On the 27th October 2011, EIOPA published a “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities”. This report summarises the findings of EIOPA’s Committee on Consumer Protection and Financial Innovation with the goal to establish good disclosure and selling practices for variable annuities.

EIOPA is now inviting market participants and consumers to participate in a consultation on consumer-related issues. EIOPA welcomes comments from all interested parties on the “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities”. Currently, EIOPA is seeking input on two sets of questions relating to disclosures and selling practices. These questions and the Draft Report can be accessed via the EIOPA web site.

This consultation started on Thursday 27 October, 2011 and will end on 3 January 2012 at 18.00 HRS CET. Comments should be submitted via email to [email protected] (Link: [email protected]). Please note that comments submitted after the deadline or not submitted on the provided template in Word cannot be processed by EIOPA.

Click here to read the “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities (Link: https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP07-11/CP11-_007__Good_Practices_VA_.pdf)”

Click here to download the template to submit comments (Link: https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP07-11/CP11-
_007__Template_for_Comments_.docx)”

It is appreciated if any feedback provided to EIOPA is copied to the Malta Financial Services Authority – Insurance and Pensions Supervision Unit on e-mail [email protected].
MFSA Ref: 48-2011