Gabriel Bernardino, Chairman of EIOPA, has suggested various
methods of enhancing consumer protection in insurance investment
products. In a letter to Jonathan Faull, Director General of the
European Commission dated 19 September 2013, Mr
Bernardino states that, in order to reinforce the protection
of policyholders' interests and promote a higher level of
protection for consumers, it is crucial that EU legislation
includes specific rules on conflicts of interest and the assessment
of suitability and appropriateness of the sale of insurance
investment products.
Mr Bernardino is supportive of the general objectives of
enhancing cross-sectoral consistency and ensuring a level playing
field for financial institutions by having in the Insurance
Mediation Directive (IMD) provisions similar to
those contained in MiFID II. However, he expressed concern about
the potential for a lack of regulatory consistency and the
detrimental impact this could have on consumer protection
