulatory text. EIOPA’s Q&A process is supposed to address questions, only, which are related to the practical implementation of the new rules of the Insurance Distribution Directive and its implementing rules.
Against this background, your questions have been rejected as they are of general nature and the answers to your questions can be found in the regulation itself. In particular, I would like to raise your attention that the Solvency II Directive generally prohibits the distribution of insurance products of insurance undertakings which are not are licenced within the EU. The distribution of third-country products would undermine this principle, even if it is undertaken by an insurance intermediary registered in accordance with the IDD.
For further details, please contact your legal adviser.