Product information sheet

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The product information sheet (PIB) is used to inform the customer about the most important points of his insurance contract in advance.

The introduction of a product information sheet is a requirement of the EU and was decided on December 18, 2007 in the VVG information obligation regulation. The regulation for the product information sheet came into force on July 1, 2008. The sheet must be sent to the policyholder together with the other contract information i. d. As a rule, it must be handed over before the contract is concluded; it must also precede the other information.

The PIB contains the following points in all insurance classes:

  1. Information on the type of insurance
  2. A description of insured risks and the excluded risks
  3. Information on the premium and method of payment
  4. Exclusions from benefits
  5. Obligations when concluding a contract
  6. Obligations in the course of the contract
  7. Obligations in the event of an insurance claim
  8. Start and end of insurance cover
  9. Termination options by the customer

All points must be listed in the above order. So that the PIB is kept short, no more than the above should be used. Information must be listed. In the life insurance, information about the costs must also be given.

With the Pension Improvement Act (AltvVerbG) of June 24, 2013, the introduction of a uniformly designed product information sheet for certified old-age provision and basic pension contracts was resolved. The product information sheet must be given to the consumer from January 1, 2017, before the relevant contract is concluded. To increase the comparability between and within the product categories, uniform cost indicators and five opportunity-risk classes were introduced. The Federal Ministry of Finance has commissioned the Product Information Center for Pensions gGmbH (PIA) to calculate the actual costs. The PIA also assigns a product to an opportunity-risk class.

See also

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  1. ↑ § 4 Paragraph 2 VVG-InfoV
  2. ↑ Pension Improvement Act (AltvVerbG) [1]
  3. ↑ General decree on the method of calculating effective costs (PIA) [2]
  4. ↑ Risk-opportunity classes for old-age provision and basic pension contracts [3]
  5. ↑ Federal Ministry of Finance: Monthly Report of February 19, 2016 [4]

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