EAA Websession: German Industry Standard for Category 4 PRIIPs

EAA Websession: German Industry Standard for Category 4 PRIIPs

Added in LIFE 2019 FEB | EAA Week

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Speaker: Nils Rautenberg

German Industry Standard for Category 4 PRIIPs

Speaker: Dr. Nils Rautenberg

The PRIIP regulation will came into force on 01 January 2018. It affects the financial service industry as a whole, as many financial firms do indeed sell one or more “packaged retail investment and insurance-based products” (PRIIPs) to retail clients within the EEA, while many other firms provide direct or indirect services for PRIIP manufacturers. For the insurance sector, the “insurance-based investment products” (IBIPs) form the products within the scope of this regulation. The PRIIP regulation aims to inform potential retail clients about the risk, reward and cost structure of all PRIIPs via the “key information document” (KID). This new document will include qualitiative and quantitative information about the PRIIP it represents.

This websession will give an overview over the upcoming regulatory requirements of PRIIPs for insurers from a German point of view. In particular, it will introduce the industry standard that will be applied by the German insurance industry in order to calculate PRIIP information. The focus will be on the mathematical modelling and its implementation, as well as an explanation how the industry ended up using this standard.

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