Insurance investment product

An insurance investment product ( Engl. : Insurance-based investment products, in short IBIPs or ibips) is used for investment and thus differs from other insurance products (eg a. Accident insurance ). Typical insurance investment products are e.g. B. Unit-linked life insurance and index-linked life insurance .

Definition and exceptions

An insurance investment product is, according to Article 2, Paragraph 1, No. 17 of RL 2016/97, an insurance product that offers a maturity value or a surrender value that is fully or partially exposed to direct or indirect market fluctuations . However, this does not apply (Article 2, Paragraph 1, Item 17 of Directive 2016/97):

non-life insurance products listed in Annex I of Directive 2009/138 / EC (non-life insurance classes) ;

Life insurance contracts whose contractual benefits are only payable in the event of death or incapacity for work as a result of bodily harm, illness or infirmity (usually these are term life insurances);

Retirement provision products that are recognized under national law as products whose primary purpose is to provide the investor with an income in retirement and which give the investor the right to certain benefits (e.g. Riester pensions , Rürup pension insurance ) ;

officially recognized company pension schemes that fall within the scope of Directive 2003/41 / EC or Directive 2009/138 / EC (e.g. certain company pensions );

Individual pension products for which a financial contribution from the employer is required under national law and which neither the employer nor the employee can choose from .

The border between insurance products , insurance investment products and packaged insurance investment products (retail package and insurance-based investments products) is not always clear.

Legal action

The regulation of insurance investment products in a separate directive became necessary because insurance investment products were or are being offered to customers as a possible alternative or replacement to investment products in accordance with Directive 2014/65 / EU. In order to ensure coherent investor protection and to avoid the risk of supervisory arbitrage , special EU- wide rules were deemed necessary.

The PRIIP Regulation , which came into force at the end of 2014 and will be applicable from January 1, 2018 , has already adopted further improved measures for investor protection in order to strengthen the confidence of small investors in the financial market . For packaged investment products and packaged insurance investment products ("PRIIPs" for short), retail investors should receive the necessary information on a financial product through standardized key information documents (KIDs for short) in order to be able to make an informed investment decision.

With Directive EU / 2016/97 of January 20, 2016 on insurance distribution, Directive 2002/92 / EC on insurance mediation was repealed with effect from February 23, 2018 and replaced by the new version, Directive EU / 2016/97 (for short: insurance sales policy , engl. : I nsurance D istribution D irective, IDD ) and, with others, such specific rules for insurance investment products. In accordance with Article 43 of Directive 2016/97, Chapter III-A of Directive 2002/92 / EC was repealed with effect from February 23, 2016.

The requirements of the PRIIP-VO and the IDD are relevant for insurance investment products in many applications and must be taken into account in parallel.

The IDD is supplemented by the Commission Delegated Regulation (EU) 2017/2359 with regard to the information requirements applicable to the sale of insurance investment products and the rules of conduct to be observed.

Web links

Individual evidence

↑ Which insurance investment products actually covered by the term insurance investment product falling across Europe, is not yet assured in all cases (Julia Baier: What are IBIPs? , Journal of Financial Law (ECR), 4/2018, pp 167 et seq.)
↑ See Regulation (EU) No. 1286/2014 , in short: PRIIP Regulation .
↑ Directive 2014/65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92 / EC and 2011/61 / EU (new version).
↑ See recital 56 IDD (Directive of the European Parliament and of the Council of January 20, 2016 on insurance distribution (new version), OJ L26 / 19).
↑ Directive of the European Parliament and of the Council of January 20, 2016 on insurance distribution (new version), OJ. L26 / 19.
↑ See recitals 42 and 61 of the IDD .
↑ Delegated Regulation (EU) 2017/2359 of the Commission of 21 September 2017 to supplement Directive (EU) 2016/97 of the European Parliament and of the Council with regard to the information requirements and rules of conduct applicable to the sale of insurance investment products, OJ L 341 / 8th.

[1] Which insurance investment products actually covered by the term insurance investment product falling across Europe, is not yet assured in all cases (Julia Baier: What are IBIPs? , Journal of Financial Law (ECR), 4/2018, pp 167 et seq.)

[2] See Regulation (EU) No. 1286/2014 , in short: PRIIP Regulation .

[3] Directive 2014/65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92 / EC and 2011/61 / EU (new version).

[4] See recital 56 IDD (Directive of the European Parliament and of the Council of January 20, 2016 on insurance distribution (new version), OJ L26 / 19).

[5] Directive of the European Parliament and of the Council of January 20, 2016 on insurance distribution (new version), OJ. L26 / 19.

[6] See recitals 42 and 61 of the IDD .

[7] Delegated Regulation (EU) 2017/2359 of the Commission of 21 September 2017 to supplement Directive (EU) 2016/97 of the European Parliament and of the Council with regard to the information requirements and rules of conduct applicable to the sale of insurance investment products, OJ L 341 / 8th.