European Commission 21 September 2017, Commission Delegated Regulation (EU) 2017/2358 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors (Text with EEA relevance. )

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Commission Delegated Regulation (EU) 2017/2358, adopted pursuant to Article 25(2) of Directive (EU) 2016/97 (Insurance Distribution Directive), establishes binding product oversight and governance requirements applicable to insurance undertakings and insurance intermediaries that manufacture insurance products, as well as to insurance distributors that advise on or propose products they do not manufacture. Key provisions require manufacturers to maintain a written product approval process covering target market identification, product testing, ongoing monitoring, and selection of appropriate distribution channels, with obligations calibrated proportionately to product complexity and risk of consumer detriment, while distributors must implement written product distribution arrangements ensuring alignment with the manufacturer's identified target market and distribution strategy. The Regulation applies from 23 February 2018 and is directly applicable in all Member States.AI