EIOPA – Recommendations to Strengthen POG Oversight

On 20 July 2023, the European Insurance and Occupational Pensions Authority (EIOPA) published its first report on the oversight of product governance requirements (Product Oversight and Governance – POG).

The report focuses on the supervisory activities conducted by the national supervisory authorities concerning the implementation of POG requirements by insurance companies within the European Economic Area.

EIOPA observes that the majority of National Competent Authorities (NCAs) have adapted their supervisory approaches and processes to the provisions introduced through the Insurance Distribution Directive (IDD) and the Delegated Regulation on POG.

In the report, EIOPA provides a series of recommendations aimed at further strengthening the level of POG oversight, stating that significant progress is expected within six months.

Lastly, EIOPA announces that it will continue to monitor the implementation of the recommended actions by NCAs where they have not yet been implemented.