Insurance Europe Response To EIOPA Consultation On Differential Pricing

Insurance Europe has published a robust response to the EIOPA consultation paper on differential pricing in the non-life insurance market.

Insurance Europe acknowledges that it does not have a pan-European picture of the prevalence of differential pricing practices and that it is beyond its remit to delve into the individual commercial decisions of insurance companies. Nevertheless, its key concern seems to be that EIOPA would be engaging in supervisory overreach by introducing measures that target insurers' pricing and commercial decision-making. Its main points are:

• The existing national and EU rules that should be considered in assessing if further action is necessary, such as the Insurance Distribution Directive (IDD) requirement that insurance distributors always act honestly, fairly and professionally in the best interests of policyholders;