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European Insurance and Occupational Pensions Authority

Product testing

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CHAPTER II

Article number:  6

1. Manufacturers shall test their insurance products appropriately, including scenario analyses where relevant, before bringing that product to the market or significantly adapting it, or in case the target market has significantly changed. That product testing shall assess whether the insurance product over its lifetime meets the identified needs, objectives and characteristics of the target market. Manufacturers shall test their insurance products in a qualitative manner and, depending on the type and nature of the insurance product and the related risk of detriment to customers, quantitative manner.

2. Manufacturers shall not bring insurance products to the market if the results of the product testing show that the products do not meet the identified needs, objectives and characteristics of the target market.

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EIOPA answered Q&As:
Question ID: 1619

Metadata

RULEBOOK TOPIC:  CHAPTER II - PRODUCT GOVERNANCE REQUIREMENTS FOR MANUFACTURERS

RULEBOOK CATEGORY:  Delegated Regulation (EU) 2017/2358 (related to product oversight and governance requirements)

Last update on:  16 Apr 2021