The European Insurance and Occupational Pensions Authority (EIOPA) published its “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities”  today and launched a public consultation.

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.

Today, EIOPA invites 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 our web site.

EIOPA’s chairman Gabriel Bernardino commented: “This is EIOPA’s first consultation in the area of consumer protection and of great significance to us. First of all, it links  our work in consumer protection with financial innovation. Secondly, even though the analysis that underlies the report has a product specific focus, the result of this consultation will certainly shape our view on how to deal with disclosures and selling arrangements for insurance contracts with an investment element.”

This consultation will start on Thursday 27 October, 2011 and end on 3 January 2012 at 18.00 HRS CET. Comments should be submitted via email to CP-007@eiopa.europa.eu. Please note that comments submitted after the deadline or not submitted on the provided template in Word cannot be processed.

Click here to read the “Draft Report on Good Practices for Disclosure and Selling of Variable Annuities”.

Click here to download the template to submit comments.