Insurance Europe has responded to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on product intervention powers under the Packaged Retail Investment and Insurance-based Investment Products (PRIIPs). The consultation will feed into the development of EIOPA’s final technical advice to the European Commission on this issue.
Insurance Europe emphasised that EIOPA’s final technical advice must make clear that the legal powers conferred on EIOPA and the national supervisory authorities to intervene arises under the PRIIPs Regulation. It must also clarify that intervention powers are to only be used in exceptional instances. Insurance Europe also highlighted that certain criteria and factors proposed by EIOPA fall outside the scope of the PRIIPs Regulation, while others are irrelevant or unclear.