On October 6 IVASS has published -for public consultation- the draft of a letter to the market (the “Letter”), wherein the Italian surveillance authority clarifies its expectations regarding the implementation of the Product Oversight and Governance (POG) for insurance products.
With the Letter IVASS intends to promote a more uniform and correct implementation of the European and Italian legal framework regarding the POG.
Observations and comments to the draft of the Letter, may be filed within November 6 by email to the dedicated email account: letteraalmercatoPOG@ivass.it. IVASS provided a table to be used for the observations and comments and will publish the observations and comments upon conclusion of the public consultation procedure.
The Letter addresses insurance undertakings with offices in Italy, branch offices of insurance undertakings with offices in a Member State as well as insurance undertakings with offices outside the EEA.
Particular attention is given to the Authority’s expectations regarding the identification of the target market and the analysis and the calculation of the value of the product for the client (value for money).