EIOPA Launches EU-Wide Thematic Review on Consumer Protection Issues in Travel Insurance
This week the European Insurance and Occupational Pensions Authority (EIOPA) announced a thematic review on consumer protection issues in travel insurance throughout the European Union (EU). The purpose of the review is to identify consumer protection issues in travel insurance and possible actions to ensure better consumer protection.
The EIOPA plans to assess potential sources of consumer harm stemming from how travel insurance products are designed, distributed and sold within the EU. In particular, EIOPA seeks to identify:
- Potential sources of consumer detriment in travel insurance
- How new business models, in particular, in distribution, impact consumers and the travel insurance industry
- Possible supervisory and regulatory actions needed to ensure consumer protection
- Best practices to provide guidance to insurance undertakings in implementing national provisions of the Insurance Distribution Directive (IDD) for the distribution of travel insurance as well as other types of insurance products
Additional information concerning the EIOPA thematic review is available here.
Frost Brown Todd's Insurance Industry Group has significant experience with travel insurance regulatory issues. We offer services related to international compliance, MAWG actions, regulatory settlement agreements, implementation of corrective action, and effective compliance and training programs for companies in the travel industry, including both insurance carriers and entities selling or administering travel insurance on behalf of carriers.
If you have questions regarding the EIOPA thematic review or implementing a compliant travel insurance program, please contact Greg Mitchell, Jay Holley or Nikki Parrott with Frost Brown Todd's Insurance Industry Group.