PRIIPs: EU Commission proposes to extend its implementation by one year to 1 January 2018

Life insurance
EU / European Parliament / EIOPA, Governance, risk & compliance, PRIIPs

10 November 2016

The delayed application of technical standards is welcomed by OAC. The PRIIPs Regulation is legislation that aims to improve the quality of information provided to consumers. It introduces a standardised factsheet, known as a Key Information Document (“KID”), which is designed to present the main features of an investment product in a simple and accessible manner.

The original date of implementation was 1 January 2017. However, the European Parliament earlier this year rejected key elements of the proposals as set out in the Regulatory Technical Standards (“RTS”) which meant that it became all but impossible to implement the PRIIPs regime in time.

The proposed delay will give time for the EU Commission and the relevant European Supervisory Authorities to revise and resubmit the RTSs, and to enable insurers to implement the requirements in a more considered fashion.

OAC welcomes these proposals as it gives insurers more time to implement the proposals in a sensible and measured way. We await details on exactly how the RTS will be amended and how they will take into account the concerns expressed by the European Parliament earlier this year.

How can OAC help?

Once the updated RTS becomes available, you will have to make changes to your systems, procedures and client deliverables to comply with the new requirements.

OAC can help you by:

  • Working with you to develop a standardised approach to producing the required KIDs and associated calculations for projections and cost assessments.
  • Implementing new illustrations software using the Calculation Engine to perform the required calculations in a controlled and managed framework within the new business process.

Why OAC?

OAC has a successful track record in helping its clients to respond to regulatory change in a cost effective manner through the flexible application of consultancy services and the implementation of advanced technology.

The Calculation Engine is a proven illustrations engine which is quick to implement, easy to maintain and performs illustration calculations at lightning speed.

PRIIPs: EU Commission proposes to extend its implementation by one year to 1 January 2018

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PRIIPs: EU Commission proposes to extend its implementation by one year to 1 January 2018

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