EIOPA consults on the presentation format of the Insurance Product Information Document
The European Insurance and Occupational Pensions Authority (EIOPA) published on 1st August 2015 a Consultation Paper on draft Implementing Technical Standards (ITS) standardising the presentation format of the Insurance Product Information Document (IPID). The IPID will be provided to the customer prior to the conclusion of a non-life insurance contract in accordance with the provisions of the Insurance Distribution Directive (IDD).
The purpose of the IPID is to ensure that key information about non-life insurance products is presented to the customer in a standardised format they can use to understand the product offered, and compare between different products.
The key information to be included in the IPID is already determined by the IDD. The goal of this consultation is to collect public feedback about the presentation of the IPID, including on such features as its length, the use of icons and symbols, possible advantages of digital and paper formats, etc.
The consultation will end on 24 October 2016. The consultation paper and the template for comments, together with the consumer testing report can be viewed: