The European Insurance and Occupational Pensions Authority (EIOPA) on the 27 June 2013 launched a Public Consultation on two Good Practices Reports related to comparison websites and knowledge & ability of distributors of insurance products.

The Consultation Papers may be accessed through the following link:

https://eiopa.europa.eu/consultations/consultation-papers/index.html

Public Consultation Report on Comparison Websites

The objective of the Report is to promote transparency, simplicity and fairness for Internet users in the market for online comparisons of insurance products. It also outlines good practices concerning online comparisons of insurance products. The good practices address primarily the activities of commercial comparison websites; however, also non commercial websites’ operators are equally encouraged to check whether their practices are in line with the good practices identified, and to adapt them accordingly, if needed. The good practices cover the following areas:

i) Information about the website;
ii) Market coverage;
iii) Presentation of information;
iv) Criteria used to make the ranking;
v) Frequency of updating the information; and
vi) Dealing with potential conflicts of interest.

Furthermore, the Report also identifies main features and different business models of comparison websites.

Public Consultation Report on Knowledge and Ability

The Report sets out good supervisory practices in the form of high-level principles that competent authorities would apply to all distributors of insurance products. These are supplemented by indicative examples of what a competent authority could require a distributor to demonstrate in terms of knowledge and ability, thus allowing for flexibility to  adopt a proportionate approach at national level. For example, the report promotes not only appropriate knowledge and ability for distributors, but also the demonstration of ethical and professional conduct at all times and suggests a minimum level of continuous professional development (CPD). The objective of the Report is to promote common supervisory approaches in an area where diverse national approaches have arisen out of the implementation of IMD1.

The public consultation will end on the 23 September 2013.

It would be appreciated if any feedback provided to EIOPA is copied to the Malta Financial Services Authority – Insurance and Pensions Supervision Unit via email to [email protected]