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What is PRIIPs Regulation?

PRIIPS is a European Regulation (PRIIPs Regulation) which is effective as of 1st January 2018.
The Regulation imposes the implementation of a “Key Information Document” (KID) for retail investors (and therefore including applicants to a life insurance contract) that describes the key features of a product in a clear and understandable manner, before any contractual engagement takes place.
The Regulation aims at a better protection of the retail investor by improving the transparency of a product and then the comparability between different financial products within the Member States of the European Union.

Timeline

PRIIPS Timeline
PRIIPS Timeline
PRIIPS Timeline

What happened from 1st January 2018?

PRIIPS from 1st January 2018
PRIIPS from 1st January 2018
PRIIPS from 1st January 2018

What to do?

PRIIPS - what to do?
PRIIPS - what to do?
PRIIPS - what to do?

During life time contract

PRIIPs - During life time contract
PRIIPs - During life time contract
PRIIPs - During life time contract

What should be included in the generic Key Information Document (KID) presented to the policyholder?

 

KEY INFORMATION DOCUMENT
Purpose Purpose of the KID
 
Product Generic information on the product and the provider marketing it: contact information ...
 
What is the product?
 
What type of product it is: the objectives, what type of investor should invest in it, its description
What are the risks and what could get I get in return? What is the risk and the potential return of the product (scenario)
What happens if the company is unable to pay out?
 
What should happen in case of default of the product provider?
What are the costs? The overall cost structure of the product
How long should I hold it and can I take the money out early? The investment horizon: how long should I keep the investment and can I withdraw prematurely
How can I complain? How to make a claim
 
Other relevant information
 
Other relevant information on the product or the company

 

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