Product Oversight and Governance (POG) Requirements
EU / European Parliament / EIOPA28 October 2020
On 8 October 2020, EIOPA published their approach to POG supervision with the aim of "providing more clarity for insurance manufacturers and distributors on the supervisory approach to POG requirements."
POG supervision seeks to ensure the adequate, proportionate and correct implementation of requirements and that policies and procedures lead to good consumer outcomes. The approach covers:
- systems and controls
- target market assessment
- product testing
- distribution strategy
- product monitoring and review
The EU's 2016 Insurance Distribution Directive set regulatory requirements for firms designing and selling most contracts of insurance and was supplemented by Directive 2016/97 specific to product oversight and governance requirements.
https://www.eiopa.europa.eu/content/eiopa-approach-supervision-product-oversight-and-governance_en
